Sylvia comes to you for advice in organizing her financial affairs. She is 29 years old and
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Mortgage payments, including property taxes and interest $5,886 ($3,094 is interest)
Groceries $3,600
Holidays $3,500
Car payments, including interest $4778 ($958 is interest)
Utilities $3,000
House and car insurance $1,600
Gas for auto $2,200
Auto maintenance $600
Life and disability insurance premiums $400
House maintenance $1,500
Household expenses $600
Medical and dental expenses $400
Entertainment and lunches $5,500
Gifts $1,400
Clothing $3,400
Miscellaneous expense $3,200
Sylvia has the following assets:
House value $100,000
Cash in the bank $1,800
Canada Savings Bonds $8,000
Furnishings and personal assets $18,000
Auto $20,000
RRSP $28,500
Sylvia has the following debt:
Credit card balances owing $2,800
Line of credit owing $5,000
Mortgage $62,000
Car loan $18,500
What would the net worth statement and an annual cash flow statement for Sylvia be?
Sylvia also has plans for saving and investing, and wants to find a way to "pay herself first." She is willing to make adjustments to her spending habits and would like to see the effect of putting away 10% of her net pay for investing. What is the best future cash flow budget that will incorporate her ideas.
Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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