Hi Everyone,
New to this forum and have just recently decided to start my journey to financial freedom.
About Me
I am a millennial, married, and currently reside in Eastern Canada. I work with the government, getting paid an average salary, and live an ordinary life. I first started investing when I was 19. I opened up a Tax Free Savings Discount Brokerage Account with TD Bank, and invested all my savings I had at the time (~$1000). However, I ended up withdrawing it a few years later to pay off debt. When I graduated from University in 2011, I was able to get a government job, bought a house, and got married, but really didn’t have a good financial plan. Fast forward to 2017, my wife and I are expecting our first child, so I wanted some extra income to cover off the additional expenses. I began reading books and articles on finance and how to build wealth. I developed a strong passion to pursue the road to financial freedom.
My short term goal is to have my mortgage paid off in 3 years (~$160 000 left). My next goal is to have a net worth of $1 million by the age of 40, and my long term goal is to generate sufficient passive income ($15,000/month). I also started a blog call slowly but wealthy to track my own progress
Asset
Cash: $400
Savings: $5
TFSA Investment: $24,000
TFSA Mutual Fund: $3,500
Real Estate: $260,000
Liabilities
Mortgage: $163,000
LOC: $12,000
Net Worth: ~$113,300
I am in a dilemma rather or not I want to consider my house an asset because it give me false sense of net worth. What do people in this forum think?
Monthly Budget
HOUSEHOLD INCOME (ME +_WIFE) Approx. $6,500 after Tax and Work Pensions
EXPENSES Approx. $3,240
Mortgage + Property Tax: ~$1,075
Utility: ~$150-$200 Depending on the season
Cell Phone: ~$120 for 3 Month
Internet: ~$55
Food: ~ $600 - $800
Gas: ~$300 -~$400
Insurance: ~$270
Entertainment (Eating out + other stuff): ~$100-~$200
Misc Expenses: ~ $200
LEFT OVER Approx. $3,260
A question I wanted to ask people on this forum is a what point in your journey did you see a sudden change in growth rate? Is it when your mortgage is pay off?
Thanks.
New to this forum and have just recently decided to start my journey to financial freedom.
About Me
I am a millennial, married, and currently reside in Eastern Canada. I work with the government, getting paid an average salary, and live an ordinary life. I first started investing when I was 19. I opened up a Tax Free Savings Discount Brokerage Account with TD Bank, and invested all my savings I had at the time (~$1000). However, I ended up withdrawing it a few years later to pay off debt. When I graduated from University in 2011, I was able to get a government job, bought a house, and got married, but really didn’t have a good financial plan. Fast forward to 2017, my wife and I are expecting our first child, so I wanted some extra income to cover off the additional expenses. I began reading books and articles on finance and how to build wealth. I developed a strong passion to pursue the road to financial freedom.
My short term goal is to have my mortgage paid off in 3 years (~$160 000 left). My next goal is to have a net worth of $1 million by the age of 40, and my long term goal is to generate sufficient passive income ($15,000/month). I also started a blog call slowly but wealthy to track my own progress
Asset
Cash: $400
Savings: $5
TFSA Investment: $24,000
TFSA Mutual Fund: $3,500
Real Estate: $260,000
Liabilities
Mortgage: $163,000
LOC: $12,000
Net Worth: ~$113,300
I am in a dilemma rather or not I want to consider my house an asset because it give me false sense of net worth. What do people in this forum think?
Monthly Budget
HOUSEHOLD INCOME (ME +_WIFE) Approx. $6,500 after Tax and Work Pensions
EXPENSES Approx. $3,240
Mortgage + Property Tax: ~$1,075
Utility: ~$150-$200 Depending on the season
Cell Phone: ~$120 for 3 Month
Internet: ~$55
Food: ~ $600 - $800
Gas: ~$300 -~$400
Insurance: ~$270
Entertainment (Eating out + other stuff): ~$100-~$200
Misc Expenses: ~ $200
LEFT OVER Approx. $3,260
A question I wanted to ask people on this forum is a what point in your journey did you see a sudden change in growth rate? Is it when your mortgage is pay off?
Thanks.