University	Open Polytechnic (OP)
Subject	FSC523: Investment

Jackson is single with no dependents and has just turned 54. He is a construction and roading laborer living on the outskirts of Christchurch and earns $56,800 per annum. Late last year Jackson inherited $80,000 from his grandfather.

Jackson is seeking advice on how to invest the $80,000 inheritance from his grandfather (currently in his online bank account), plus the $100 per week he gets from his extra work on Saturdays since the Christchurch earthquake rebuilding started. He has no plans for these funds at this time and is currently seeking capital growth.

Jackson owns his own home which has a market value of $400,000. The property has a small mortgage of $7,500, which was raised to pay for a garage he is building.

Jackson owns an investment property in Ashburton which has a market value of $340,000 and the rent is $330 per week. Property expenses ($2,200 rates, $950 insurance plus maintenance, allow $1,200) total $4,350 per annum. He plans to sell the property when he turns 65 to help fund his retirement.

He used some of the money from his grandfather’s inheritance to clear almost all of the debt on his home. You talked about paying off the rest of the mortgage ($7,500), but he wants to leave this in place, so he will continue making regular payments to the bank for this loan.

Income and Expenditure: Jackson’s gross wages are $56,800 per annum plus the $100 per week from the building laboring on Saturdays. His weekly spending for household outgoings is $234, food $130 and other living costs $223. He has some of his weekly pay going to Bank A, which he uses for household costs. The rest goes to Bank B. As surpluses accumulate he moves the money to his online account.

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FSC523: Jackson is single with no dependents and has just turned 54. He is a construction and roading laborer living: Investment Case Study, OP, NZ

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