40 year old couple with two children ages 12 and 14. Own a $400K home with a $20

Question

40 year old couple with two children ages 12 and 14. Own a $400K home with a $200K mortgage. They have $20K in credit card debit @19%/year. In addition to the $500K investment they have $50K in a 401K plan. They have saved $50K towards education. There annual income is $350K and they have $150K in expenses.   They need to save for retirement as well as college.   They would like to retire by 60.   They have $100K in term life insurance.   They need help in planning their future and retirement options. They envision a retirement where they can spend $200K per per year and live in a $2M home.   What do they need to do to get there? I need a BALANCE SHEET

Explanation / Answer

Balance Sheet Liabilities Amount (in $) Assets Amount (in $) Capital 920K Building 400K Credit Card(19%) 20K Investments 500K Total 920 K Total 920 K

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