My story
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Thread: My story

  1. #1
    Member
    Join Date
    May 2016
    Posts
    30

    My story

    Hello. I am a single late 20s male in the finance industry, my income is average or slightly above average in Canada. I live in a city where income isn't very high nor is cost of living. (sorry for being vague, would prefer to not give away details or clues to who I am)

    I have attempted to keep track of my savings over the years. I was not very diligent in my tracking, nor was I discipline in my investments. I essentially kept all my savings in cash/bonds before 2014. After, I attempted to pick stocks only to find I under performed the market by a huge margin. Recently I have decided to go the passive route with my investments. I have decided to start a money journey to keep me disciplined with my plan and second to inspire others who may find themselves in a similar situation.

    It has come to my attention in the last few years that my immigrant parents aren't in the best financial situation. This hit me hard as they are essentially in this state as a result of raising my sister and I, by putting us both through extra circular activities growing up and school with no debt on an immigrant income. Both my sister and I plan to gift them a large amount of money in the near future as they are approaching retirement (3-7 years). The amount is undecided at this point but will likely be in the 100k+ range.

    My savings journey is as follows:

    2010: 10k
    2011: 25k
    2012: 53k
    Large gap where I stopped tracking
    2013 (Feb): 85k
    Another Large gap where I stopped tracking
    2015 (May): 144k
    2016 (May): 192k
    2016 (Dec): 233k


    My current breakdown is as follows:

    Cash: 13k
    Company Share Plan: 11k
    Taxable Investment: 28k

    TFSA: 69k

    Work Pension: 28k
    RRSP: 49k

    Interest Free Loan to family: 35k
    Car: I own, but will not include dollar amount
    Debt: none


    I currently attempt to live on one pay cheque and save the other. I occasionally have to tap into my other paycheque for large "one off" expenses or splurges.

    My monthly rent/utilities is around 50% of one paycheque (I have a roommate). The other 50% of my paycheque for the most part seems to cover other bills and my spending, which has been light lately.

    Thanks for viewing


  2. #2
    Senior Member
    Join Date
    Jan 2016
    Posts
    2,706
    Looks very healthy for someone in his late 20s. And your investment hasn't done all that bad, given that you have 70K in your TFSA on $46.5K invested. Without calculating, I am guessing you have CAGR of ~7%. Good job.


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