Adam has an income 95,000 per annum and in addition to that he has income from rent. In terms of asset he has one house on which he receives rent income. For one house he is paying mortgage. He is planning to replace his new car, planning a trip and planning to buy a new house. Looking at his finances (income and expenses) he needs to cut down some of his expenses. His investments are not liquid. He has neither created a retirement plan nor has he created an emergency fund. He needs to start investing in other assets like equity or debt for long term view. He should not be thinking about a larger house since he is alone. He needs to consider replacing his new car. He can plan for trip but needs to save accordingly.

  His annual income through his job as accountant is mentioned by him. To this income his rental income is added to determine his taxable income. Taxes are calculated based on the different tax rates for individuals. In addition to the taxes, medical care levy is calculated for Adam Hart. Monthly expenses are also mentioned in the above table.

  House is an illiquid asset and thus conservative value of House is considered for valuation.

  To save for the holiday Adam needs to plan as of now. He can either use his savings or use his inheritance value. Inflation rate is assumed to be 5% and the banks rate for 2 year deposit for Commonwealth bank is 2.55%.

  Adam can manage from his current savings for the trip. Thus monthly amount needed to fund this project is equal to approximately $493. The calculations are shown below:

  Adam needs to fund the expenses on the trip. Adam can add $100 more monthly to save for the expenses. Hence Adam should put aside $500 monthly to achieve his target of saving for the holiday.

  Purchase and Finance Options for a Larger Residential Home

  Townhouse is a type of terraced housing. A townhouse is good investment to live in. As of now Adam has not shared any family information. If Adam is living alone then he need not buy a new house and can live in the same house. Since he needs to buy a new car and plan a trip he needs to think whether he actually needs to buy the house.

  If Adam really needs to buy a new house then needs to sell the current house at profit. He can then look to buy a new house. He is currently mortgage on the current house and he already has a different house. Unless he requires a residential home he needs to shift in new house he should not be buying (Corlett,Corlett, Maree & MacDougall, 2001)

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