# Starting My Journey



## TK.61 (Mar 27, 2012)

Hi there, 

I have been a long time reader and thought I would start tracking my journey as, like others said, it helps keep us accountable! I also would like to hear some critiques and advice from all you wise CMF readers.

Basic Info
Age: 25
Gross Income: $55,000 + 10% Bonus; Income expected to double within 5 years.
Single (For the purpose of this diary)

Assets 
Condo: $215,000 
Truck: $20,000 
Chequing: $1273 
Savings: $3401
RRSP: $6776
TFSA: $1490
Direct Investing: $5417
IOU (Family): $10,000
Misc Property: $2,000

Total Assets: $265,357 


Liabilities 
Mortgage : $154,030
CC Balance: $0 
LOC Balance:$300 

Total Liabilities:$154,330 


* Net Worth: $111,027*


Notes
-The funds in both my RRSP and TFSA are sitting in mutual funds, which I am not impressed with. I think I need to open new self directed RRSP and TFSA accounts that will allow me to trade within them or buy individual stocks/ETFS. Can anyone confirm this? Both my accounts are with RBC and I don't believe that I can actively trade within them.
-I currently do not contribute to either of my RRSP or TFSA accounts. My TFSA is empty because I bought my condo last year and cashed out my TFSA for the down payment.

My Fixed Expenses:
Mortgage+Condo Fee+Insurance: $1075
Cable/Internet: $130
Groceries: $300
Cell Phone: $75
Car Insurance: $125
Gas: $300

Total Expenses: $2000. Leaving me with about $1450 left over each month. Starting now, I hope to be able to put about $450/month towards savings. Once, I get a better idea of where my left over money is being spent, I will be able to adjust that, among with my spending habits. I know that I spend an unhealthy amount at bars/restaurants. 

Upcoming Goals/Thoughts:
- I hope to be able to purchase a second property early 2015. I plan to either rent my current unit out and move, or, buy the second one solely as a rental. I have a strong interest in real estate and hope to have a nice portfolio eventually. Because of this I do not plan on adding to my RRSP, instead utilizing my TFSA again.
- My work has a generous RRSP matching plan, I am not eligible to partake in it yet, but in the future, I will utilize it.
- My main goal is just to start saving aggressively. If an opportunity comes up to buy real estate I will re evaluate then, if not I will keep saving.


Some things I have questions about specifically:
For TFSA (and RRSP I guess), are solid companies with good dividends what I should be looking for? Any specific ETFs/Stocks to look at?
Reading; Any recommendation for financial reading? I am almost through "The Wealthy Barber" and have "The Wealthy Barber Returns" as well.

Any questions or critiques or advice or thoughts would be great!

Thanks for reading!


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## Just a Guy (Mar 27, 2012)

First off, you should probably adjust your net worth down a bit so that you are not really lying to yourself. I never include vehicles or misc. property. These are depreciating assists at best, and likely not really worth much if you had to sell. It doesn't mean they are worthless, I just leave them out of the calculation.

Next is the IOU. Never lend money out that you expect to be paid back, especially to family. Just a rule of thumb, if I'm wrong it's a bonus, but you can't count on it.

Real estate is tough in today's market. Your current property, for example, would not make a good investment in my books. That doesn't mean there aren't good ones out there, but you have to look hard to find them.

Be careful about company stock options, and keep an eye on what the insiders are doing...Enron and Worldcom also had generous stock options for employees. Not all are bad, but like everything you need to be careful.

As for stocks, start with things you know and understand. Do some research into the companies, look for things that pass te sniff test, don't listen to talking heads.


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## oob (Apr 4, 2011)

Pretty impressive you were able to save 2x your gross income already!
If you're expecting your income to double, I would think you should be saving your RRSP room for deductions at the higher tax brackets you're expecting.


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## Mortgage u/w (Feb 6, 2014)

Yeah, you may want to relook what you consider assets. Car is definately not an asset - unless its a 1931 Bugatti.

To get a better return on you investment, opening a discount brokerage account with your bank is a great start. Given your savings to invest is less than $50k, I would either buy 1 solid dividend paying stock or simply an ETF which is diverse on its own and fees will not chew up you're gains. If you're not sure on stocks, stick to ETFs. If you have a particular attraction to a specific stock, then go with the stock. Good ones to have are any of the banks, BNS, RY, TD, etc., Oils; Enbridge, Suncor, Transcanada....do lots of research.


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## nobleea (Oct 11, 2013)

Depreciating or not, cars are still assets. Otherwise, one would break up their home value in to land and house value and nix the house value as houses depreciate over time, whereas the land generally does not.

Given your age and income, I think you're doing great.


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## TK.61 (Mar 27, 2012)

Why not include a vehicle as an asset? I understand that it is a depreciating asset, but it is an asset nonetheless. It is actually worth about $23,000 and I own it outright, so I feel that showing it as a $20,000 asset is fair. I will adjust it accordingly as it depreciates. 

My "misc" category is a mixture of a few collections (specifically coins) that have been passed down to me. I may remove it as an asset.

The IOU, is a sum that I lent to an immediate family member and it will be repaid when an estate is settled in the near future.

Why do you say my current property would not make a good investment? It would cash flow 400+ per month and is virtually hands off as it is a condo.

I work for a private company, so they do not offer stock options.

Thank you for your suggestions!


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## Just a Guy (Mar 27, 2012)

Could you continue to work/live without your car? In many cities in Canada it's not easy. So you need a car. 

The best definition of an asset that I've heard is an asset puts money in your pocket, a liability takes money out of your pocket. So, as long as you own your car it's a liability, it costs you gas, insurance, maintenance, depreciation, etc. it's only an asset if you sell it, and that's unlikely. 

A house is also technically a liability in my opinion, but unlike a car, it generally appreciates in value. A rental, on the other hand is an asset. 

You can define things however you like of course, but I think my way is more realistic, and it doesn't harm you to be conservative. 

As for your current place, I don't know your exact numbers but, from my experience, you are probably cooking your numbers or you have a lot of dead money in equity. Check out a few of the recent threads in real estate here where we analyse a few similar "investments" and show why they aren't a good deal.


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## TK.61 (Mar 27, 2012)

I could not work without my vehicle. 

My definition of an asset is anything that can be converted to cash. I understand your stance on leaving it off the personal balance sheet. You're right that there is nothing wrong with being conservative, especially since I am in no rush to get to 500k or 1 million.

I am definitely not cooking the numbers. In my first post I noted that my mortgage+condo fees+insurance = $1075. I could have my place rented tomorrow for $1500/mo. I have about 60K in equity. Any opinions what to do with that?


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## Just a Guy (Mar 27, 2012)

A 200k mortgage at 3% amortized over 20 years is about an $1100/month payment. A 30 year amortization is about $850. So my first guess is, you are not paying anything off the mortgage and are opening yourself up to an interest rate shock at renewal some time down the line. If you are doing interest only payments, it's even worse. A good rule of thumb, for each 1% increase in interest, you'll owe and extra $100/month for each 100k you borrow. If the interest goes up 2% in the life of the mortgage, your profits will disappear when you go to renew.

You are leaving off taxes, maintenance...Get a bad tenant that you have to evict would probably cost you three months rent by the time you are done.

Then you have 60k in dead equity sitting in the house, as the money isn't invested, and is hard to touch.

Better to sell, find a cheap place, and rent it for a lot. I just missed out on a bid for a place, it sold for 68k (the guy outbid me by a lousy $500). I could easily have rented it for $1000/month. For 265k, I could generate $4000/month and own 4 places. There is a good chance I could have financed the place 100% too (since they are selling below market value), giving me the 65k you've got locked in equity to buy a fifth place clear title.

In my experience, it's hard to make money paying more than $100k/door. 

Real estate is a long term, very illiquid investment. What cash flows today (in the age of super cheap money), could cost you your shirt when things return to normal...even a small return could kill you. Historical average for mortgage rates is 8%....that's an extra $1600/month on your "investment" just in the mortgage...


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## Spudd (Oct 11, 2011)

Yeah, but he's living there, not renting it out.


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## Feruk (Aug 15, 2012)

A car isn't an asset because if you sold it, you'd just have to buy another one.


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## nobleea (Oct 11, 2013)

Feruk said:


> A car isn't an asset because if you sold it, you'd just have to buy another one.


The same could be said for a house. Or an income producing portfolio.


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## Barwelle (Feb 23, 2011)

I saw this thread yesterday and have been thinking how to differentiate between assets you count in your net worth and assets you don't. 

I'm in the camp of, count your house, land... but not your car. For me... I own maybe $9,000 worth of vehicle, but I'll never recoup that cost because my lifestyle requires that I have a vehicle. Also, with cars, they depreciate despite constantly putting money into them. Not only will it be worth less due to depreciation when I sell it, I will have put way more in maintenance and repair into it.

Someone pointed out that this happens with houses too. (though on a longer timescale.)

But maybe one (unofficial) way to think of it is... could you use it as collateral on a loan? Aside from the loan you can get to buy the car itself, can you go to the bank and borrow against your car? You can with a house...


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## nobleea (Oct 11, 2013)

Barwelle said:


> But maybe one (unofficial) way to think of it is... could you use it as collateral on a loan? Aside from the loan you can get to buy the car itself, can you go to the bank and borrow against your car? You can with a house...


Pawn shops do this all the time. Title Auto Loans I think they're called. You keep and drive the car. Someone will say, well the rates suck and it's a pretty unique business. No more unique than using a rembrandt as collateral.


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## TK.61 (Mar 27, 2012)

Just a Guy said:


> A 200k mortgage at 3% amortized over 20 years is about an $1100/month payment. A 30 year amortization is about $850. So my first guess is, you are not paying anything off the mortgage and are opening yourself up to an interest rate shock at renewal some time down the line. If you are doing interest only payments, it's even worse. A good rule of thumb, for each 1% increase in interest, you'll owe and extra $100/month for each 100k you borrow. If the interest goes up 2% in the life of the mortgage, your profits will disappear when you go to renew.
> 
> You are leaving off taxes, maintenance...Get a bad tenant that you have to evict would probably cost you three months rent by the time you are done.
> 
> ...



I appreciate your comments as they are provoking conversation, but you are being overly pessimistic and you need to stop trying to find ways to prove me wrong. I am not lying about anything and have no reason to.

I have a decent interest rate on my mortgage, and I am not paying interest only. I didn't forget taxes in my calculation, I just forgot to mention it. 

I dont have any real maintenance expenses as I live in a condo....Yes a bad tenant could be pretty disastrous, but I am smart enough to properly screen applicants in order to minimize the chance as much as possible. 

Yes I do have 60K in equity...I have inquired with my bank and it seems fairly simple to unlock. I could re-finance at 80% LTV which means I could have 40K-ish to use. Not sure exactly what I would do with that.

Im not sure where you live, but where I live it is virtually impossible to find anything for under 125k (Other than mobile homes).


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## TK.61 (Mar 27, 2012)

Feruk said:


> A car isn't an asset because if you sold it, you'd just have to buy another one.


If I sold my vehicle I would instantly have $XX amount of cash to use to buy a new vehicle. Plain and simple a vehicle is an asset. I understand why people don't account for it, but for the time being I am planning on leaving it there.


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## Just a Guy (Mar 27, 2012)

TK, I'm not trying to bash you or prove you wrong. I'm giving you an experienced opinion based on limited information. I've been investing in real estate for a long time and have been fairly successful at it. I've done it in higher rates, and lower rents. I'm warning you off, but you are free to ignore the advice. I'm not saying you can't make money with it today, I'm saying long term it's a risk. 

I've made a lot of money from investors who've bought places and paid too much, most of the ones I've bought lately were sold for more than double to the last people...I get them after they've been foreclosed on. 




As for where I invest, I go to a lot of places. So far, they are all in major cities in Canada. I believe the lowest average home price in any of them is in the 3-400k range. That being said, I do tend to find good deals several times a year, but I look constantly, and everything is set to go as soon as one comes up.


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## TK.61 (Mar 27, 2012)

Aright I appreciate your advice, and I will certainly not ignore it. The reason I posted my details was for advice and thoughts! 

Lets get back on track.

What are your opinions on investing in condos vs single family vs multi family?

Right now condos and single family would be my main two options for an investment property as a multi family may be a bold move by a rookie investor.

If you have any pros and cons from experience I would like to hear!


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## Just a Guy (Mar 27, 2012)

Right now, everything is expensive so your choices are limited to what's available. Most apartments are listed for over 100k/door, so I wouldn't touch them. 

There are a few du/tri/4-plex units that sometimes come up in that range. 

Single family places seem to be too high as well

I've been concentrating on condos as they are the only ones to meet my price criteria. I can buy them for less than apartments. 

In general, I'd be very careful about what you buy, there is not a lot out there that make financial sense...you wouldn't overpay $20 for a cup of coffee, don't overpay for a property either.


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## TK.61 (Mar 27, 2012)

Hey there, just a small update, looking for advice:

Chq - $300
Savings - $3560
Visa - $0 
LOC - $1000 - Just booked a vacation
Investment Acct (mutual funds) - $1575
Invesment Acct (direct investing) - $5460
TFSA - $1565
RRSP - $6910

Looking for advice on what accounts I should look after first and where my savings should go. I am having a tough time and I think it is because I am trying to find the perfect strategy for my circumstances when in reality there is no perfect strategy. 

My short term goal is just to save aggressively. I may look into buying a second property in 2015, but I am waiting for the real estate market to soften a bit. So that said I want my savings to be fairly liquid. If I do not feel good about buying a property in 2015, I may just dump all my savings into paying down my mortgage. I should have about $18,000-$20,000 in savings by mid 2015 (company bonus and family loan repayment will be large factors in this). 

*So my question is where should I park my money as my savings accumulate?* I am thinking to start off by selling off my Investment acct (direct investing) and then adding the $5460 to my TFSA and buying a dividend ETF, specifically looking at BMO Canada Dividends ETF (TSE:ZDV). TSE:XIU also has my attention for my TFSA. *Any thoughts on this?*

Eventually I will be eligible for my company RRSP matching program, at that point I will start contributing to that to receive my company match.


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## TK.61 (Mar 27, 2012)

Time for an update, it's been about a year.

So after my thread originally went off the rails and into a debate about what defines an asset, I have adjusted my balance sheet. A bit has changed since I last posted so I will speak about that, but first ill get right into the numbers.

Age: 26
Income: $85,000*

As of June 30th

*Assets*

Condo - $206,000 (Purchase Price)
Chq - $1088
Savings - $8186
RRSP - $7609
TFSA - $6418
Other Inv - $1598

Total Assets - $230,899

*Liabilities*

Mortgage - $150,208
CC - $0
LOC - $0

Total Liabilites - $150,208

*Net Worth* 

$80,691 Year-to-date: +11.4%


So since last update I have switched positions within the same company, my current position allows me to make more money now, as well as leads me into the career path that I intend to pursue within my company. As a side note, my current position and intended career path, has zero relevance to my degree. 

*Income*
My income varies month to month due to hours and OT but as of now (exactly half way through the year) I am on pace to make 85K. My June take home was *$5135*. 

*Expenses*
I don't track all my expenses, but my fixed monthly bills (mortgage, grocery, fuel, insurance, phone, cable/internet, etc.) total just under $2000/mo. I am not looking to cut expenses really, as I am pretty happy with where everything is at. 

*Goals*
I dont have any real specific goals as of now. I am just enjoying my cash-flow and saving. I am having a hard time keeping focussed on saving and not trying to keep up with the Jones' (my friends) who are buying new trucks and atvs and trailers. I may buy myself an ATV, and I justify it by the use ill get out of it, and the fact that they don't depreciate extremely fast. Luckily so far I haven't had the guts to pull the trigger, thanks to not wanting to part with my money. 

I am also getting the itch to upgrade to a house. I am not sure how I want to go about it, either buying on my own and having a roommate, or I have had talks with a cousin to buy a pad together. If I do buy with my cousin we will be sure to complete our due diligence and figure out an exit plan for each other before we decide to proceed. I know buying with a partner is not received well by most people and I am still unsure about it. Just an option.


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## scorpion_ca (Nov 3, 2014)

You are making lot of money at your age...good job.

I was wondering do you work in oil and gas sector. How is your job security? I would not upgrade to a house until the economy improves. Nowadays companies are laying off lot of employees in Calgary.


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## TK.61 (Mar 27, 2012)

I do not work in Oil and Gas, I work for a Utility Company. Job Security is very strong, Utility sector is relatively unaffected by oil prices and layoffs are not a thought where I work, we are very busy!

Knowing my position better, would you still recommend waiting until the economy improves before buying a house? I appreciate your thoughts. I have noticed prices have dropped a little bit in the areas I am looking, and I figure that if the end of summer hits and we have seen more consecutive months of lower average house prices, there may be a lot of good deals to be had in the fall/winter as prices plunge more.


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## Davis (Nov 11, 2014)

TK, as others have noted, you are in a fantastic position for someone your age. I think you should think long and hard about your goals before you start blowing your money on toys or a big house. If you decide that your goal is to blow money on toys and a big house, then go right ahead. It sounds like you've got the cash and credit for it, as long as your job is secure.

But if your goal is to have the freedom to leave work early if you want to at some point, then you should figure out how you're going to achieve that goal.

When I was 26, I laid out a plan to retire at 52, and started saving toward that goal. Life happened along the way: a long-distance relationship that meant I had to move to a more expensive city and an employer that paid less, a career change, getting laid off, returning to my previous employer, getting married, a six-year wage freeze, and so on. So I didn't follow the plan, but because I kept saving and investing as life happened, husband and I will quit work next year, when I'm 50, largely on the strength of my investments. 

We do want to finish work, and we have the freedom to do so. I now am kicking myself that I settled for a target of 52 -- if I had set an earlier target date, and saved a bit more (and stop buying mutual funds earlier), we probably could have quit even earlier. 

So I encourage you to figure out what it is you want to do with your future wealth, and apply yourself rigorously to that goal.


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## TK.61 (Mar 27, 2012)

Davis, thank you for your reply!

I agree with you about buying toys, I think the reason I haven't is because I know it is somewhat of a frivolous purchase. The only underlying factor in my thinking is that I tend to go camping lots during the summer, so I can see myself using it quite a bit. I wouldn't be financing a brand new 10K quad like you may be picturing, if I did go ahead with it I would buy used for <5K. But I still understand your point, and I think I am on the same page, I mean I haven't bought one yet right?!

In regards to the house, again I feel like you are picturing that I would be buying the biggest house possible. In reality I prefer smaller bungalows/split-levels in older neighbourhoods, but that isn't the point. If I did buy a house on my own I would be getting a roommate which would offset the costs and in turn my monthly cash-flow wouldn't change from what it is currently. If I did buy jointly with another person my cash-flow would probably decrease slightly, unless we got a third roommate which would increase my monthly cash-flow from my current situation. My reason for wanting a house is that I currently live in a 1B/1Ba condo and although I like it and am ok here, I am running out of space and would like more space to entertain, as well as a backyard.

Also to note, in addition to my income/savings my employer offers a pension that will allow me to retire around age 55. I haven't really thought about when I want to retire specifically, like others I think financial independence is the goal, so that I have options. Setting big goals like wanting to retire at a certain age seems daunting since so much can happen during a lifetime. Although in university I did have a goal that I wanted my earnings to reach 100K before the age of 30 and that appears as though it will happen next year.

Davis - When you laid out your plan to retire at 52, how did you come to the age of 52, and what did your plan include? I am interested in setting out a plan for my future wealth, but not sure where to start!


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## Davis (Nov 11, 2014)

“I would buy used for <5K.” 

You clearly have the right approach. Buying new makes sense later in life when you have a nice big cushion of cash to sit on and enjoy.

“If I did buy a house on my own I would be getting a roommate which would offset the costs and in turn my monthly cash-flow wouldn't change from what it is currently.”

Another good strategy. My first house was a duplex – I rented out the downstairs apartment and a room in my apartment. Paid down the mortgage pretty darn quickly because of it. 

“Also to note, in addition to my income/savings my employer offers a pension that will allow me to retire around age 55.”

To get a full pension, I would have to work another eight years. That would make the most sense financially, but I’d rather have eight of my remaining years to do whatever I want, which is mostly travel. And sleep in. And go to cultural stuff. And drink beer on a patio on a sunny Thursday afternoon.

“Setting big goals like wanting to retire at a certain age seems daunting since so much can happen during a lifetime.”

Indeed. My lesson is that my setting goals, you significantly improve your chances of achieving them despite the curves that life throws at you. 

“When you laid out your plan to retire at 52, how did you come to the age of 52, and what did your plan include? I am interested in setting out a plan for my future wealth, but not sure where to start!”

I’m pretty good with numbers, so I sat down with a spreadsheet and did projections – starting with $A of assets, assuming B% return, and contributing $C per year, and increasing that by D% per year as my salary rises, and figuring that I would need $E per year (factoring in inflation of F%) in retirement, I seemed to hit a happy spot at 52, which was twice my age at the time. I went with that.

As I said above, life took me off in lots of other directions, so I didn’t stick to the plan. But because I had a mission to finish work earlier than most people, and a plan to get there, that gave me the determination to take action, i.e., live below my means, and save and invest well. It helped me make spending decisions – do I want to buy that really nice shirt, or put money away for the plan? It made foregoing current consumption easier, because I knew it was for a greater goal. So when a university colleague told me he had bought a (used ) higher-end Saab six months after graduating, I felt okay about walking to work. 

I didn’t forego all pleasures – you have to enjoy life along the way too. I continued to travel (on the cheap) every year, because that means to me what camping means to you. 

I hope that helps. I’m happy to discuss further.


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## TK.61 (Mar 27, 2012)

*July Update*

Age: 26
Income: $85,000*

As of July 31st

Assets

Condo - $206,000 (Purchase Price)
Chq - $433
Savings - $8889
RRSP - $7743
TFSA - $6370
Other Inv - $1590

Total Assets - $231,025

Liabilities

Mortgage - $149918
CC - $0
LOC - $0

Total Liabilites - $149,918

Net Worth 

$81,107 

Month-to-Month Increase: +0.52%
Year-to-date: +12%


July take home pay: $4555

Expenses
I don't track all my expenses, but my fixed monthly bills (mortgage, grocery, fuel, insurance, phone, cable/internet, etc.) total just under $2000/mo. I am not looking to cut expenses really, as I am pretty happy with where everything is at. 

I did not buy any ATV's or Houses. I am very happy with my progress and and super motivated to keep saving. Keeping my eye on some oil companies, and might pull the trigger on some shares soon, but other then that I don't expect to have any major purchases.


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## TK.61 (Mar 27, 2012)

August Update

Age: 26
Income: $85,000*

As of August 31st

Assets

Condo - $206,000 (Purchase Price)
Chq - $100
Savings - $10,964
RRSP - $7488
TFSA - $6161
Other Inv - $1560

Total Assets - $232,274

Liabilities

Mortgage - $149628
CC - $0
LOC - $0

Total Liabilites - $149,628

Net Worth 

$82,646 

Month-to-Month Increase: +1.9%
Year-to-date: +14%


August take home pay: $6188

Expenses
I don't track all my expenses, but my fixed monthly bills (mortgage, grocery, fuel, insurance, phone, cable/internet, etc.) total just under $2000/mo. I am not looking to cut expenses really, as I am pretty happy with where everything is at. 

Was able to put $2075 into my savings account during August, which I am happy about. But contrasting that with my take home pay vs my expenses that means I spent $2000 which isn't good. I did have some one time expenses such as hockey fee's and deposit for Flames season tickets, but I also spent a bunch on 'entertainment'. Hoping to reach $15,000 in cash/savings by year end. Should be attainable, but I am planning on taking almost all of December off work, so really only have 3 months to reach that goal.


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## TK.61 (Mar 27, 2012)

September Update

Age: 26
Income: $85,000*

As of Sept 30th

Assets

Condo - $206,000 (Purchase Price)
Chq - $100
Savings - $12816
RRSP - $7331
TFSA - $5934
Other Inv - $1534

Total Assets - $233,715

Liabilities

Mortgage - $149336
CC - $0
LOC - $0

Total Liabilites - $149,336

Net Worth 

$84,379 

Month-to-Month Increase: +2.1%
Year-to-date: +17%


September take home pay: $5230

Expenses
I don't track all my expenses, but my fixed monthly bills (mortgage, grocery, fuel, insurance, phone, cable/internet, etc.) total just under $2000/mo. I am not looking to cut expenses really, as I am pretty happy with where everything is at. Goal currently is to tuck away as much as possible into my savings. 

If real estate in AB drops more over the winter, into next year I might try and snap up a house, I am seeing more and more places slide into my price range, just waiting for a good deal. My goal of having 15K in savings by end of year will be met easily now as my income for October will be unusually high due to 3 pay periods with a lot of overtime; should be able to hit 18K. Overall I am happy as my NW is trending in the right direction.


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## TK.61 (Mar 27, 2012)

October Update

Age: 27 now! Birthday in October
Income: $85,000*

As of Oct 31th

Assets

Condo - $206,000 (Purchase Price)
Chq - $1500
Savings - $16020
RRSP - $7568
TFSA - $6024
Other Inv - $1563

Total Assets - $238,675

Liabilities

Mortgage - $148897
CC - $0
LOC - $785

Total Liabilites - $149,682

Net Worth 

$88,993 

Month-to-Month Increase: +5.47%
Year-to-date: +23%


October take home pay: $9671

Expenses
I don't track all my expenses, but my fixed monthly bills (mortgage, grocery, fuel, insurance, phone, cable/internet, etc.) total just under $2000/mo. I am not looking to cut expenses really, as I am pretty happy with where everything is at. Goal currently is to tuck away as much as possible into my savings.


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## TK.61 (Mar 27, 2012)

December Update/ Year End Review

Age: 27 
Income: $95,000*

As of Jan 1, 2016

Assets

Condo - $206,000 (Purchase Price)
Chq - $1300
Savings - $18000
RRSP - $7639
TFSA - $5794
Other Inv - $1535

Total Assets - $240,268

Liabilities

Mortgage - $148309
CC - $0
LOC - $0

Total Liabilites - $148,309

Net Worth 

$91,959

Year-to-date: +27%


Overall I am happy with how the year went. 27% increase in NW is a good feat. I was able to increase my income by about 70% by switching jobs which I am also proud of. I took most of December off and will be off for at least part of January, not sure when I am going back to work. Looking back I didn't really have any specific goals for the year, I held off making some larger purchases that I talked about, and am happy with that. I can probably say for the first time, probably ever, that I feel extremely comfortable financially. I am making a good income which will keep going up, I have a good cushion of savings and I have all my living expenses under control. 

Looking forward to 2016, I will set my NW goal at $120,000, thats another 30%~ increase YOY. Going to be hard to achieve but I don't think its out of the question. A non-financial goal that I hope to achieve this year is to combine living situations with the girlfriend. Probably the next logical step in our relationship and will benefit both of us financially.


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## DividendLuvr (Mar 5, 2014)

Congratulations on your achievements, TK.61 - much to be proud of (financially and personally).


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