Budget Planner Control where your money is going instead of wondering where it went What is your personal net worth? By completing this simple table, you can find out how much you're really worth. ASSETS What you own as at / / $ % of total assets Income producing assets Cash bank accounts Cash management trust Commercial investment property Fixed interest investments Managed funds Managed property (eg unit trusts) Residential investment property Shares Superannuation Other TOTAL INCOME PRODUCING ASSETS (A) $ Non-income producing assets* Family home Holiday home Motor vehicle/s Other TOTAL NON-INCOME PRODUCING ASSETS (B) $ TOTAL ASSETS (C) = (A+B) $ 100% * Whilst these items are listed as assets, they should be seen as liabilities from a wealth perspective as they require maintenance and repair. LIABILITIES What you owe as at / / $ % of total liabilities Business bank overdraft Car loan Credit card balance Margin loan facility Mortgage Personal loan Unpaid bills Other TOTAL LIABILITIES (D) $ 100% YOUR PERSONAL NET WORTH = (C - D) $ What would happen to your family if How many months could you survive you died tomorrow? without your income? Term Life insurance provides a lump sum payment on death Income Protection provides a monthly benefit in the event or (in most cases) diagnosis of a terminal illness. that you are unable to work due to an illness or injury. The maximum amount you can insure is 75% of your Your details gross income. Cash to cover costs associated with death Your details Total monthly expenses 1. Funeral expenses $ 2. Final medical costs $ 3. Legal fees and probate $ Monthly expenditure (Figure taken from “Take control 4. Government charges $ of your finances today!” Budget planner.) $ (A) Other income 5. Cost of childcare (if you have children under your care, eg, $200 per week x 48 weeks x 10*). $ 1. Spouse’s net income $ TOTAL $ (A) Cash to cover repayments of debt 2. Net investment income (Figure taken from “Take control of your finances today!” Budget planner.) $ Total liabilities (Figure taken from “What is your personal net worth” table.) TOTAL $ (B) TOTAL $ (B) Replacement of family income Monthly deficit = (A - B) $ (C) 1. Education fund (to provide enough capital to fund Cash available your children through schooling – if applicable). Eg, The fee pa ($2,000) x the no. of years (13) x Sick leave and holiday leave – No. of weeks $ (D) the no. of children (2) = ($52,000). $ Weekly salary (after tax) $ (E) 2. Annual income your family will need to cover Total salary available = (D x E) $ (F) living expenses, etc (x10*). $ Accessible savings $ (G) TOTAL $ (C) Total cash available = (F + G) $ (H) Total amount required on death = (A + B + C) $ (D) Assets currently available on death Survival period = (H ÷ C) 1. Current Term Life insurance policies The survival period calculated indicates that you and your (including any through Super). $ family will be able to survive ____ months without your 2. Assets/investments that can be liquidated on income. The average claim period is 86 weeks. Source: AC&L. death (that you don’t wish to leave to your family). $ What would happen to your family if you could not TOTAL $ (E) work for 3 months? Ask your financial adviser how you can eliminate this risk to your family. Total Term Life requirement = (D - E) $ Note: Income Protection insurance is tax deductible.1. 1. The taxation information is based on the continuation of present laws If you do not have adequate Term Life cover to protect your and their interpretation and is a general statement only. Individual family in the event of your death, talk to your financial circumstances may vary. 15/05/2004 adviser about your options. Please note that these calculations do not take into account all individual factors to be considered when making insurance *As a general rule of thumb, any annual income requirement is multiplied by 10. This represents the amount of capital to be invested and an decisions. For accurate advice regarding your specific situation, income drawn from the investment. talk to your financial adviser. Take control of your finances today! Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Income Bonus Centrelink benefits Investment income Dividends Interest on bank accounts Rent Trust distribution Other Overtime Salary (before tax) Tax refunds Other TOTAL INCOME (A) $ $ $ $ $ $ $ $ $ $ $ $ Expenses Fixed expenses Babysitting Car insurance Car maintenance Car parking fees Car registration & green slip Car running expenses (fuel & oil) Child care Council rates Electricity Gas/oil Health insurance Home and contents insurance Home telephone Income protection insurance Investments (eg savings plans) Licence/motor associations Life insurance Loans (car, personal, investments) Maintenance & repairs Mobile telephone Provisional tax Public transport Bus Rail Taxis Rent/mortgage School books & stationery School clothes School/university fees & excursions Superannuation Tax on salary Tax on investment earnings Trauma insurance Water rates Other TOTAL FIXED EXPENSES (B) $ $ $ $ $ $ $ $ $ $ $ $ Controllable expenses CDs/tapes/DVDs Clothing & shoes Concerts/theatre/movies Dentist Doctor Donations Dry cleaning Electrical appliances Food Furniture Garden Gifts Gym & fitness Hair care & cosmetics Hobbies/club fees Holidays Home decorating Home services (cleaning) Internet access Newspapers/books/subscriptions Optometrist Pay TV fees Pets (food & veterinary) Pharmacy Restaurants/bars/alcohol Taxis Toys/games Video rental Other TOTAL CONTROLLABLE EXPENSES (C) $ $ $ $ $ $ $ $ $ $ $ $ T O TAL EXPENSES (D) = (B + C) $ $ $ $ $ $ $ $ $ $ $ $ SURPLUS AVAILABLE $ $ $ $ $ $ $ $ $ $ $ $ T O INVEST = ( A- D ) Looking after your financial life Financial Planning Investment Reviews Personal Insurance Superannuation Home & Investment Loans Business Loans & Leasing Count Wealth Accountants® is the trading name of Count Financial Limited. ABN 19 001 974 625. Australian Financial Services Licence Holder Number 227232. Principal Member of Financial Planning Association of Australia Limited. Compound Investments Limited. ABN 94 003 771 579. Australian Financial Services Licence Holder Number 224954. Principal Member of Financial Planning Association of Australia Limited.
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