Friday, February 13, 2015

I've made $300,000

A few weeks ago I read a bunch of posts on calculating your life time earnings. I was reviewing my rrsp room, and decided to go a quick back calculation.

In Canada (as far as I know) you earn rrsp room at a rate of 18% until a maximum currently around $24,000. I know I've never hit this maxium so I used the rrsp room I have available and what I currently have to estimate what I roughly have earned. I then estimated what affect my pension would have my using the same rrsp room removal from last year's taxes times the number of years I had a pension. I'm aware this method has a TON of errors. But I'm looking to ballpark, not bullseye.

It's about $300,000.

Then I think what do I have to show?

Lots of debt. Acquired mosthly via student loans, court costs and a short sale on my home.

Can I make this up?

Hell ya. It's going to take blood, sweat and tears. I'm getting back on course with the knowledge that boats are tippy. I am going to get back to a positive net worth, and I am going to build a future.

Current debt total: $34,000
Estimated debt total in March 2014 $65,000.


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