Of course, if you keep it up, you'll be 80, with big accounts, and the ability to look back fondly on many family vacations.
Hidden Content - Saving and investing my way to a million dollar portfolio.
Unless I am missing something, net worth about doubled in that period of time, which is still great.
An end of year update (numbers below might not add up due to rounding):
Bank Accounts: $35k
Chequing - $6k
Savings - $18k
Kids Savings - $11k (started to put this into couch potato accounts)
Home - $1.05M purchase price (can likely get $1.5M for our house if we were to sell today)
Mutual Fund Investments: $479k
My RRSP - $266k
Her RRSP - $135k
Spousal RRSP - $36k
Sons' RESPs - $41k (maxing out govt contributions)
Stock Portfolios - $121k
Syndicate Mortgage Investment - $15k (higher risk than our typical other investments, but we can stomach this even if we lose it all...my wife's company is involved in selling these investments among other products)
Mortgage - $369k
Total assets - $1.70M (I included our house at purchase price and didn't include stuff such as cars or material possessions)
Total liabilities - $369k
Total net worth = $1.33M
Overall, this has been a solid year despite the big change in my wife's work arrangement. Her part time work has helped with the finances, and for our new mortgage, we reduced the bi-weekly payment to be $1100. We are cash flow positive each month, and my younger son will only be in montessori school for another 6 months. When he's done, that's an extra almost $600 per month that will be back in our pockets.
One thing that I need to start thinking about is our saving strategy given that my wife's income is now significantly less. We used to previously max out both of our RRSPs, and I would make spousal contributions each year (~$5-7k). I will continue to max out my RRSP through a combination of company-matched contributions and spousal contributions. I'm not sure about what to do about her side. She's currently earning approximately $1k net per month working part time, so her annual income is low. I'm not sure if I should continue to contribute for anything above the min personal amount or just bank it all. There's a chance that she may go back to work full time in a few years, so it may be nice to have some room banked up. But nothing's for certain right now. Regardless, we'll continue to invest money as it becomes available.
Last edited by SW20 MR2; 2017-01-01 at 11:54 AM.
I was wondering what was your income in 2016. Also, if you don't mind to share your profession. New members might get an idea to choose the profession where they can earn big bucks.
Base salary is $123k with a target bonus of 15%. I'm in the financial services industry and have worked for big global brands in analytics, marketing, and product management. My current role is in product management, and my role is director-level from a responsibilities perspective.
Thanks for sharing mate!