Step ll - Collecting and Analyzing Your Financial Information

Before we develop a plan we need to know what your current financial position is so we take a look at the “big picture”.

• Your home
• RRSP’s
• Cash
• Stocks and bonds
• Mutual Funds
• RRSP’s
• Second home or cottage
• Personal property

• Any income you receive in the form
  of earned income from a job or a business
• Rental income from revenue property
• Investment income
• Pension income
• Capital gains income
  
  
   

• Mortgages
• Personal loans
• Credit card debit
• Investment loans
• Car loans and leases
• Deferred income tax
  
   

• Mortgage payments
• Loan payments
• Rent
• Property taxes
• Maintenance costs
• Food and other household expenses
• Transportation
• Insurance premiums
• Discretionary spending

From this data we create:

i) Balance sheet: listing assets minus liabilities to determine your net worth statement

Ii) Household Cash Flow statement: listing monthly income and monthly expenses

 

Once all the necessary information is gathered we use it to create a Personal Financial Profile. This profile becomes the framework for developing your plan.

I have included a link to my Cash Flow Calculator and Net Worth Calculator for you to use at your leisure.