Submitted by: Submitted by semsem
Views: 218
Words: 384
Pages: 2
Category: Business and Industry
Date Submitted: 04/17/2013 05:33 PM
i. Client Profile
Mr. Joseph Lethy is a 37-year old Egyptian man. When he was 19 years old he travelled to former Czechoslovakia to study Media & Podcasting degree in Charles University in Prague. He met with Mary when he was 18 years old who was studying accounting at the same university. Mary now is 36 years old. After graduation, they got married and decided to immigrate to the United States and stayed there for 3 years then decided to immigrate again to Quebec, Canada. They live in the city of Montreal. They have 3 kids, 2 sons and one daughter. Yousef is 10 years old, Jacoub is 7 years old and their daughter Sara is 3 years old.
When Joseph and Mary immigrated to Canada, Joseph decided to change his career and joined Institut de Tourisme et d’Hotellerie du Quebec (ITHQ) which is one of the best-known cooking schools in Montreal leaving behind $18,000 as a student loan $130 monthly payment. He has a balance now of $8,640. Joseph now is a restaurant manager with Sodexho Company for more than 6 years now and makes $42,000 a year His wife Mary evaluated his accounting degree and works as an accountant and makes $36,000 a year. 3 years ago, Joseph and Mary decided to buy a home instead of renting. They both share the mortgage of $220,000 with $1400 monthly payment. The home is basement and 2 floors. They use their basement as storage and rent the second floor for $550 a month. Renting in Montréal is low comparing to other large cities in Canada. They purchased another home for $370,000 and one more house in Egypt. They have 3 automobiles. Joseph runs a small business of a Mediterranean restaurant in south of Montreal.
Joseph and Mary are in the early stage which is the time of the accumulation of wealth of the financial life cycle. During this longest stage of the life cycle, Joseph and Mary set goals, form a family, buy a house, plan for debt, start saving for emergency, home down payment, children’s education, and retirement. They need to plan for insurance...