2024 Financial Numbers

2024 Income

1. My Current Income: $150,000.00 via a company dividend ($116,240 per year after Taxes)

2. Katie's Current Income: $65,820.00 after taxes

2024 Bonuses

1. All business debts were paid off in 2024

2. Katie is receiving a large bonus plus a raise for a lack of pay increases since 2019.

3. The business has saved us roughly $25k in indirect cost.

4. We've accumulated roughly $18,000.00 in credit card points through the business and personal expenditures which will be used towards travel.

2024 Debts

1. No credit card debt

2. No line of credit debt

3. No HELOC debt

4. No automotive debt

5. Just under $200,000 left on the mortgage with a goal of paying it off when it renews in August of 2026.

2024 Investments

1. 94% ownership of my festival business which is valued at just over $1,650,000.00 (P/E ratio of 3.5)

2. Violet's RESP valued at just over $22,000

3. Everett's RESP valued at just over $28,000

4. Faron's TFSA valued at over $9000.00

5. IHB Investment Account: $165,000.00

2024 Investments Notes

1. Our TFSA accounts are severely underfunded. For the last 10+ years, our savings went towards my business ventures. Once the house is paid off, I'll max out our TFSA accounts and keep them topped up going forward.

2. The business is currently in growth mode and my goal is to have a valuation of $10+ million by the end of 2030.

2024 Non Essential Expenditures

1. New Washer and dryer: $3,000.00

2. Minor home repairs: $2,500.00

3. Travel: $22,000.00 (large portion paid for by CC Points)

4. Housekeeping: $3,120.00

5. Before and After Care: $5,200.00

6. New 75 Inch television: $1,100.00

7. Eating Out: $5,000.00+

8. Friends, Family and Wedding gifting: $8,000.00+

9. Donations to Charities: $20,000.00

10. Donations to the Church: $500.00

2024 Spending Strategy

1. Katie is in charge of buying clothing, housewares and gifts. She doesn't buy anything unless it's from Winners/Marshalls, on sale or from a liquidation place. Katie is able to really stretch our $$$ with this strategy. She also takes great care of the kids clothes and we are able to sell it for close to the price we paid for it.

2. I manage car, grocery and standard household expenditures. I buy in bulk when there's a good deal and shop around for car/home repairs. I'd consider us above average when it comes to stretching our money for standard household expenditures.

3. We aren't doing without, we buy what we want, when we want but we wait for sales or great deals before we pull the trigger on any major expenditure.

2024 Savings + Investment Goals

1. Top up both TFSA accounts

2. Top up both RESP accounts

3. Keep the business profits into the business and invest them.

2024 Pension Situation

1. Katie has a teacher's pension, one of the strongest in the country. Although it's lost a bit of its value with inflation, it's still a great pension.

2. I have 2 pensions, one valued at roughly $140,000.00 and another worth just over $10,000.00.

3. I've structured the business in a way that will permit me to receive a $150k dividend every year after I've passed it on to the kids or sold it to another person. This will make up for my lack of pension.

*According to stats Canada, Katie and I are currently in the top 15% for cumulative family wealth for our age group. Had we invested in index funds instead of the business, we'd probably be in the top 10% right now but the business will get us into the top 5% much quicker than a standard index fund investment strategy. Our goal is to be in the top 10% by the end of 2027 and top 5% by the end of 2030. Much of this will depend on how quickly I can scale the business from now till 2030.

**None of these projections take into account wealth transfer from family. This could accelerate our goals but it's not something I want to use for my current projection numbers.