# Money Goals for 2017



## hubb (Dec 15, 2016)

Hi Everyone,

I'm looking to set my goals out for 2017 and let this be an outlet to track how I am doing. 

Here is a rough outline of where I'm at:

Assets:
Home: $410K
Vehicle: $50K
RRSP: $60K (work)
Self directed RRSP: $48K
TFSA: $11.5K 
Equity in Holdco: $35K (own 2 rental properties with some business partners)
Total: $614.5

Liabilities:
MTG: $300K
Vehicle Loan: $50K 
RRSP catchup loan: $13K
Student line: $36K
Student line: $9.5K
Total: $408.5

NW: $206K

Income: $100K + bonus (i've been over $120K last two years, this year hoping to push above $130K)

I was sitting at a negative net worth 4 years ago so I believe I've made some decent gains. Vehicle is a fairly large debt but it's basically my only other splurge, I live fairly frugally otherwise. I've used the student lines to invest, the higher line is available to be amortized over 25 years when i'm done my MBA next year at P + 0.5% and the other over 15 years at P + 0.5%. I figured those rates were just too good not to take advantage of. Also, i've used the tax return from investing additional funds in RRSP to aggressively pay them down. 

I'm currently 30 now, i'd like to hopefully increase my PNW close to $250K by next xmas, long term goals would be to get to $500K by 35 or earlier and hit $1M by 40. If I stay in my current job for 30 years, i'll have defined benefit pension of $60-$70K per year. If I can continue to aggressively invest over the time, I don't believe I will have much to worry about with a decent pension and a few million in RRSP/TFSA/Nonreg. I'd like to also if possible try to pay down the vehicle loan I have quickly as well as it's the only piece of debt that's not at a favourable interest rate. Home has appreciated very well over the last 3.5 years, $370-$410K. It's a perfect size right now and if more room was required there is 1100 sq feet in the basement that could be developed. I'v also seemed to continue to be able to increase my career earnings over the last few years and I believe with having an MBA going forward it should further increase my potential.


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