理财规划报告书-案例10.doc

理财规划报告书客户：刘芳规划师：李桂馨目录一 声明二 摘要三 客户家庭基本状况四 宏观经济与基本假设的依据五 家庭财务分析六 客户的理财目标与风险属性界定七 理财规划方案的主要内容八 金融产品配置计划九 潜在风险一 定期检讨的安排一、 声明尊敬的 王芳 客户:非常荣幸有这个机会为您提供全方位的理财规划服务。首先请参阅以下声明:1.本理财规划报告书是用来帮助您明确财务需求及目标，对理财事务进行更好地决策，达到财务自由、决策自主与生活自在的人生目标。2.本理财规划报告书是在您提供的资料基础上，基于通常可接受的假设、合理的估计。综合考虑您的资产负债状况、理财目标、现金收支状况而制定的。3. 本理财规划报告书做出的所有的分析都是基于您当前的家庭情况、财务状况、生活环境、未来目标和计划以及对一些金融参数的假设和当前所处的经济形式，以上内容都有可能发生变化。建议您定期评估自己的目标和计划，特别是在人生阶段发生较大变化的时候，如家庭结构转变或更换工作等。4.专业胜任说明：资深金融理财师李桂馨女士为您制作此份理财规划报告书，其经验背景介绍如下:1) 学历背景： 2) 专业认证：3) 工作经验：4) 专长:：5.保密条款：本规划报告书将由金融理财师直接交与客户，充分沟通讨论后协助客户执行规划书中的建议方案。未经客户书面许可本公司负责的金融理财师与助理人员，不得透漏任何有关客户的个人信息。6.应揭露事项1) 本规划报告书收取报酬的方式或各项报酬的来源：如顾问契约。2) 推介专业人士时，该专业人士与理财师的关系：相互独立。3) 所推荐产品与理财师个人投资是否有利益冲突：经确认无利益冲突状况。4) 与第三方签订书面代理或者雇佣关系合同：仅收取顾问咨询费，未与第三方签订书面代理或者雇佣关系合同。二、理财规划报告书摘要:三、客户家庭基本状况1.理财规划的目的房产规划、子女教育、赡养老人及幼弟、保险规划与退休。2. 客户基本状况王芳女士现年38岁，已婚，执业律师，自己经营一家律师事务所。今年年初，其结婚14年的先生罗伦不幸车祸去世，留下年迈母亲与12岁女儿。刘芳一人要扛起公婆、父母、智障的弟弟与女儿的赡养与扶养责任，家庭成员如下:姓名年龄成员职业身体状况刘芳38岁客户本人律师佳罗敏12岁女儿学生佳刘山68岁父亲退休尚可沈妹65岁母亲退休尚可刘军36岁弟弟无业智障罗景70岁公公退休尚可齐真67岁婆婆退休尚可3. 规划范围因为客户详细提供所有财务信息，因此可以做全方位理财规划。4. 规划限制1) 避免投资工具: 避免投资风险太高的股票认股权证与商品期货。2) 保费预算:目前每年保费1000元，占工作收入的0.5%，寿险保费预算可增至其收入的15%。3) 家人保密: 对所有家庭成员保密。4) 目前的4处房产各有所用，除非现金流量不够，尽量不卖房。四、宏观经济与基本假设的依据1.目前的宏观经济持续成长，经济成长率预估为8%，通货膨胀率预估为3%。2.现行公积金贷款利率是2014年11月22日调整并实施的，五年以上公积金贷款利率4.25%,五年及以下公积金贷款利率为年利率3.75%。郑州住房公积金贷款额度：(1)购买首套一手房：贷款金额房子总价的70%；(2)购买二手房：贷款金额房子总价的60%。在市区内贷款的：单笔最高贷款金额35万元。商业房贷利率五年以上为7%。3.个人养老金账户缴存率8%，住房公积金账户缴存率个人与单位均为12%。失业保险费缴存率1%，个人医疗账户缴存率2%。4.货币利率为4%，视为无风险利率，债券平均收益率为6%，标准差为8%。 股票平均收益率为12%，标准差为20%，货币与债券及股票无相关，股票与债券的相关系数为0.2。5.学费成长率估计为5%。退休前与退休后的支出成长率均估计为5%6.年收入成长率假设为10%，年支出增长率为6%。2008年当地的月平均工资假设为2,000元。7.根据李女士目前身体健康的状况，预估客戶85岁終老。8.住房公积金账户的报酬率为三个月定存利率约2.5%，个人养老金账户投资报酬率假设为6%。9. 房价成长率为5%，房屋折旧率为3%。五、 家庭财务分析根据客户提供的财务信息，制作家庭财务报表如下1. 罗伦去世后家庭资产负债表资产金额比重负债与权益金额比重现金$1,257,720 16.86%信用卡循环信用$0 0.00%活存$50,000 0.67%已购物分期付款余额$0 0.00%货币市场基金$0 0.00%其它消费负债$0 0.00%流动性资产$1,307,720 17.54%流动负债$0 0.00%定存$0 0.00%投资用房产贷款$0 0.00%外币存款$0 0.00%金融投资贷款$0 0.00%教育储蓄存款$0 0.00%投资负债$0 0.00%国债$0 0.00%汽车贷款$0 0.00%债券型基金$0 0.00%住房公积金贷款$0 0.00%国内股票$0 0.00%自用房产贷款$3,000,000 100.00%股票型基金$200,000 2.68%自用负债$3,000,000 100.00%寿险现金价值$200,000 2.68%总负债$3,000,000 100.00%住房公积金帐户$0 0.00%流动净值$1,307,720 29.34%个人养老金帐户$0 0.00%投资用净值$400,000 8.97%医疗保险金帐户$0 0.00%自用净值$2,750,000 61.69%企业年金帐户$0 0.00%总净值$4,457,720 100.00%实业投资$0 0.00%投资分类占投资比率包括项目房产投资$0 0.00%流动性资产326.93%现金/活存/货币市场基金贵金属艺术收藏品$0 0.00%收益性资产0.00%定存/债券投资性资产$400,000 5.36%成长性资产50.00%股票/实业投资自用汽车当前价值$0 0.00%保值性资产0.00%房产/贵金属与艺术收藏品自用房产当前价值$5,750,000 77.10%既得权益50.00%公积金/养老金/医保金/企业年金/寿险现金价值其它自用资产价值$0 0.00%紧急预备金$42,500 月支出*紧急预备金月数3自用性资产$5,750,000 77.10%需配置投资$1,465,220 不包括既得权益资产总资产$7,457,720 100.00%参数设置紧急预备金月数3分析：1) 资产结构: 属于高资产低负债家庭，资产中77.10%属于自用资产，投资性资产仅为5.36%，流动性资产占17.54%。2) 在金融投资中以流动性资产为主,，占总投资的326.93%，这主要源于罗先生去世的现金赔偿等。成长性资产50.00%，集中于股票基金。既得权益50%，为商业寿险。属于保守型的投资人，推估期目前资产组合的投资报酬率约为5%。3) 在自用资产中以自住房产为主，价值575万元，房贷300万。4) 须配置投资=流动性资产+投资性资产-既得权益资产-紧急预备金-短期负债-投资负债，达146.522万元，可列为理财规划过程中的期初投入资产额，来计算要达当理财目标所需要的投资报酬率。2. 罗伦去世后家庭现金流量表家庭所得项目刘芳占收入%家庭支出项目罗女士家庭刘芳父母与弟弟罗伦父母家庭合计占支出%个体工商户经营所得$129,950 9.36%生活支出$70,000 $60,000 $40,000 $170,000 34.66%偶然所得$1,257,720 90.64%消费支出$70,000 $60,000 $40,000 $170,000 34.66%税后所得合计$1,387,670 100.00%自用房贷利息$250,987 $40,007 $28,476 $319,470 65.14%家庭收入$1,387,670 100.00%保障型保费$1,000 $0 $0 $1,000 0.20%家庭净储蓄$897,200 64.66%理财支出$251,987 $40,007 $28,476 $320,470 65.34%还自用房贷本金$319,470 支出合计$321,987 $100,007 $68,476 $490,470 100.00%上年度自由运用储蓄$577,731 上年度非经常净收入$1,257,720 下年度自由储蓄预算($679,989)分析:1) 家庭税后年收入达1,387,670元，年支出490470元，净储蓄率为64.66%。其中收入中因罗先生去世所得赔偿占90.64%。2) 工作收入占总收入的9.36%，其中以客户的个体户经营所得为主,。3) 上年度自由储蓄额577,731元，但理财收入中的偶然所得是一次性的非经常性收入。预估未来收入时需扣除,因此下年度自由储蓄额预估为-679,989元。3. 家庭财务比率分析家庭财务比率定义比率合理范围建议流动比率流动资产/流动负债02-10过低资产负债率总负债/总资产40.23%20%-60%在合理范围之内紧急预备金倍数流动资产/月支出92309.433-6过高财务自由度年理财收入/年消费支出0.00%20%-100%过低贷款年供负担率年本息支出/年收入23.02%20%-40%在合理范围之内保费负担率年保费/年收入0.07%5%-15%在合理范围之内平均投资报酬率年理财收入/生息资产0.00%4%-10%过低净储蓄率净储蓄/总收入64.66%20-60%偏高自由储蓄率自由储蓄/总收入-49.00%10-40%过低六、客户的理财目标与风险属性界定一) 客户的理财目标根据与客户的沟通，认定其理财目标依照优先级排列如下:1. 养亲计划：依照4位老人的身体状况，预计赡养到85岁，每年每人生活费现值2万元。一年准备一笔20万元的医疗与看护准备金，供4位老人不时之需。扶养智障弟弟到85岁，每年生活费现值2万元。2. 子女教育资金筹备：女儿初中与高中共6年每年学费现值2万元，大学4年每年学费现值3万元，打算送女儿到德国攻读法学博士，预计5年，每年学费生活费现值20万元。3. 退休计划：若刘芳持续开律师事务所打算做到60岁退休，退休后由女儿接手律师事务所。若刘芳选择新工作则预计55岁退休。退休后自己的生活费用预计为每年5万元现值，生活到85岁。在60岁到70岁的10年间，预计每年出国旅行3个月，年费用估计为现值6万元。4. 保险规划：安排合适的保险覆盖可能存在的风险。二)客户的风险属性根据风险属性問卷，风险容忍度打分：刘芳得分： 99-14分 保守的投资者15-21分 温和的投资者22-27分 激进的投资者我们设风险厌恶系数 A在2-8之间。 A= 8 -（9-9）/（27-9）*（8-2） = 8依照两阶段资产配置的科学方法，建议配置如下:投资3年股票债券货币预期报酬率12.00%6.00%4.00%标准差20.00%8.00%0.00%股票债券相关系数0.2货币相关系数0.00%优化投资比率45.16%54.84%股债投资组合报酬率8.71%效用函数U = E(rp)- 0.005ASp2股债投资组合标准差10.80%A值8.00 风险资产比率50.46%投资组合配置比率22.79%27.67%49.54%投资组合报酬率6.38%投资组合标准差5.45%左检定机率5%预估最高报酬率15.37%Z值1.65预估最低报酬率-2.62%七、理财规划方案的主要内容一）理财方案选择方案一：按照刘芳的意愿，不卖房产，变现房产以外资产来支付生活与房贷支出。几年后本人收入还投资负债家计支出学费支出孝养尊亲属国外旅游保险流量净现金流量理财准备（用内部报酬率）理财准备（用无风险利率）理财准备（用投资报酬率）期初生息资产 $897,200 $897,200 $897,200 $897,200 1$142,945 ($319,470)($70,000)($21,000)($106,000)$0 ($1,000)($374,525)$890,707 $558,564 $579,917 2$157,240 ($319,470)($74,200)($22,050)($112,360)$0 ($1,000)($371,840)$884,235 $209,066 $245,075 3$172,963 ($319,470)($78,652)($23,153)($119,102)$0 ($1,000)($368,412)$878,536 ($150,984)($107,701)4$190,260 ($319,470)($83,371)($24,310)($126,248)$0 ($1,000)($364,139)$874,772 ($521,162)($478,711)5$209,286 ($319,470)($88,373)($25,526)($133,823)$0 ($1,000)($358,906)$874,698 ($900,914)($868,159)6$230,214 ($319,470)($93,676)($26,802)($141,852)$0 $0 ($351,585)$881,914 ($1,288,536)($1,275,132)7$253,236 ($319,470)($99,296)($42,213)($150,363)$0 $0 ($358,106)$885,569 ($1,698,184)($1,714,592)8$278,559 ($319,470)($105,254)($44,324)($159,385)$0 $0 ($349,873)$898,956 ($2,115,984)($2,173,856)9$306,415 ($319,470)($111,569)($46,540)($168,948)$0 $0 ($340,112)$927,597 ($2,540,735)($2,652,660)10$337,057 ($319,470)($118,264)($48,867)($179,085)$0 $0 ($328,628)$979,469 ($2,970,992)($3,150,527)11$370,763 ($290,994)($89,542)($342,068)($189,830)$0 $0 ($541,672)$839,575 ($3,631,504)($3,893,203)12$407,839 ($250,987)($94,915)($359,171)($201,220)$0 $0 ($498,454)$685,514 ($4,275,218)($4,640,043)13$448,623 ($250,987)($100,610)($377,130)($213,293)$0 $0 ($493,397)$473,315 ($4,939,624)($5,429,475)14$493,485 ($250,987)($106,646)($395,986)($226,090)$0 $0 ($486,225)$181,244 ($5,623,434)($6,262,101)15$542,833 ($250,987)($113,045)($415,786)($239,656)$0 $0 ($476,640)($221,051)($6,325,012)($7,138,264)16$597,117 ($250,987)($119,828)$0 ($191,725)$0 $0 $34,577 ($277,149)($6,543,435)($7,559,108)17$656,828 ($145,130)($127,018)$0 ($203,228)$0 $0 $181,453 ($209,382)($6,623,720)($7,859,926)18$722,511 ($145,130)($134,639)$0 ($161,566)$0 $0 $281,177 ($14,094)($6,607,492)($8,080,212)19$794,762 ($145,130)($142,717)$0 ($114,174)$0 $0 $392,742 $372,867 ($6,479,049)($8,202,987)20$874,239 ($151,280)$0 ($121,024)$0 $0 $601,935 $1,127,752 ($6,136,276)($8,124,403)21$961,662 ($160,357)$0 ($128,285)$0 $0 $673,020 $2,263,376 ($5,708,707)($7,969,720)22$1,057,829 ($169,978)$0 ($64,143)$0 $0 $823,708 $4,015,521 ($5,113,348)($7,654,480)23$0 ($180,177)$0 ($67,991)($216,212)$0 ($464,380)$5,198,307 ($5,782,262)($8,607,217)24$0 ($190,987)$0 ($72,071)($229,185)$0 ($492,243)$6,838,409 ($6,505,796)($9,648,600)25$0 ($202,447)$0 ($76,395)($242,936)$0 ($521,778)$9,121,747 ($7,287,805)($10,785,959)26$0 ($214,594)$0 ($80,979)($257,512)$0 ($553,084)$12,310,403 ($8,132,402)($12,027,187)27$0 ($227,469)$0 ($85,837)($272,963)$0 ($586,270)$16,773,860 ($9,043,967)($13,380,791)28$0 ($241,117)$0 ($90,988)($289,341)$0 ($621,446)$23,033,052 ($10,027,172)($14,855,932)29$0 ($255,584)$0 ($96,447)($306,701)$0 ($658,732)$31,822,478 ($11,086,991)($16,462,472)30$0 ($270,919)$0 ($102,234)($325,103)$0 ($698,256)$44,177,802 ($12,228,727)($18,211,035)31$0 ($287,175)$0 ($108,368)($344,609)$0 ($740,152)$61,559,384 ($13,458,028)($20,113,050)32$0 ($304,405)$0 ($114,870)($365,286)$0 ($784,561)$86,026,483 ($14,780,910)($22,180,824)33$0 ($322,669)$0 ($121,762)$0 $0 ($444,431)$120,870,115 ($15,816,578)($24,040,392)34$0 ($342,029)$0 ($129,068)$0 $0 ($471,097)$169,979,939 ($16,920,338)($26,045,266)35$0 ($362,551)$0 ($136,812)$0 $0 ($499,363)$239,206,346 ($18,096,515)($28,206,317)36$0 ($384,304)$0 ($145,021)$0 $0 ($529,325)$336,799,465 ($19,349,700)($30,535,205)37$0 ($407,363)$0 ($153,722)$0 $0 ($561,084)$474,393,521 ($20,684,773)($33,044,435)38$0 ($431,804)$0 ($162,945)$0 $0 ($594,749)$668,394,994 ($22,106,913)($35,747,420)39$0 ($457,713)$0 ($172,722)$0 $0 ($630,434)$941,940,186 ($23,621,624)($38,658,539)40$0 ($485,175)$0 ($183,085)$0 $0 ($668,260)$1,327,655,789 ($25,234,749)($41,793,215)41$0 ($514,286)$0 ($194,070)$0 $0 ($708,356)$1,871,551,838 ($26,952,495)($45,167,978)42$0 ($545,143)$0 ($205,714)$0 $0 ($750,857)$2,638,511,544 ($28,781,452)($48,800,552)43$0 ($577,852)$0 ($218,057)$0 $0 ($795,909)$3,720,033,071 ($30,728,619)($52,709,936)44$0 ($612,523)$0 ($231,141)$0 $0 ($843,663)$5,245,146,973 ($32,801,428)($56,916,494)45$0 ($649,274)$0 ($245,009)$0 $0 ($894,283)$7,395,811,979 ($35,007,768)($61,442,049)46$0 ($688,231)$0 ($259,710)($947,940)$10,428,626,112 ($37,356,019)($66,309,992)47$0 ($729,524)$0 ($275,292)($1,004,817)$14,705,443,727 ($39,855,076)($71,545,386) 适用报酬率40.95%4.00%6.38%结论：理财准备用内部报酬率、无风险利率及投资报酬率计算均有多年为负数且内部报酬率需要到达40.95%，这一目标过高故：方案一不选用。方案二：变现住宅一，将刘芳父母与弟弟接来与自己同住。几年后本人收入还投资负债家计支出学费支出孝养尊亲属国外旅游保险流量净现金流量理财准备（用内部报酬率）理财准备（用无风险利率）理财准备（用投资报酬率）期初生息资产 $1,497,200 $1,497,200 $1,497,200 $1,497,200 1$142,945 ($279,463)($70,000)($21,000)($106,000)$0 ($1,000)($334,518)$1,478,143 $1,222,571 $1,258,204 2$157,240 ($279,463)($74,200)($22,050)($112,360)$0 ($1,000)($331,833)$1,457,754 $939,640 $1,006,644 3$172,963 ($279,463)($78,652)($23,153)($119,102)$0 ($1,000)($328,405)$1,436,498 $648,821 $742,463 4$190,260 ($279,463)($83,371)($24,310)($126,248)$0 ($1,000)($324,132)$1,415,036 $350,642 $465,700 5$209,286 ($279,463)($88,373)($25,526)($133,823)$0 ($1,000)($318,898)$1,394,285 $45,769 $176,513 6$230,214 ($279,463)($93,676)($26,802)($141,852)$0 $0 ($311,578)$1,376,484 ($263,978)($123,803)7$253,236 ($279,463)($99,296)($42,213)($150,363)$0 $0 ($318,099)$1,348,409 ($592,637)($449,801)8$278,559 ($279,463)($105,254)($44,324)($159,385)$0 $0 ($309,866)$1,322,653 ($926,208)($788,364)9$306,415 ($279,463)($111,569)($46,540)($168,948)$0 $0 ($300,104)$1,301,232 ($1,263,361)($1,138,766)10$337,057 ($279,463)($118,264)($48,867)($179,085)$0 $0 ($288,621)$1,286,780 ($1,602,516)($1,500,041)11$370,763 ($279,463)($89,542)($342,068)($189,830)$0 $0 ($530,140)$1,027,765 ($2,196,757)($2,125,883)12$407,839 ($250,987)($94,915)($359,171)($201,220)$0 $0 ($498,454)$745,861 ($2,783,082)($2,759,969)13$448,623 ($250,987)($100,610)($377,130)($213,293)$0 $0 ($493,397)$409,616 ($3,387,802)($3,429,452)14$493,485 ($250,987)($106,646)($395,986)($226,090)$0 $0 ($486,225)$9,697 ($4,009,540)($4,134,476)15$542,833 ($250,987)($113,045)($415,786)($239,656)$0 $0 ($476,640)($464,900)($4,646,562)($4,874,897)16$597,117 ($250,987)($119,828)$0 ($191,725)$0 $0 $34,577 ($528,277)($4,797,847)($5,151,338)17$656,828 ($145,130)($127,018)$0 ($203,228)$0 $0 $181,453 ($458,132)($4,808,308)($5,298,540)18$722,511 ($145,130)($134,639)$0 ($161,566)$0 $0 $281,177 ($273,484)($4,719,463)($5,355,410)19$794,762 ($145,130)($142,717)$0 ($114,174)$0 $0 $392,742 $61,635 ($4,515,500)($5,304,343)20$874,239 ($151,280)$0 ($121,024)$0 $0 $601,935 $676,556 ($4,094,185)($5,040,825)21$961,662 ($160,357)$0 ($128,285)$0 $0 $673,020 $1,492,127 ($3,584,932)($4,689,410)22$1,057,829 ($169,978)$0 ($64,143)$0 $0 $823,708 $2,630,226 ($2,904,621)($4,164,886)23$0 ($180,177)$0 ($67,991)($216,212)$0 ($464,380)$2,720,034 ($3,485,187)($4,894,987)24$0 ($190,987)$0 ($72,071)($229,185)$0 ($492,243)$2,800,902 ($4,116,837)($5,699,530)25$0 ($202,447)$0 ($76,395)($242,936)$0 ($521,778)$2,869,275 ($4,803,289)($6,584,938)26$0 ($214,594)$0 ($80,979)($257,512)$0 ($553,084)$2,920,746 ($5,548,505)($7,558,141)27$0 ($227,469)$0 ($85,837)($272,963)$0 ($586,270)$2,949,878 ($6,356,714)($8,626,620)28$0 ($241,117)$0 ($90,988)($289,341)$0 ($621,446)$2,949,972 ($7,232,429)($9,798,444)29$0 ($255,584)$0 ($96,447)($306,701)$0 ($658,732)$2,912,798 ($8,180,458)($11,082,317)30$0 ($270,919)$0 ($102,234)($325,103)$0 ($698,256)$2,828,268 ($9,205,933)($12,487,626)31$0 ($287,175)$0 ($108,368)($344,609)$0 ($740,152)$2,684,033 ($10,314,322)($14,024,488)32$0 ($304,405)$0 ($114,870)($365,286)$0 ($784,561)$2,464,997 ($11,511,456)($15,703,811)33$0 ($322,669)$0 ($121,762)$0 $0 ($444,431)$2,539,941 ($12,416,346)($17,150,146)34$0 ($342,029)$0 ($129,068)$0 $0 ($471,097)$2,604,009 ($13,384,097)($18,715,422)35$0 ($362,551)$0 ($136,812)$0 $0 ($499,363)$2,653,311 ($14,418,824)($20,408,829)36$0 ($384,304)$0 ($145,021)$0 $0 ($529,325)$2,683,039 ($15,524,901)($22,240,237)37$0 ($407,363)$0 ($153,722)$0 $0 ($561,084)$2,687,271 ($16,706,982)($24,220,249)38$0 ($431,804)$0 ($162,945)$0 $0 ($594,749)$2,658,729 ($17,970,010)($26,360,250)39$0 ($457,713)$0 ($172,722)$0 $0 ($630,434)$2,588,489 ($19,319,245)($28,672,468)40$0 ($485,175)$0 ($183,085)$0 $0 ($668,260)$2,465,623 ($20,760,275)($31,170,032)41$0 ($514,286)$0 ($194,070)$0 $0 ($708,356)$2,276,774 ($22,299,042)($33,867,036)42$0 ($545,143)$0 ($205,714)$0 $0 ($750,857)$2,005,633 ($23,941,862)($36,778,611)43$0 ($577,852)$0 ($218,057)$0 $0 ($795,909)$1,632,311 ($25,695,445)($39,920,995)44$0 ($612,523)$0 ($231,141)$0 $0 ($843,663)$1,132,575 ($27,566,926)($43,311,618)45$0 ($649,274)$0 ($245,009)$0 $0 ($894,283)$476,926 ($29,563,886)($46,969,182)46$0 ($688,231)$0 ($259,710)($947,940)($370,526)($31,694,382)($50,913,756)47$0 ($729,524)$0 ($275,292)($1,004,817)($1,453,412)($33,966,974)($55,166,870) 适用报酬率21.07%4.00%6.38%结论：理财准备用无风险利率及投资报酬率计算均有多年为负数且内部报酬率需要到达21.07%，这一目标与我们设定的投资报酬率6.38%相比依然过高。故：方案二不选用。方案三：变现住宅一，将刘芳父母与弟弟接来与自己同住。变现写字楼，办公室改为租用，月租金1万元。几年后本人收入还投资负债房租支出家计支出学费支出孝养尊亲属国外旅游保险流量净现金流量理财准备（用内部报酬率）理财准备（用无风险利率）理财准备（用投资报酬率）期初生息资产 $2,397,200 $2,397,200 $2,397,200 $2,397,200 1$142,945 ($134,333)($10,600)($70,000)($21,000)($106,000)$0 ($1,000)($199,988)$2,388,748 $2,293,100 $2,350,153 2$157,240 ($134,333)($11,236)($74,200)($22,050)($112,360)$0 ($1,000)($197,940)$2,381,670 $2,186,884 $2,302,154 3$172,963 ($134,333)($11,910)($78,652)($23,153)($119,102)$0 ($1,000)($195,186)$2,376,779 $2,079,174 $2,253,845 4$190,260 ($134,333)($12,625)($83,371)($24,310)($126,248)$0 ($1,000)($191,627)$2,375,057 $1,970,714 $2,206,013 5$209,286 ($134,333)($1