Goals

Noreen would like to:

1. Retire at age 65 with an annual gross income of $60,000 in today's dollars.

2. Fund her daughter's four years of post-secondary education at a cost of $15,000 (in today's dollars) per year, payable at the beginning of each of four years,
starting in 12 years.

3. Have $80,000 in five years to use as a down payment to purchase a house.

 Personal Net Worth
for Noreen Ali
as of August 31, 2019

Assets

Liquid Assets
Chequing Account $ 5,000
Savings Account $ 8,000
Total Liquid Assets $ 13,000

Personal Assets
Car $ 10,000
Total Personal Assets $ 10,000

Non-Registered Investments
Non-Registered Investments $ -
Total Non-Registered Investments $ -

Registered Investments
Tax-Free Savings Account (TFSA) $ 30,000
Total Registered Investments $ 30,000

Real Estate
Personal Residence $ -
Total Real Estate $ -

Total Assets $ 53,000

Liabilities
Unsecured Liabilities
Line of Credit $ -
Credit Card $ -
Total Unsecured Liabilities $ -

Secured Liabilities
Vehicle Loan $ 8,000
Total Secured Liabilities $ 8,000

Total Liabilities $ 8,000

Net Worth

Net Worth $ 45,000

 Personal Cash Flow
for
Noreen Ali
as of
August 31, 2020

Monthly Cash Inflows

Gross Salary $ 8,333

Income Taxes $ 1,976
CPP & EI Source Deductions $ 313
Employment Source Deductions $ 200
Net Income $ 5,845

Monthly Cash Outflows

Fixed Expenses

Shelter Costs
Rent $ 2,000
Condo Fee $ 300
Renter's Insurance $ 50
Heat $ 100
Hydro $ 100
Water $ 100
Food $ 800
Total Shelter Costs $ 3,450

Communication Costs
Cell Phone $ 70
Cable TV/Internet/Home Phone $ 120
Total Communication Costs $ 190

Transportation Expenses
Car Insurance $ 200
Car Maintenance $ 125
Gas $ 150
Transit Pass $ 120
Total Transportation Expenses $ 595

Debt Payments
Car Loan $ 240
Line of Credit $ -
Credit Card $ -
Total Debt Payments $ 240

Total Fixed Expenses $ 4,475

Discretionary Expenses
Entertainment $ 200
Extra-Curricular Activities $ 400
Total Discretionary Expenses $ 600

Total Expenses $ 5,075

Surplus/(Deficit) $ 770
Emergency Reserves

Noreen should have six months worth of expenses (6 X $5,075 = $30,450) in the event of an emergency.