My Financial Journal - Page 3
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Thread: My Financial Journal

  1. #21
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    ..

    Last edited by jetsfan; 2016-05-26 at 11:29 AM.

  2. #22
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    Quote Originally Posted by SW20 MR2 View Post
    What I meant is that, I could've simply transferred the funds into my TFSA savings account in the interim. However, I didn't want to do the transfer in case I decided afterwards that I wanted to put it into my TFSA stock account instead.
    Unless you are concerned about getting the maximum TFSA interest ... waiting might not have been required.

    If you broker has a HISA MF with a reasonable rate that can be bought/sold for free ... then one can deposit the $$$ into the stock TFSA to buy the HISA MF.

    In the future, where one decides to put it against the mortgage, sell MF and withdraw. Should one decide to buy a stock, buy the stock and sell the MF.

    In the meantime, which one is evaluating where one prefers to deploy the $$$, it is earning interest tax free.


    The main limitation is that should one withdraw in say Jan, the withdrawal amount won't become contribution room until the following Jan.


    Cheers
    Last edited by Eclectic12; 2015-12-10 at 03:34 PM. Reason: removed duplicate closing

  3. #23
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    It's an option for next school year, but we'd likely keep him in. We both feel that it's worth the money to have him in school to learn and socialize. He would be in school for just that one more year, and then he'd go to public school, so the money would come back. Theoretically, we should be able to weather the storm of the deficit for a few years without any problems. My wife should also have a severance amount of $50-70k coming in the next 8-10 months - won't get into it here cause we are working with a lawyer right now.

    She really wants to stay home, but the main things that scare us are that, 1. I'm the sole breadwinner, and what happens if I lose my job? And 2. if something happens to me, and she'd need to go back to work, how hard would it be for her to re-enter the workforce (she's 39)?

    I'd really like her to start her own business, but we don't know what. She's not experienced enough or has a depth of knowledge in any discipline to do consulting work.

    Quote Originally Posted by jetsfan View Post
    You mentioned your wife might be staying at home - would that eliminate the $566/month in daycare and result in a positive cashflow?

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  5. #24
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    Lots going on the last few months, and here's the latest update:

    Assets
    Bank Accounts: $88k
    Chequing - $16k
    Savings - $56k (Need to do roof this year and windows next year...also a war chest for a few months while we get used to our new setup...see below)
    Kids Savings - $15k (I'm putting this in a couch potato in a few tranches...been behind in this and need to get moving)

    Real Estate:
    Home - $1.05M purchase price

    Mutual Fund Investments: $429k
    My RRSP - $236k
    Her RRSP - $126k
    Spousal RRSP - $33k
    Sons' RESPs - $34k (maxing out govt contributions)

    Stock Portfolios - $100k

    Liabilities
    Mortgage - $414k

    Total assets - $1.67M (I included our house at purchase price and didn't include stuff such as cars or material possessions)
    Total liabilities - $414k

    Total net worth = $1.25M

    Not included in the above is the $31k lump sum payment that we made on the mortgage this month. Not that the specific number means anything, but it feels good to get the number under $400k. I looked back, and we were able to make over $80k in lump sum payments over the course of the 2-year mortgage term. I don't think we can replicate it again, but on the right track.

    My wife is now working part time, and that is helping with the previous monthly deficit that we were running. We're able to save some money each month, and this will be good enough for us to ride out for the next 16 months while our little guy still attends school. Once he goes to public school, that will free up some cash each month. We decided to stay in the house, but one of the things that we're going to do is to reduce our mortgage payment to give us wiggle room of $600 per month. We have been paying $1300 bi-weekly and will change it to $1000. That still amortizes out to about 17 years, but I'm confident that we'll come in under that (goal is 10 years). I'll just make more lump sum payments if we're in a situation of excess funds.

    All in all, we've had a good run, and this is a slightly new chapter in our life. We'll figure it out as we go, but I think we're in good shape.

  6. #25
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    wow great update. glad things worked out. your wife working part time will help in the long run.

    my mom did something similar while me and my 3 other siblings were growing up to keep baby sitting costs down. not only did this help her keep her skills up to date and a cash flow, when my brother hit an age they were comfortable with to baby sit us, she was able to secure full time work again.

  7. #26
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    "Bank Accounts: $88k" - can I ask what it's for?

  8. #27
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    We usually don't have quite this much cash around, but I think I mentioned in a previous post that my wife got a lump sum payment as part of her package from her old job. A good chunk of the money is still unused.

    Chequing - $16k -> Everyday use. I normally don't keep this much in there. Usually $3-5k.
    Savings - $56k -> This is our money to pay for house stuff, car repairs, etc. I have since taken $31k of this and made a lump sum payment on our mortgage. Another $7k will be used for our roof. The rest will be kept around for a while in case we need it, especially with my wife now only working part time. I'm pretty risk-averse and like a margin of safety, even though we have a LOC available.
    Kids Savings - $15k -> This is our kids' money. I need to get off my butt and put it into a couch potato. It will be given to the kids when they are adults. Already have RESPs to cover their education.

    Quote Originally Posted by mordko View Post
    "Bank Accounts: $88k" - can I ask what it's for?
    Last edited by SW20 MR2; 2016-04-18 at 10:16 PM.

  9. #28
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    Quote Originally Posted by SW20 MR2 View Post
    Lots going on the last few months, and here's the latest update:
    Total assets - $1.67M (I included our house at purchase price and didn't include stuff such as cars or material possessions)
    Total liabilities - $414k

    Total net worth = $1.25M
    You've almost tripled your net worth in the 4 yrs since you started this thread. That is absolutely amazing, especially considering the figures we are talking about.

  10. #29
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    Quote Originally Posted by nobleea View Post
    You've almost tripled your net worth in the 4 yrs since you started this thread. That is absolutely amazing, especially considering the figures we are talking about.
    It really is incredible, given your incomes are not extraordinary either, to have such a high net worth. I am a few years younger with 1 child a little over a year now and am not even close to your assets or net worth with a similar income, and cannot picture for the life of me being anywhere near by your age. I must be doing something wrong! It does however, go to show that it is possible to accomplish.

    Nicely done.

  11. #30
    Senior Member Causalien's Avatar
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    Too much home.


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