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Financial Planning Sample Assignment

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My two clients Daniel Brown and Louise Brown have telephoned me seeking to make an appointed with me in order to seek financial advice. Daniel Brown is 45 year old, he is an electrician working in energy generation in Australia. His wife Louise is 41 years old and together they have had two children Kel who is 10 year and Oliver 13years. Daniel salary is $80,000per year and Louise $29000 per year. Their children attend private school with a fee of $ $7000 in a year. In addition, they pay mortgage of $ 16000 per annum and $40,000 living expense in the same duration of the year. In addition, there is eight other financial planning issues which I am supposed to identify them in the next part.


Q1. Financial planning issues outlined in case study given

  1. Plan for Daniel salary which is $80,000 per year.
  2. Plan for Louise who yearly income is $ 29,000.
  3. Plan for school fee which amount to $ 7000 per year
  4. Plan for paying living expenses that amounts to $ 40,000 per year
  5. Plan for paying mortgage of $ 16000 per year.
  6. Plan for repayment of mortgage at $50 per $1000 supposing the amount is borrowed. Home value that amounts to $ 700,000 and its mortgage $ 320,000.
  7. Plan for superannuation for Daniel and Louise which amounts to $ 80,000 and 50,000 respectively. Superannuation is paid in cash.
  8. Plan for paying car loan of $35,000 for Daniel and $900 for Louise. In addition plan for payment of insurance which amounts to $2,200 per year together with other expenditures per year.

Q2 budget for Daniel and Louise.


The ratio at which Daniel and Louise should share expense is at a rate of 80: 29. Consequently, the budget for David should be as follows


Amount in $


Amount in $



School fee for kids


Family home mortgage


Living expense




Paying mortgage


Car loan







Budget for Louise


Amount in $


Amount in $



School fee for kids


Family home mortgage


Living expense




Paying mortgage


Car loan







Q3 balance sheet for Daniel

Non-Current Assets $

Family home and mortgage $11143

Superannuation $ 80000

Current Assets

Net income $80000

Current Liabilities

School fee for kid $5138

Living expense $ 10642

Insurance $ 585

Net Current Assets $ 80000

Net assets 171743

Non-Current Liabilities

Paying for car$3500

Q3b Non-Current Assets $

Family home and mortgage 4257

Superannuation 50000

Current Assets

Net income $29000

Current Liabilities

School fee for kid $5138

Living expense $

Insurance $ 1615

Net Current Assets $ 29000

Net assets $83257

Non-Current Liabilities

Paying for car $900

Q4. To improve their financial position, Daniel and Louise should do the following:

  1. Daniel should cut down the price of buying the car.
  2. Daniel and his wife should stay in their own house so as to forego housing cost.

Q5. If Freddie, a financial planner is to guide me to invest on something else rather than superannuation, I think that he is supposed to include the follow in SOA to comply with the law

  1. Explicitly explain consequences of investing on the “other” investment. I expect this to be in term of cost-benefit analysis which are clearly defined.
  2. I expect him to guide me on how I will disclose the message to the customers and to the potential customers. Either, I expect him guide me in giving information pertaining the lost benefits to those who require the information.

Q6 the snap of one’ financial worth at a given time is called person net worth. Net worth statement refers to what one an individual owns (also called assert minus) what one owe to other people also called liability.

Ratio analysis is a type of financial statement used to obtain indicators of high financial performance of a firm. There are a variety of ration and these include profitability ratio, market value ratio, debt management ratio, solvency ratio.

Q7. General condition to be considered for an expense to be allowable deductible tax

  1. If the expense was for a product that the system wants to encourage, the system can allow tax deduction
  2. Product that do not produce current benefits, in most of the case are exemplified from paying tax


Qinbo and Feilian Wong, Financial Planning, 2nd edition, Wiley

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