Resources / Living Cost Worksheet
Living Cost WorksheetWork out what you need to live on each year, for real estate agents and team leads. Free.
How much do you need to take out of your business to live? Most agents guess. This free Excel worksheet adds up your living costs and gives you one number: what you need in your hand each year, after tax. Bring it to your accountant to plan your pay and decide if a PREC makes sense.
You type in the green cells. Business costs stay out.
What is inside
One file, one number
Start Here tab
Explains the number and lists the business costs to leave out.
Quick version
One monthly figure per line.
Detailed version
Twelve months, filled in from your bank and card statements.
22 cost lines in seven groups
- Home
- Family
- Personal vehicle
- Insurance and health
- Personal debt
- Lifestyle
- Saving
Where this fits
Step 1 of 3
Three free tools. Use them in order.
-
Step 1
Living Cost Worksheet
What you need
Your living costs for the year, after tax.
You are here -
Step 2
Profit Calculator
What it takes
The GCI, closings and weekly calls behind your profit goal.
Coming soon -
Step 3
PREC Calculator
What you keep
What a personal real estate corporation could change.
Open the PREC Calculator
This worksheet gives you your take-home number. Steps 2 and 3 need the bigger number before tax, like gross pay on a pay stub. The difference is your tax. It depends on your province and how you are set up, so we work it out with you.
Is it free?
Yes. Fill out a short form and the file downloads right away.
Should I include business costs?
No. Your car for showings, client meals, marketing and brokerage fees already come off before your business income. If you count them here, you count them twice.
What if I use my car or phone for both?
Include only the personal part, the part you do not claim.
Is this number my salary?
No. It is what you need after tax. Your pay has to be higher to cover tax. Your accountant works out how much.
Is this number my profit goal?
No. This is your take-home number. Your profit goal has to be bigger, because tax comes off first. We work out the difference with you in an intro meeting.
Do I need Excel?
It works best in Excel. It opens in Google Sheets, but some features may not carry over.
Want help turning this into your pay?
In an intro meeting, Hashim looks at your number, your income and how you are set up, and tells you what to do next.
See how we help agents and PRECs, sort your business costs with the Receipt Tracker, or see all free tools.
General guide only. It is not tax advice for your situation.
Free download
Get the free living cost worksheet
Fill out the form. Your Excel file downloads right away.
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