 |
| |
Money
Slipping through Your Fingers?
|
|
Example
|
|
Your Figures |
Income earned
during lifetime
(see note 1) |
$750,000 |
A |
__________ |
Less:
Identified spending
(see note 2) |
$330,000 |
B |
__________ |
| Equals:
Lost money that has slipped by (A - B) |
$420,000 |
C |
__________ |
Lost
money resulting from taxes
(see note 3) |
$225,000 |
D |
__________ |
| Percentage
resulting from taxes (D / C x 100) |
53.6%
|
|
__________
|
Notes:
1) List the various jobs and income
sources that you have had during your
lifetime. Then figure out how much you
have earned from each by taking the
average income (before taxes) for each
job source and multiply by the number of
years you received income from that job
or source of income.
|
2) Calculate your
identified spending by adding your
assets and subtracting your liabilities.
For assets, use the original cost (not
the current value) as follows: |
| Assets |
(cost
amounts) |
Example
|
|
Your Figures |
| |
Cash in
the bank |
$10,000 |
|
__________ |
| |
Cost of
home |
$250,000 |
|
__________ |
| |
RRSP
contributions |
$60,000 |
|
__________ |
| |
Cost of
investments |
$100,000 |
|
__________ |
| |
Cost of
other assets |
$75,000 |
|
__________ |
| Total
Assets |
$495,000 |
E
|
__________ |
| Liabilities |
(current
value) |
|
|
|
| |
Credit
Card Debt |
$5,000 |
|
__________ |
| |
Lines of
credit |
$25,000 |
|
__________ |
| |
Mortgages |
$120,000 |
|
__________ |
| |
Other
debts |
$15,000 |
|
__________ |
| Total
Liabilities |
$165,000 |
F |
__________ |
| Identified
Spending (E - F) |
$330,000 |
G |
__________ |
| If the amount
at line G is less than zero, enter zero
at line G |
3) Calculate
the approximate value of the lost money
that the result from taxes by taking
your total income and multiplying it by
30% |
|
|
|
|
|
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|
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|
