# Spiritwalker's money diary



## spiritwalker2222 (Nov 7, 2017)

Hello, new to the forum's. Thought writing down your money/retirement goals as a great way to get feedback and see how you progress over time.

I'm 43 and wife is 38, we have a 2 year old. We are moving into a new house next month and it has prompted me to review our retirement goals. While I believe we're in good shape, there have been miss steps. And I can't believe I'm only now transferring my RRSP mutual funds to ETF's in a discount brokerage. 

Long term goals:
Retirement income of $87,000 per year in 2017 $'s for the start of 2036. Not including mortgage free home.
Retire at 60

Assets:
$600,000 - House (new home we move into shortly)
14,000 - Car1
4,000 - Car2
320,000 - RRSP's in mutual funds (Couch potato with ~0.75% MER)
0 - RRSP's in discount brokerage (Couch potato with ~0.15% MER)

Total Assets: $938,000

Liabilities:
$250,000 - Home mortgage

Total liabilities: $250,000

Net worth: $688,000

Additional notes:
- Wife is a public servant with a pension, need to convert that into an approximate dollar amount.
- I currently contribute to my RRSP at $1,400 per month. 
- No contribution to my TFSA.
- We are maxing out our RESP. Might change from yearly lump sums to automated bi-weekly contributions.
- There is more that I'm not disclosing, but I consider it just noise in the big picture.

**There is more that is missing that I plan on adding, but haven't yet...


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## milhouse (Nov 16, 2016)

Congrats on the new home.
We've made some bad/inefficient decisions too but IMO, the key is not to make the fatal ones. You always read about people throwing their life's savings on some suspect idea. 
My wife has a quasi public sector DB pension too and it's kind of a nice foundation of retirement income to have but it does throw a crimp in her early retirement plans because of the penalties of leaving early.


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## tygrus (Mar 13, 2012)

spiritwalker2222 said:


> **There is more that is missing that I plan on adding, but haven't yet...


Yeah like where are the kids...


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## spiritwalker2222 (Nov 7, 2017)

Giving an update. 

Long term goals:
Retirement income of $87,000 per year in 2017 $'s for the start of 2036. Not including mortgage free home.
Retire at 60

Assets:
$600,000 - House
14,000 - Car1
4,000 - Car2
16,000 - RRSP in mutual funds (Couch potato with ~0.75% MER)
312,000 - RRSP in brokerage account (Couch potato with ~0.15% MER)
54,000 - RRSP in mutual funds grey: ~2.6% MER)
30,000 - TFSA in mutual funds (~1.5% MER) 

Total Assets: $1,030,000

Liabilities:
$220,000 - Home mortgage

Total liabilities: $220,000

Net worth: $810,000

While our investments have gone up in the last month, the majority of the net worth jump is from adding in assets that wasn't previously included and our mortgage being less than I had estimated.

RESP
6,400 - RESP in mutual funds (Couch potato with 1.09% MER) Plan to move this over to ETF's in a brokerage account


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## Wanderer (Dec 13, 2017)

Well, that's good news! You'll be able to get rid of your mortgage faster. And I had been wondering why you didn't have any TFSAs.


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## spiritwalker2222 (Nov 7, 2017)

Long term goals:
Retirement income of $90,000 per year in 2019 $'s for the start of 2035. Not including mortgage free home. Retire at 60

Assets:
$620,000 - House
10,000 – Car 1
34,000 – Car 2
53,000 - RRSP in mutual funds (~0.5% MER)
351,000 - RRSP in brokerage account (Couch potato with ~0.15% MER)
62,000 - RRSP in mutual funds (~2.6% MER)
38,000 - TFSA in mutual funds (~1.5% MER) 

*Total Assets: $1,168,000*

Liabilities:
$207,000 - Home mortgage
30,000 – Car 2 Loan

*Total liabilities: $237,000*

*Net worth: $931,000*

A reasonable increase in assets from my last update. Took on a bit more liability when we replaced car #2. Still need to convince the wife to move her investments with the crazy high MER’s. They are underperforming as well. Not sure what our house is worth.

RESP
13,000 - RESP (Couch potato with ~0.15% MER)


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## spiritwalker2222 (Nov 7, 2017)

Long term goals:
Retirement income of $91,800 per year in 2020 $'s for the start of 2035. Not including mortgage free home. Retire at 60

Assets:
$800,000 - House
6,000 – Car 1
28,000 – Car 2
38,000 - RRSP in mutual funds (~0.5% MER)
428,000 - RRSP in brokerage account (Couch potato with ~0.15% MER)
80,000 - RRSP in mutual funds (~2.6% MER)
60,000 - TFSA in mutual funds (~1.5% MER)
13,000 - TFSA in brokerage account (Couch potato with ~0.15% MER)

*Total Assets: $1,453,000*

Liabilities:
$199,000 - Home mortgage
24,000 – Car 2 Loan

*Total liabilities: $223,000

Net worth: $1,230,000*

A hefty bump up from a year ago. 2/3rds of that is from our house.

RESP
16,800 - RESP (Couch potato with ~0.15% MER)


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## Thal81 (Sep 5, 2017)

spiritwalker2222 said:


> 80,000 - RRSP in mutual funds (~2.6% MER)


lol, why?


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## spiritwalker2222 (Nov 7, 2017)

Thal81 said:


> lol, why?


I'm trying to convince my wife how bad of a deal that mutual fund is. Not only is it high fee, but it underperforms too.


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## Thal81 (Sep 5, 2017)

spiritwalker2222 said:


> I'm trying to convince my wife how bad of a deal that mutual fund is. Not only is it high fee, but it underperforms too.


Ah! interesting. I knew there was something going on since you follow the CCP for your other accounts. It would be interesting to know the outcome once your wife is convinced ;-)


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