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1 Mutual funds provided through FundEX Investments Inc.
2 Managing debt, taxes and savings are three crucial pillars of financial planning. Which pillar are you focusing on today?
3 According to The Fraser Institute (August 2014), the average Canadian family s after-tax income is $45, Where does the money go?
4 4 The Federal Government taxes your parents to pay for services they provide.
5 5 The Provincial Government also taxes your parents for the services they provide
6 6 Municipal revenues are raised through property taxes. This pays for the service the city
7 According to The Fraser Institute (August 2014), the average family pays total annual taxes of $33,
8 Stats Canada reports the average family spent $58,592 on goods and services in $16,837 on shelter, $12,041 on transportation, $7,980 on food, $2,407 on out-of-pocket health care expenses 8
9 How it all adds up? Family s before-tax income is..$79,010 Family s total taxes paid....$33,272 Family s shelter expenses....$16,837 Family s transportation expenses...$12,041 Family s food expenses $7,980 Family s out-of-pocket health care expenses...$2,407 Other family goods and services...$19,327 Available Cash-Flow.....-$12,854 9
10 What about additional discretionary spending? 10
11 11
12 Debt is hard to avoid and in certain situations is unavoidable For example, Car Payments! If you recall when we showed the family expense component in slide 10 transportation costs were $11,216 per year and most of that is car payments 12
13 Debt is hard to avoid and in certain situations is unavoidable For example, mortgages! The average home in Ottawa (2016) costs $403, Most people do not have that amount of money to buy the house outright and they often finance a home over 25 years.
14 What is the cost of a $300,000 mortgage at 5% interest over 25 years? Answer - $1, per month The total cost over 25 years is $523,449 interest paid is $223,449 (cost of borrowing) Of course if you could pay a little more each month the interest paid and the payment period is reduced For example, if you added $400/month to the payment, your house is paid for after 17.5 years and the interest paid is reduced to $150,404 14
15 Let s talk about bad debt For example, credit cards! Many if not most people use credit cards. Most bank cards apply an interest rate of 20% and I received a department store card that charges 30% 15
16 DON'T put any debt on your credit card that can t be paid fully each month DON'T take cash advances on your credit card as (20%) interest starts right away 16 DON'T have multiple credit cards
17 If we think back of earlier slides and how little money is really left after taxes and living how could we realistically pay 20-30% interest on credit cards? If you put $2000 on a credit card like the department store card we spoke about earlier (with 30% interest) and they let you carry that debt for 10 years the $2000 debt would have become $25, Nothing you ever buy is worth paying 12.5 times more than the original price!
18 Do you have a part time job? Do you ever save any money? Have you ever wasted gift money? Have you ever put "stuff" on a credit card instead of paying cash Have you ever obtained a cash advance from your credit card? Do you know the Rule of 72? 18
19 Divide the amount you earn on your money into 72 to estimate when your money will double For example at a 6% return your money doubles every 12 years. After 36 years $1000 invested becomes $
20 20 Movie $11 Popcorn $4 Booster Juice $6 Subway $8 Starbucks $4 Macs $5 Total $38 per week ( $1,976 per year )
21 There is magic in saving, investing, compound earnings and time. If you simply saved the foregoing expenses for 1 week every month - $38 - and invested that in a tax sheltered account from age 15 to age 65 you would have a nest egg of $136,695, assuming earnings of 6%. 21
22 Benefits of investing early and often Initial investment of $1,000 and $300 monthly investment until age 65 $600,000 $450,000 Investor A - starts investing at age 25 Investor B - starts investing at age 35 Investor C - starts investing at age 45 $582,589 Total Contributions: $145,000 Cumulative Return: % $300,000 $298,097 Total Contributions: $109,000 Cumulative Return: % $150,000 $139,239 Total Contributions: $73,000 Cumulative Return: 90.74% $ Source: Mackenzie Investments Advantages of Early Investing Assuming initial investment of $1K and $300 monthly investment until age 65; investment earned 6% a year after taxes and all dividends and distributions were reinvested. This is a hypothetical illustration and it is not intended to represent the expected earnings of any investment.
23 The federal government provides an average total of $7,975 per year per spouse from the Canada Pension Plan at age 65. That amounts to retirement income of $15,950 per year for a couple. Based on calculations from our earlier slides, the average two parent family gross income is $79,010. Where does the additional $63,060 come from? The answer is a special savings plan called a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) 23
24 Is it too early to start thinking about retirement? According to a US survey 61% of those polled say they stay awake at night worrying about how they will fund retirement 24
25 RRSP Goal at age 65 is $700,000 If you start saving $4,380 per year from age 25 at 6% earnings you will accumulate $700,000 by age 65 If you start your RRSP at age 40 at 6% earnings you need to save $12,300 per year to accumulate $700,000 by age 65 Savings, compound earning and time. 25
26 How do you get started? You should learn how to balance a budget You should create a budget now and get used to working with one. Live within the budget you create - no matter what others around you are doing! That budget should include a regular amount saved before you do anything else - Pay yourself first! Start Saving and Investing! 26
27 27 You should consider the tremendous cost of post secondary education and be serious about your studies - Better education generally leads to higher income which should lead to higher savings
28 Check out this great site: Learn how to value a stock, the difference between stocks and bonds, use an online savings calculator, learn about index funds and more. If you have any questions or feedback, please send us an kevin@mcauleyfinancial.com 28
29 29 Mutual funds provided through FundEX Investments Inc.
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