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Thread: My Financial Journal

  1. #31
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    Quote Originally Posted by Causalien View Post
    Too much home.
    Yep, I definitely feel that way at times. We really like the area we're in, and the homes don't get much smaller than our's in our area. We will eventually need it though. I foresee in the future where one of our parents will eventually move in as they age.

    Quote Originally Posted by Emjay85 View Post
    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.
    Thanks. A good chunk of it is due to real estate though, so I don't really count that portion. We don't spend much money in terms of hobbies or tangible goods, and we haven't really gone on vacation either. In retrospect, I think we need to spend a little more to enjoy life, especially while we're still relatively young. Now that the kids are 6 and 3, I think we will start doing an annual vacation or two.


  2. #32
    Senior Member
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    Quote Originally Posted by SW20 MR2 View Post
    Thanks. A good chunk of it is due to real estate though, so I don't really count that portion. We don't spend much money in terms of hobbies or tangible goods, and we haven't really gone on vacation either. In retrospect, I think we need to spend a little more to enjoy life, especially while we're still relatively young. Now that the kids are 6 and 3, I think we will start doing an annual vacation or two.
    When people are 80 and they're looking at their accounts thinking they don't have enough money, almost no one would go back in time and trade their family vacations/trips for more money.

    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.

  3. #33
    Senior Member My Own Advisor's Avatar
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    Ottawa
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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.
    +1

    Very well done. Once that mortgage is killed in 10 years, or so, you'll be rollin'.

    Keep up your contributions to your registered accounts including RESPs for kids. Again, great work.
    Hidden Content - Saving and investing my way to a million dollar portfolio.

  4. #34
    Senior Member
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    Unless I am missing something, net worth about doubled in that period of time, which is still great.

  5. #35
    Member
    Join Date
    Dec 2010
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    81
    An end of year update (numbers below might not add up due to rounding):

    Assets
    Bank Accounts: $35k
    Chequing - $6k
    Savings - $18k
    Kids Savings - $11k (started to put this into couch potato accounts)

    Real Estate:
    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)


    Liabilities
    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.

  6. #36
    Senior Member
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    Nov 2014
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    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.

  7. #37
    Member
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    Dec 2010
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    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.

  8. #38
    Junior Member
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    Dec 2016
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    10
    Thanks for sharing mate!


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