Goals

Jasper and Anneka would like to:

1. Retire at age 60 with an annual after-tax income of $70,000 in today's dollars.

2. Be debt free at age 60.

 Personal Net Worth
for Anneka and Jasper Rehnquist
as of August 31, 2019

Assets

Jasper Anneka Joint Total

Liquid Assets
Chequing Account $ - $ - $ 2,000 $ 2,000
Savings Account $ - $ - $ 1,000 $ 1,000
Total Liquid Assets $ - $ - $ 3,000 $ 3,000

Personal Assets
SUV $ - $ 15,000 $ - $ 15,000
Car $ 5,000 $ - $ - $ 5,000
Total Personal Assets $ 5,000 $ 15,000 $ - $ 20,000

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

Registered Investments
RRSP $ 30,000 $ 10,000 $ - $ 40,000
Total Registered Investments $ 30,000 $ 10,000 $ - $ 40,000

Real Estate
Personal Residence $ - $ - $ 450,000 $ 450,000
Total Real Estate $ - $ - $ 450,000 $ 450,000

Total Assets $ 5,000 $ 15,000 $ 450,000 $ 470,000

Liabilities
 Jasper Anneka Joint Total
Unsecured Liabilities
Student Loan $ - $ 25,000 $ - $ 25,000
Line of Credit $ 15,000 $ - $ 19,000 $ 34,000
Credit Card $ - $ - $ 4,000 $ 4,000
Total Unsecured Liabilities $ 15,000 $ 25,000 $ 23,000 $ 63,000

Secured Liabilities
Vehicle Loan $ - $ - $ 18,000 $ 18,000
Mortgage $ - $ - $ 270,000 $ 270,000
Total Secured Liabilities $ - $ - $ 288,000 $ 288,000

Total Liabilities $ 15,000 $ 25,000 $ 311,000 $ 351,000

Net Worth

Net Worth $ 119,000

 Personal Cash Flow
for
for Anneka and Jasper Rehnquist
as of
August 31, 2019

Monthly Cash Inflows

Anneka Jasper Combined

Gross Salary $ 7,000 $ 6,000 $ 13,000
Income Taxes $ 1,586 $ 1,281 $ 2,867
Government Source Deductions $ 313 $ 313 $ 626
Employer Source Deductions $ 200 $ 100 $ 300
Net Income $ 4,901 $ 4,306 $ 9,208

Monthly Cash Outflows

Fixed Expenses

Shelter Costs
Mortgage $ 2,000
Credit Protection Insurance $ 192
Property Taxes $ 400
Home Insurance $ 100
Heat $ 100
Hydro $ 100
Water $ 100
Food $ 1,000
Total Shelter Costs $ 3,992

Communication Costs
Cable TV/Internet $ 120
Cell Phones $ 150
Total Communication Costs $ 270

Automobile Expenses
Car Insurance $ 200
Maintenance $ 125
Gas $ 150
Total Automobile Expenses $ 475

Debt Payments
Car Loan $ 484
Government Student Loan $ 365
Personal Line of Credit - Jasper $ 456
Personal Line of Credit - Jasper and Anneka $ 570
Credit Card $ 100
Total Debt Payments $ 1,975

Total Fixed Expenses $ 6,712

Discretionary Expenses
Eating Out $ 100
Entertainment $ 300
Vacation $ 500
Miscellaneous $ 100
Total Discretionary Expenses $ 1,000

Total Expenses $ 7,712

Surplus/(Deficit) $ 1,496
Emergency Reserves

Jasper and Anneka should have six months worth of expenses (6 X $7,712 = $46,272) in liquid assets in the event of an emergency.