# 27, tracking my way to Freedom



## Chompers (Sep 7, 2017)

I been lurking around these forums and many others for awhile now, reading about Finance is a hobby of mine and all things related to it. A lot of the advice I've learned from here has been coupled together, and looking to learn how to manage my finances better. I've been pretty good at managing my money since I started working, I started a job just after graduation (August 2017). I had previously done College and transferred to University, so unfortunately lost some crucial time saving. My goal is to save as much as I can and diversify my portfolio, to attain FIRE by 45 (extreme), but it's a goal, which should allow me to save more aggressively. 

*Income*
$60,000/year, increase 7% every 8 months for 2 years. (rotational Mgmt. program, full time offer around $75K)

*Sept 19 2017 breakdown:
*
*Assets*
TD
Cash: $40
Cheque Account #1: $700 - Main account
Saving Account #1: $1200 -- Rent account 
Saving Account #2: $1,114 -- Emergency Fund

Tangerine
Cheque Account #1: $12
Savings Account #2: $77

*Investments*
TFSA Tangerine Balanced: $1290
TFSA Tangerine Equity Growth: $1201
DCPP: $606, CCP Asset Allocation - (30% CAD Equity, 30% US Equity, 30% Inter. Equity, 10% Bonds)

Car
$15K

*Total Assets*= $20,030


*Major Liabilities*
University Loan (interest free - parents): $15K

*Monthly Expenses*
Phone: $60
Rent: $1200
Food: $200
Gas: $300
Insurance + Tenant Insurance: $210

*Total Liabilities - $16,970*

*Net Worth - $3,030*

*Short Term Goal:*
$10K emergency Fund
Start my Dividend investing account at QT
Marrying my GF in 3years

*Long Term Goal:*
Buy a house in the next 5years

My disposable income hovers around $1500-2000/month. I usually allocate this by putting $500 into each Tangerine Investment account, saving $1000 for emergency, and the other $500 sits in the main cheque account. I haven't started a RRSP yet, as I am in still in a low level bracket (2nd federal level), so I do not see the benefit to stash away income, as it doesn't reduce my tax bracket fairly significantly, I could be wrong but would like someone to clarify that? 

The main goal is to attain FIRE by 45, I know by the time I am finished my rotational program, I'll be in the ballpark of $75K, which is a nice starting range for being 28. I manage my finances fairly well, don't spend a lot, and save a lot of my money (no where near the rest of my later 20s comparisons on this board). I'll be tracking things monthly through here while adjusting my finances accordingly and love any input from the forum 

edit** Upon calculating my saving rate, I save approximately 33% of my take home pay


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## Pluto (Sep 12, 2013)

you are off to a good start. 
I don't see an account to buy stocks, etf's and what not.


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## Chompers (Sep 7, 2017)

Pluto said:


> you are off to a good start.
> I don't see an account to buy stocks, etf's and what not.


I feel like I have a long way to go, I'm comparing myself to other late 20s I've read on this forum. I know, I know, it's good I'm starting now then never, and shouldn't be compare to others.... I guess it's bad habit!

To touch on your Stocks/ETFs comment, I'm in the process of creating a Questrade account, but since my DCPP is targeted using CCP strategy, I have yet to explore on how to invest this added investment vehicle. I'm toying with ETFs vs. DRIP portfolios, and still doing research as I realize the strategies are vast different in nature. Part of the 3rd saving account is to create a small funding and start investing in the next 1-2 months after further research. 

Do you have any opinions on delaying/starting an RRSP in this range?


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## Dilbert (Nov 20, 2016)

You're off to a great start. Personally, at your age, I'd start with a TFSA based account and pile into an RSP much later.


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## Chompers (Sep 7, 2017)

Dilbert said:


> You're off to a great start. Personally, at your age, I'd start with a TFSA based account and pile into an RSP much later.


Thanks I forgot to mention that my Tangerine investments are TFSAs, i'll update that to reflect that.


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## redsgomarching (Mar 6, 2016)

Yeah, if you know your income is going to increase a great deal in the future (from what youve said it definitely looks like that is the case) save up that RRSP contribution room so you can take advantage of it when it provides a better return! 

i would say for now focus on acquiring and building up your net worth while learning more about investing, the market, etc. i think you have the most important aspects down (discipline, a plan, and a goal). 

great start!


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