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INTRODUCTION a ) I live freely and unmarried in Canada at the moment. b ) My journey as a software developer is about to commence.

INTRODUCTION
a) I live freely and unmarried in Canada at the moment.
b) My journey as a software developer is about to commence. My goal is to succeed in this industry and advance to a position of senior leadership. I expect to make a gross yearly income of $80,000 based on my qualifications and industry standards.
SMART GOALS
Short-Term Objective: Save $10,000 for an emergency fund to meet unforeseen costs within two years.
Mid-Term Objective: Save $50,000 for a down payment on a property within five years.
Long-Term Objective: After 25 years, retire at age 65 with a comfortable $60,000 yearly income that has been adjusted for inflation.
Retirement Goal: Assuming an average annual investment return of 6%, save $1.5 million by the time you are 65.
3. Financial Statements
Cash Flow Statement
Monthly Income
Gross Salary $6,667
Total Income $6,667
Monthly Expenses
Rent $1,500
Utilities $150
Groceries $300
Transportation $200
Entertainment $200
Savings $1,000
Loan Repayment $500
Miscellaneous $200
Total Expenses $4,150
Net Cash Flow $2,517
Balance Sheet
Assets Liabilities
Savings $10,000 Student Loan $20,000
Retirement Savings $0
Home Equity $0
Total Assets $10,000 Total Liabilities $20,000
Net Worth -$10,000
BUDGET REFLECTION
The estimated net cash flow suggests that I will be able to reach my financial objectives. But, in order to make sure I stay on course, I must constantly review and modify my budget.
Strategies to Reduce expenses
Limit your eating out and non-essential shopping.
To cut down on transportation expenses, choose carpooling or public transit.
Ask service providers to lower their prices.
Cash for Emergencies
My goal is to accumulate an emergency fund that covers six months' worth of living expenses. This will serve as a safety net in case of unforeseen financial difficulties.
Credit Management
My goal is to pay off my student loans as quickly as possible by setting aside a certain percentage of my monthly salary for debt payments. I'll also make an effort to keep my credit score high by making on-time bill payments and minimizing my credit card debt.
Planning Investments
With an emphasis on growth, my risk portfolio is somewhat aggressive. To attain diversification, my strategy involves distributing money among multiple asset classes, such as equities, bonds, and real estate investment trusts (REITs). I'm going to assume a 7% yearly average investment return.
Planning for Taxes
I will be in the 20% marginal tax bracket based on my estimated income. I'll make the most contributions to tax-advantaged accounts, such RRSPs and TFSAs, in order to minimize taxes. Furthermore, I intend to leverage tax credits for qualified expenses and benefit from charitable donation tax deductions.
Insurance Strategy
My employer provides health insurance, which I think is sufficient for my needs. To guard against losing money due to illness or injury, I will think about getting more disability insurance.
Retirement Strategy
I will take advantage of employer-sponsored pension schemes and make regular contributions to retirement accounts like RRSPs in order to reach my retirement goal. In order to increase returns, I will think about making more contributions and changing my investing plan if I am not on track to meet my target.
Planning an Estate
To make sure my intentions are carried out in the event of incapacity or death, I will need to finish important documents including a living will, power of attorney, and will. I will look into methods like establishing trusts and donating assets while I'm still living to reduce the cost of probate.
Outcomes
The financial statements I've been given give a clear picture of both my present and future financial circumstances. The strategy would be more understandable with graphs showing revenue, expenses, and net worth over time. Charts that contrast various investment options and their possible returns may also be useful in making decisions.
In conclusion, my financial objectives, plans, and projections for achieving financial stability and prosperity in Canada are detailed in this extensive personal financial plan. To guarantee congruence with changing objectives and shifting economic circumstances, regular monitoring and modifications will be essential.
Plot a histogram for the financial plan above

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