A New Chapter - Tracking Progress - Page 4
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Thread: A New Chapter - Tracking Progress

  1. #31
    Member
    Join Date
    Mar 2014
    Posts
    99
    No numbers update for now, but got some great news today.

    I received a promotion back in April after I applied for a position in a different department. Since then I've sort of redefined the position and actually began completing the responsibilities in the job posting over 3-4 days per month while the rest of the days are spent on projects that the previous person in my position could not have completed.

    Anyway, today my boss randomly says he needs to meet with me. Turns out he's offering me a promotion into a position above my current, with more direct client interaction and significant increases in salary and perks.

    Effective last Friday: Salary goes from ~$50,000 to $60,000 & will be assigned a company car & eligible for an additional annual bonus

    The icing is that I'll actually continue my current responsibilities until July next year when these projects end, but raise and perks begin now. My boss and his boss have been impressed enough that they offered me a promotion with a raise to keep doing the same work when they could have just waited until next year. So needless to say I was shocked and appreciative.

    I started at this company in March 2015 making $45,000 and in less than 1.5 years I've moved to $60,000. Very excited about the extra savings/investment potential moving forward!


  2. #32
    Member
    Join Date
    Mar 2014
    Posts
    99
    Time for an update here. August-Sept were a bit expensive, although much of it was planned due to a road trip to Boston. No more major spending for the year and a triple pay in December means I should finish way beyond my original goal (~$27,000 net worth).

    Will be working some OT to help my girlfriend pay for her dog's surgery. We consider them our dogs since moving in together, and his surgery is going to be about $2000. She has an emergency fund to cover it and refuses to take my money, but I'm going to force her to take at least $500 (covered by OT).

    Another net worth milestone down. New goal is $35k by end of the year, which is pretty conservative.

    Liabilities
    Debt: $0

    Assets
    Emergency Fund: $5000
    Invested TFSA: $19,000
    Pension: $8400
    Total Net Worth: $32,000
    Last edited by motl; 2016-09-30 at 11:52 AM.

  3. #33
    Member
    Join Date
    Mar 2014
    Posts
    99
    Liabilities
    Debt: $0

    Assets
    Emergency Fund: $5000
    TFSA (invested with Tangerine Balanced Growth): $20,000
    Employer RRSP (invested in Sun Life 2050 target fund): $2650
    Pension (invested in Sun Life 2050 target fund): $5900
    Total Net Worth: $33,500

    Changed the way the pension stuff is listed, since technically it's 2 different funds. Later in 2017 I plan to transfer my TFSA investments out of Tangerine to something more appropriate now that the portfolio has grown to a reasonable size.

    Expenses look good for the next little while, except that I need to see a chiropractor and my health plan coverage for that is pretty weak. But, fortunately, I am about to do overtime at work and can use that to compensate. I'm lucky because my current role/department doesn't offer OT, but my old department (pre-March 2016) is understaffed and way behind on its work so I've been given a blank cheque to do OT working on their tasks, pretty much until they hire enough staff and get caught up. Not doing as much right now as I used to, but it's nice to have to cover off random expenses or pad savings before the holidays.
    Last edited by motl; 2016-10-13 at 11:26 AM.

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  5. #34
    Member
    Join Date
    Mar 2014
    Posts
    99
    Liabilities
    Debt: $0

    Assets
    Cash: $100
    Emergency Fund: $5000
    TFSA (invested with Tangerine Balanced Growth): $21,000
    Employer RRSP (invested in Sun Life 2050 target fund): $2760
    Pension (invested in Sun Life 2050 target fund): $6160
    Total Net Worth: $35,000

    Another minor milestone down!

    Also, just heard today that a candidate I referred at work is being hired. My referral reward will be $2500, so pretty stoked about that. A chunk of it will go towards refreshing my work wardrobe though, but still a nice windfall.

  6. #35
    Member
    Join Date
    Mar 2014
    Posts
    99
    Liabilities
    Debt: $0

    Assets
    Cash: $140
    Emergency Fund: $5000
    TFSA (invested with Tangerine Balanced Growth): $23,000
    Employer RRSP (invested in Sun Life 2050 target fund): $2895
    Pension (invested in Sun Life 2050 target fund): $6495
    Total Net Worth: $37,500

    Still making good progress, despite spending on work clothes this past month.

    My employee referral bonus gets paid next pay cheque and it's also a 3x pay month. I'm expecting to be able to put the majority of it into investments for a nice boost there.

    Very exciting that I should end up hitting $40,000 net worth by end of year. On page 3 I stated that my goal for 2016 was $27,000. Since planning that goal, I've moved in with my girlfriend (significant savings on rent) and received $13,000 in raises. Should also be eligible for two bonuses paid out in the spring. Not sure of the value, but expecting $2000-3000 combined after tax. I'll be putting most or all of that to pay for my annual big vacation, which is great because that trip won't interrupt my monthly savings.

    Next month I'll look over my finances and get an idea of where I hope to be in 2017. Very happy to see that the race to my first big milestone ($100k) is coming up much quicker than originally anticipated.

  7. #36
    Member
    Join Date
    Jul 2016
    Location
    West Coastin
    Posts
    87
    Great work Motl,

    You're making great progress. You've crushed your goal of 27G!

  8. #37
    Member
    Join Date
    Mar 2014
    Posts
    99
    Quote Originally Posted by Steve Divi View Post
    Great work Motl,

    You're making great progress. You've crushed your goal of 27G!
    Thanks Steve. Incredibly pleased with how this year progressed and optimistic about 2017. Pretty confident that I'll get some decent bonuses in the spring, and optimistic that I can get a decent raise (4-7%) based on my performance and current salary for the position I'm in. Additionally, my manager and I are currently pitching a framework model that would standardize a workflow we've developed locally and apply it to the region. He's insisted my name stay on it and if things go as he hopes, my responsibilities will shift significantly and my role will need to be redefined as the position doesn't currently exist. Hoping if it all works out that will come with another raise. But will see.

    Even if nothing major happens, I'm very optimistic about 2017. My net worth in Dec 31 2015 was about $15,000 and one year later I expect it to be over $40,000. Given that I received my big raise only in August, I'm pretty excited about pushing for $70,000+ next year.

    Update for Nov below. Have an extra pay in Dec but obviously Christmas too. Likely won't update again until final pay of 2016. Thanks to those who have contributed here - it's been a fun journey so far! It's also great being able to share details and successes here. My girlfriend and I are open about our finances and cheer each other on, but I keep all this quiet from everyone else I know.

    Liabilities
    Debt: $0

    Assets
    Cash: $50
    Emergency Fund: $5000
    TFSA (invested with Tangerine Balanced Growth): $24,300
    Employer RRSP (invested in Sun Life 2050 target fund): $2970
    Pension (invested in Sun Life 2050 target fund): $6685
    Total Net Worth: $39,000

    Also thought I'd update my expenses for anyone interested.

    Rent: $735
    Hydro: $50 (should be lower in winter months)
    Phone: $56
    Internet: $30
    Netflix/VPN: $17
    Dog: $80
    Insurance: $7
    Gym: $56
    Total: $1031

    I allocate $200-300 per month for food and entertainment, so let's round up to $1400 total for monthly budget. Works out to ~$17,000 per year. Net income is about $44,000 so assuming everything holds next year and I pay for vacations out of bonuses, I'm looking at around 55-60% savings rate minimum.
    Last edited by motl; 2016-12-01 at 10:27 AM.

  9. #38
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    Join Date
    Mar 2014
    Posts
    99
    Will update final numbers at end of month, but quite pleased with where I stand. A bit concerned that I'll owe during tax season but will see.

    Opened a Questrade account last night but haven't funded it yet. At end of year I'll have around $27,000 in my Tangerine invested TFSA and strongly considering moving it to Questrade. Not sure if I have enough invested yet to really make it worthwhile though. Should I wait until end of 2017 when it'll be $50,000+?

  10. #39
    Senior Member
    Join Date
    Feb 2014
    Posts
    264
    Most of the ETF in ques-trade are free..But you need atleast minimum 1000$ to purchase.
    And they charge commission for selling.

  11. #40
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    Join Date
    Mar 2014
    Posts
    99
    Quote Originally Posted by gladaki View Post
    Most of the ETF in ques-trade are free..But you need atleast minimum 1000$ to purchase.
    And they charge commission for selling.
    Right. I typically add to my investments once every month, although sometimes more often. I've looked at Questrade and it seems like a good solution that will help improve my returns long-term.

    My only uncertainty is rebalancing. Is it typically easy enough to 'rebalance' through purchases instead of having to sell X to buy more Y? Obviously selling to rebalance has a downside due to the commission fees, but if it can be avoided most of the time then I wouldn't be too concerned. I've also read that some people contribute every quarter instead of every month, to make it easier to rebalance through purchases. Not sure if doing that make sense?

    I need to decide before end of 2016. If I am moving to ETFs then I need to withdraw my Tangerine portfolio out of TFSA so I need to decide pretty soon.


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