# Progress



## jcgd (Oct 30, 2011)

I stumbled upon this forum a few weeks ago and it's peaked my interest in my financial future. I would say I'm more interested than most, I'm 23, and I consider it a hobby, but obsession with my hobbies revolves like a door from investments to classic cars to aquariums. In between my obsession phase is maintenance so I slowly make progress. If I concentrate too much on finances I get impatient so I back off for while with things on autopilot. I've started this journal pretty much as a place to put my thoughts and pull advice as I need it.

My Goals:

Short Term (<2 years)
- Pay off outstanding debt, floating around $14,250 as of Oct. 29.
- Consolidate current assets to a self directed brokerage.
- Create a couch potato portfolio with about 70% of my retirement saving
- Use ~30% of retirement savings for a Dividend and Value stock portfolio.
> These two portfolios will likely be completely separate and unrelated. The couch potato portfolio is because I believe in and am confident that it is the best choice to be perfectly average. The other is for my speculative side. I plan to use due diligence and research to hopefully succeed, but I am totally unsure if I will succeed or fail with this portfolio.
- Maximize value within my financials, IE, get the most bang for the buck. I want to explore ways to make best use of investment vehicles, use credit and general get my finances into tip top shape while at the same time keeping everything easy to maintain. I am disorganized by nature so I need to develop routines so I stick to it long term. As my focus shifts I do not want things to slip. A KISS principle.
- Buy an engagement ring 

Medium Term (<4 years)
- Build an savings of 6-12 months salary. (~$20,000)
- Build an emergency savings. (~$30,000)
- Catch up and continue to add to RRSP, TFSA, using all room available.
- Have my future wife graduate post secondary. (More her goal, but affects my life, and I want her to get what she wants)

Long Term (<25 years)
- Save $55K per year.
- Pursue post secondary education.
- Do some extensive traveling.
- Retire at ~45

Current Standing:

Assets
Chequing account: $736.80
USD Savings: $457.87 CAD
BNS RRSP: $2,418.76
BNS TFSA: $108.68
RBC RRSP: $12887.13
Company Stock: $3308.60
Total: $19,917.84

Liabilities
Line of Credit: $12229.00
Visa: $99.15 (revolves)
Total -$12328, 15

Net Worth = $7,589.69 (Woot Woot)


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## Pigzfly (Dec 2, 2010)

You have to know your partner, but on the engagement ring front, I would try to find one through family, an estate sale, antique dealer or craiglist equivalent.

To be blunt, in my opinion, diamonds are stupid. Also, there are many, many of them available and they do not hold their value, despite what any salesperson may tell you.

- 2 cents on a single line in your journal.


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## jcgd (Oct 30, 2011)

I only put it on my list because it can be a substantial purchase. I'll shop around for sure and see what my options are. I know it isn't about the ring, but I appreciate her, and she would appreciate a decent ring (though isn't insisting), so it's something I'd like to do. She would go down to the courthouse with me tomorrow if I asked her to!


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## the-royal-mail (Dec 11, 2009)

jcgd said:


> I want to explore ways to make best use of investment vehicles, *use credit* ...


What do you mean by this? 

Otherwise, your plan actually seems pretty good. If I had to find some flaws they would be:

-debt payment needs to be your PRIORITY before anything else regarding investments, portfolios etc
-retirement at 45? Not likely if you're getting married (congratulations on having found Mrs. Right!) since that will lead to the eventual desire for 1 or more kids and of course a huge house, gigantic SUV or minivan, plus a few major bumps along the way. Sorry to burst your bubble but your life is upon you now and I think your short term interests will trump that. You may want to gear down on this goal and instead focus on being in love and everything that goes with it. 
-IMO I think your main focus for the next few years really needs to be on money management and organizing your finances. investing is a HUGE area that can consume your entire day if you let it. it should not be your priority right now until you clear that debt and get your emergency savings built up (that money should not be invested in risky things, it needs to be cash, GICs etc) and only then should you start to think about investing, once you actually have play money to invest with

Hope that makes sense.


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## jcgd (Oct 30, 2011)

the-royal-mail said:


> What do you mean by this?


Haha, by this I mean NOT using credit for garbage like electronics and stuff I don't need. I will use credit to get ahead like I'm planning with my tax return this year. I will borrow my return from my LOC before the cut off date so I can get more money in my rrsp with no cost. When I get the refund I will fully pay off the loan. I will not be taking on any debt that I will need to pay off over time.


the-royal-mail said:


> Otherwise, your plan actually seems pretty good. If I had to find some flaws they would be:
> 
> -debt payment needs to be your PRIORITY before anything else regarding investments, portfolios etc
> 
> ...


Makes lots of sense. I am actually following your advise and any investments I do will be with the money I currently have in my RRSP and will continue to do there. The couch potato portfolio will come first. The other will be a "hobby" portfolio. More for fun than anything, so it's not a priority.

Once my debt is gone, the money I'm using for it will be diverted to building the emergency funds.


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## the-royal-mail (Dec 11, 2009)

jcgd:

>_Haha, by this I mean NOT using credit for garbage like electronics and stuff I don't need. I will use credit to get ahead like I'm planning with my tax return this year. I will borrow my return from my LOC before the cut off date so I can get more money in my rrsp with no cost. When I get the refund I will fully pay off the loan. I will not be taking on any debt that I will need to pay off over time._

I don't understand this. Why are you playing this type of shell game? I think you know how I feel about those. 

I have always disagreed with the concept of borrowing to invest, which is basically what you are talking about here. BAD idea. Don't play shell games. When you have the money, move it into the RRSP. If you don't make this year's cutoff, NBD, just do it for the next year once you have the money in your hand.

The driving force behind my opinions is to first save the money, *then* spend it as required. What you want to do tells me you still have a bit to learn.

Otherwise I think your short term plan makes sense. Keep at it!


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## jcgd (Oct 30, 2011)

Why are you against something like that? For a total of 5 minutes work I can get an extra $2k into my rrsp a year early. With something that carries little risk I cannot see why you should not do it. The loan would be outstanding for a matter of weeks and paid in full. I suppose I could do it with cash instead of the LOC, but why tie up my cash?

Long term I can see using leverage to make some money. Personally, I feel the risk vs reward is worth it. Most people don't get ahead without taking chances now and again. Even when it comes to a home, 99% of people take out a mortgage. I believe leverage is a tool when used properly, and safely.


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## the-royal-mail (Dec 11, 2009)

jcgd, please do not quote everything. I am doing a LOT of scrolling just to pick out your comments. In a forum thread like this I generally know what you are responding to. It's esp bad when you are quoting the post right above yours.

Anyway, onto your question, it's a bad idea. The moment you take out LOC money you will be paying interest of around 6-7%. You should be "tying up" your cash, because it's your cash and you want to use it (in this case for an RRSP). You're not tying it up, you're using it.

Again, better to save the cash for what you want first, THEN spend/use it.

Shell games are a bad idea and add unnecessary complication. They signal a weak foundation in your investor mindset. The instant gratification generation at play.


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## Maybe Later (Feb 19, 2011)

While I don't share TRM's disdain for the responsible use of credit, I think you have to look at your own short term goals. If your goal is to eliminate the LOC, then consider that you might be closer to your goal by looking at alternatives. 

As an example, assume a $2000 contribution nets you an extra $500 in refund for a total of $2000 tax return. (25% marginal rate) 

If you borrow the $2K and pay it back in three months you have paid $30 or so in interest, you have an extra $2000 in retirement savings, but your LOC is still $12,000 and you're paying interest on it every month. 

If you made no extra contribution, didn't get the extra $500, you'd still get a $1500 refund. If you applied that to your LOC, it would be $10,500 instead, which costs you $90 less in interest if you carry the LOC for a year (both examples worked out using TRM's 6%). 

Look at both numbers and decide which you feel better about. You put debt elimination at the top of your short term goals. Is it? I won't advocate one over the other, just look at all the alternatives and decide how you want to spend your money. 

If you had no debt, I'd agree with the short term RRSP loan as a jump start, followed by monthly savings for next year's contributions. I don't see it as a shell game, just a way to use credit in a planned, responsible manner to accelerate long term savings. $30 in interest is not a whole lot. But, if you find yourself in the same situation every February, ask yourself why.

The best strategy is not to get a refund at all by having less tax deducted by your employer based on your annual RRSP contributions, but I'm as guilty as many who know that, but haven't bothered to get those forms filled out at work.


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## jcgd (Oct 30, 2011)

I wasn't really sure what was worth more in the end, not having tax deducted at the source, or getting next years refund from this years refund into the rrsp this year (the end result of the loan).

As for the debt, it is priority #1, not because it might save me money paying it off, but because I'm sick of looking at it and thinking about it. My goal is to crush it in 8 months or less. But I want to do that out of pocket. I still plan on reinvesting my tax return as I want to keep those habits good habits. Plus I get a free return of 32% on my return, while I only lose 5.5% on the LOC. Since the return I get back this year is my tax return, and I get a return that, I end up with a true return. Or so my logic is telling me.

I agree that leverage is a tool if you ever want to get anywhere.


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## Maybe Later (Feb 19, 2011)

Whatever your logic it didn't come through clearly to me. However, that doesn't mean your plan is without merit. 

You'll also note that I didn't say anything about needing to use leverage to get ahead. It is a tool and a strategy, nothing more, and definitely not a requirement. 

I always like the math to back up my logic. See if it backs up your plan by working the numbers and then working out the alternative. Of course these decisions are emotional as well and only you get to decide if logic or emotion prevail.


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## m3s (Apr 3, 2010)

jcgd said:


> As for the debt, it is priority #1, not because it might save me money paying it off, but because I'm sick of looking at it and thinking about it. My goal is to crush it in 8 months or less. But I want to do that out of pocket. I still plan on reinvesting my tax return as I want to keep those habits good habits. Plus I get a free return of 32% on my return, while I only lose 5.5% on the LOC. Since the return I get back this year is my tax return, and I get a return that, I end up with a true return. Or so my logic is telling me.


jcgd, I wouldn't worry about TRM he has an unusual animosity towards quotes. I'm guessing his screen resolution must be at most 600x800 

Your logic is a bit flawed in comparing 32% tax return to 5.5% LOC. Paying off the LOC debt is a guaranteed tax free savings of 5.5%. RRSP is not tax free but rather tax deferred as it is 100% income taxed on withdrawal including all the compounded growth. Reinvesting the tax return offsets this tax however it's not tax free at all like paying off debt (you don't pay tax on paying off a LOC) To compare the RRSP to the LOC, you'd need to earn say 5.5%x1.32 tax = 7.26%.

To be honest it's pretty hard to beat 7% these days with a passive portfolio. It's hard to imagine the markets picking up steam and reaching new highs anytime soon. I'm finding it hard to beat 7% actively investing and not including the idle cash I keep on the side in case of a crash (investing all at once right now is a scary thought). 5.5% guaranteed tax free savings actually sounds pretty good right now, unless you happen to perfectly time the economic recovery.


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## jcgd (Oct 30, 2011)

Okay, okay. There are some things I need to consider, for sure. 

Another factor could be that my debt could be paid off by the time I get my refund. So it could be a moot point, but I may have to consider paying off the remaining balance if there is one. 

There is also my TFSA that I need to catch up. I'm thinking it should be my priority before my RRSP (but after the debt) as I am planning on have a higher income after retirement. Hopefully...


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## m3s (Apr 3, 2010)

I prioritize the TFSA before RRSP myself. TFSA = tax free growth. RRSP = tax deferred and 100% taxed as income and income tax could easily be raised in the future you don't know


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## jcgd (Oct 30, 2011)

Yeah I've thought about that. I think I may go that direction. My company matches but only into the rrsp, so I'll take that amount, but the rest will go to the tfsa first.

On another note, I ordered credit reports so I can see what my standing is. I want to work on a solid score.


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## jcgd (Oct 30, 2011)

Assets
Chequing account: 857.10
Savings (Banktherest): 26.26
USD Savings: $455.40 CAD
RRSP 1: $2,536.24
TFSA 1: $50.21
RBC RRSP: ~$500
Company Stock: $$4,409.91
RRSP 2: $13838.72
TFSA 2:$698.00
Total: $19,917.84 ----> $23371.84 + $3454.00 or 17.3%

Liabilities
Line of Credit:-$12,554.44
Visa: -$63.00 (revolves)
Total: -$12328, 15 ----> -$12617.44 + $289.29 (BAD BAD BAD)

Net Worth = $7,589.69----> $10754.40 + $3164.71 or 41.7% (WOOT WOOT)


I also got copies of my credit report. They are accurate and don't look too bad. My only negative credit I have is two late payments to my phone bill. They were back to back and each was two periods late. I don't know how I managed it but I remember it being true. I was away and got confused on my payments. My credit is perfect from the point I started trying to be responsible about a year ago.

We ended up spending a lot of money this December. Lots of birthdays, Christmas, etc. I probably "blew" about $2000 all said and done. Hence the increase in debt.

I also found out I have a cracked filling and it will supposedly run about $1200-1600 to fix. I don't think insurance is going to cover much so debt payments are going to suffer for January. I will leave my automated payments of $800 per month but the extra I usually add will be skipped.


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## jcgd (Oct 30, 2011)

Assets
Chequing account: 37.79
Savings (Banktherest): 0
USD Savings: $455.40 CAD
RRSP 1: $24,739.17
TFSA 1: $5529.18
RRSP 2: ~$1500
Company Stock: $10,003.16
Total: $42,264.70

Car 1: $8000
Car 2: $$9500

Liabilities
Line of Credit:-$12,316.89
Visa: -$253.49 (revolves)
Total:-$12,570.38

Net Worth = $29,694.32

The TFSA balance will be applied to the debt shortly. Just in the process of withdrawing it. The LOC didn't really move over the year, but I had a rough year financially. I was feeling the pressure of tuition as well as other large costs. 

We also have two cars, but I don't count them towards my net worth as we will likely drive them until they are worth very little. I did however, note the approximate value as it's good to know (80% of quoted Black Book value). I could technically sell one, but I'd rather have the mobility.


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## KaeJS (Sep 28, 2010)

jcgd said:


> The TFSA balance will be applied to the debt shortly. Just in the process of withdrawing it.
> 
> We also have two cars, but I don't count them towards my net worth as we will likely drive them until they are worth very little.


Good plan.

Good idea.


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## Pennypincher (Dec 3, 2012)

Is your income still $35,000/year? if yes... how are you living?? 

Great work on the RRSP's btw


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## jcgd (Oct 30, 2011)

I'm not sure where you got $35k. I make around $52k per year after taxes. Currently my rrsps get around 9.5% of my salary. So my rrsp saving is decent, but nothing special compared to my income. I currently take advantage of all my company matching. Not a heck of a lot left over from my take home after tuition and such, so I'm putting anything I can afford towards debt. 

I need to update my goals. I've reached a bunch of them!


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## jcgd (Oct 30, 2011)

My Goals:

Short Term (<2 years)
- Pay off outstanding debt, floating around $14,250 as of Oct. 29.
- Consolidate current assets to a self directed brokerage.
- Create a couch potato portfolio with about 50% of my retirement saving
- Use ~50% of retirement savings for a Dividend and Value stock portfolio.
> These two portfolios will likely be completely separate and unrelated. The couch potato portfolio is because I believe in and am confident that it is the best choice to be perfectly average. The other is for my speculative side. I plan to use due diligence and research to hopefully succeed, but I am totally unsure if I will succeed or fail with this portfolio. (Changed to 50/50. Currently 100% in stocks while I have under $100k liquid investments)
- Maximize value within my financials, IE, get the most bang for the buck. I want to explore ways to make best use of investment vehicles, use credit and general get my finances into tip top shape while at the same time keeping everything easy to maintain. I am disorganized by nature so I need to develop routines so I stick to it long term. As my focus shifts I do not want things to slip. A KISS principle.
- Buy an engagement ring
- Have my future wife graduate post secondary. (More her goal, but affects my life, and I want her to get what she wants)
- Earn Blue Seal 

Medium Term (<4 years)
- Build an savings of 6-12 months salary. (~$20,000)
- Build an emergency savings. (~$30,000)
- Catch up and continue to add to RRSP, TFSA, using all room available.
- Get married
Complete two years of BComm at Athabasca by correspondence. 
- Enrol full time in BComm program.
- Earn Gold Seal

Long Term (<25 years)
- Earn BComm
- Save $55K per year.
- Pursue post secondary education.
- Do some extensive travelling.
- Have the option of retiring before 55. (Changed from 45 and I want the retirement plausible on paper even if I keep working)


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## jcgd (Oct 30, 2011)

I don't normally update this thread, but good things have been happening so I thought I would.

As of today my debt is down to $2800. This includes an engagement ring for my lovely, and she said yes. Last year was a rough year money wise, there was always enough, but never any extra. This year I have been aggressively paying off my debt. About $11k so far.

Work had been going extremely well. I didn't really enjoy my job up until last summer, but it had been steadily picking up steam. My latest site in December resulted in lots learning for me and opportunities to gain some seriously solid experience. Like they say, when it rains, it pours. And for me, it has been raining good luck.

I also have the goal of grossing $100k this year. Not for any particular reason, it's just a nice round number. Last year I grosses $83k with a bit of overtime here and there. This year I'll need about 7 hours a week in OT to hit my target. I do it in spurts, and enjoy it so I don't feel burnt out. In fact, I'm really enjoying my work right now. For the first time I feel like I'm having an impact and actually contributing. All while learning and getting a chance to show my capabilities. 

Anywho, my net worth as of today is about $35,650. I also have around $2k in another RRSP but I don't know the exact amount. Not a bad increase for the first 6 months of the year.


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## peterk (May 16, 2010)

So that's about 28K saved in 18 months? Not bad at all!


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## Pigzfly (Dec 2, 2010)

Looking good. I'm glad to hear that you're enjoying an uptick in luck, happiness and finances 
Congratulations on the proposal and all the best with the wedding planning business.


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## jcgd (Oct 30, 2011)

Thanks guys. Yes, things have been moving along so well. My fiancé is insisting on eloping. I was hoping for a small destination wedding with family but she has made it very clear she doesn't want to spend money on a wedding. I'm trying to convince her we can afford a few grand to go away, but it's looking like a $500 wedding and then a nice honeymoon. She wants a phD something terrible and would rather spend the money on education. Fine with me!


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## Barwelle (Feb 23, 2011)

"she has made it very clear she doesn't want to spend money on a wedding." You've got a winner, jcgd! Not that a PhD is cheap, but she'll get that education and then hopefully a high-paying job which will have a better ROI than a big fancy expensive wedding!


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## Spudd (Oct 11, 2011)

A PhD can be cheap, depends on your field. I was getting paid $17k a year while doing my masters. I think it's more common to get paid than not in the sciences, but not sure about the arts.


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## jcgd (Oct 30, 2011)

We don't really know how much the masters and PhD will cost, but they are big dreams of hers so it doesn't really matter to me, as long as she's happy. We can afford it no problem so she might as well get an education. She is an extremely bright and curious person so I doubt the education will go to waste.

Well, I just got home from a vacation on Wednesday. We went to visit family in Nova Scotia and then went to New York for three nights. New York was absolutely awesome and we had a blast. It was on my bucket list and I made the spontaneous decision to go while I was booking the flights to NS. I also paid off all my debts, including the engagement ring without incurring any interest charges. So it was nice to be on vacation AND be debt free for the first time in years.

I did borrow $500 for extra spending money in NY (we had $550 saved), and I had to charge the hotel to my visa. I'll have to carry $500 for two weeks but I'm not too worried. I wasn't going to miss out on one time chances for a measly $500.

Now that we are debt free I have to cough up tuition costs for the next term. I believe we will be able to pay off this fall term and save fully for the winter term before the winter term is due. I seem to be able to save about $1000 a month after the bills and spending money. This will need to go towards university until next summer.

It sucks that I can't save this extra money yet, but I'm sure it will pay off. Once my fiancée has her degree we will both work full time for a year. At our current spending/ saving levels we should be able to live on her modest salary of around $30k and save mine in full. This should bank us about $55k not including retirement savings. This cushion should help pay for the masters, help us move and more than anything - give us breathing room.

We are hoping to move somewhere next year where a masters in marine biology. Calgary has... well... there's no water here, so there is no marine biology program. We were set on Vancouver because we have family there, and I could stay with my current company, but we are looking into international programs as well. We would like to go to California but we are not sure of the implications. Lots of research to do.

Anyway, net worth update:

$51,019.76 
+ $15,300 in three months or so.

Not a bad increase for the time frame. I'm not sure how that happened. I made an extra $1500 cleaning up the floods in a week. My company stock has been rising a bit which helped (short term, I'd rather the price stay low) and I saved/ paid down debt aggressively once I could see the end in sight. Also, about 20% of my RRSP is in Wells Fargo which has been on a tear lately. My portfolio is small so while my portfolio is very concentrated, the dollar value isn't huge. I also managed to pay for all my vacation flights in cash so overall I think I did quite well.

For those who are interested we have increased our net worth approximately $70k in three years on mostly a single salary and with tuition costs. I am very pleased with our results so far.


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## the-royal-mail (Dec 11, 2009)

That's awesome, jgcd. Very well done. Now you should blow all your savings and go out and celebrate. Just kidding. 

What I noticed in your last post is that with no debts and a growing store of money, you have options. That is a key point that I think a lot of novices around here do not understand. They think that "financial independence" means investing every last penny in the stock market when in fact it's a lot more than that. I think your post highlights the benefits very clearly. It is entirely possible to live a fulfilling and enjoyable life without accumulating all sorts of debt. A1.


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## My Own Advisor (Sep 24, 2012)

the-royal-mail said:


> That's awesome, jgcd. Very well done. Now you should blow all your savings and go out and celebrate.


Funny.

Well done jcgd. I read in an earlier posts, you saved almost $28k in 18 months?? Geez. Awesome.


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## jcgd (Oct 30, 2011)

Yes, but don't give me more credit than I deserve. I was given an inheritance of $5000. I tend to have about $1000/month after bills, spending money and such and the last $5000 was my true scrimping and would have been spending money but I hunkered down to save.

I am personally most impressed with what my partner and I live off. With her in school full time and making around $150 per week we manage to live off of about $28000/year which I don't think is too shabby. We don't need or want for anything, so we don't feel we are sacrificing. With the work she puts into school it doesn't leave a lot of free time where we would normally be spending money. Most spending money is put towards travel which be both enjoy.


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## Sampson (Apr 3, 2009)

jcgd said:


> We don't really know how much the masters and PhD will cost


Tuition and basic life expenses will be covered by a TAship, scholarship, or via supervisor's grants - so it should be 'revenue' neutral.




jcgd said:


> We are hoping to move somewhere next year where a masters in marine biology. Calgary has... well... there's no water here, so there is no marine biology program.


You don't need to be next to the ocean to study 'marine biology' whatever you mean by that. There are plenty (used to be anyway) of physiologists and ecologists that work out of the UofC and collect samples or do field research out at the Bamfield Marine Sciences Centre. In fact, Calgary and Edmonton have always had strong presences there exactly because we are land locked and must go out there to do work. Technically, UBC, UVic, SFU do not have marine biology programs either, and graduate degree will be focused on a specific aspect and not a whole field per se.


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## jcgd (Oct 30, 2011)

It's been a long time since my last update so here it is. Many things have changed. Some of my goals have been replaced or put on the back burner due to going with the flow. Circumstances change.

Items in red are completed. Items that are grey out are dead in the water for now. New goals in green. 

My Goals:

Short Term (<2 years)
- Get officially promoted to lead hand
- Get promoted to foreman
- Earn an addition $1000 per month with my business.
- Pay off outstanding debt, floating around $14,250 as of Oct. 29.
- Consolidate current assets to a self directed brokerage.
- Create a couch potato portfolio with about 50% of my retirement saving *Working on this, have the money set aside*
- Use ~50% of retirement savings for a Dividend and Value stock portfolio.
> These two portfolios will likely be completely separate and unrelated. The couch potato portfolio is because I believe in and am confident that it is the best choice to be perfectly average. The other is for my speculative side. I plan to use due diligence and research to hopefully succeed, but I am totally unsure if I will succeed or fail with this portfolio. (Changed to 50/50. Currently 100% in stocks while I have under $100k liquid investments)
- Maximize value within my financials, IE, get the most bang for the buck. I want to explore ways to make best use of investment vehicles, use credit and general get my finances into tip top shape while at the same time keeping everything easy to maintain. I am disorganized by nature so I need to develop routines so I stick to it long term. As my focus shifts I do not want things to slip. A KISS principle. *Working on this now*
- Buy an engagement ring
- Have my future wife graduate post secondary. (More her goal, but affects my life, and I want her to get what she wants)
- Earn Blue Seal 
- Earn Masters for electrical

Medium Term (<4 years)
- Save $100k by 30. (60% complete)
- Build an savings of 6-12 months salary. (~$20,000)
- Build an emergency savings. (~$30,000)
- Catch up and continue to add to RRSP, TFSA, using all room available.
- Get married
- Complete two years of BComm at Athabasca by correspondence.
- Enrol full time in BComm program.

Long Term (<25 years)
- Earn Gold Seal
- Earn BComm
- Save $55K per year.
- Pursue post secondary education.
- Do some extensive travelling.
- Have the option of retiring before 55. (Changed from 45 and I want the retirement plausible on paper even if I keep working)



Assets
Chequing account: $202
Savings: $585
USD Savings: $220 CAD
RRSP 1: $58,571
TFSA 1: $296
RRSP 2: ~$3325
Company Stock: $832
Business: $2250
Total: $66,281


Car 1: $5000
Car 2: $9500

Liabilities
Line of Credit:-$6,118
Visa: -$3,201 (revolves)
Total:-$9,319

Net Worth = $29,694.32 ----> $56,962 (+91.8%)

I'd be ahead by another $5-6k but I have some money tied up in the business right now. It will come back to me eventually but for now I'm considering it a sunk cost, just in case.


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## Time4earlyretirement (Feb 21, 2014)

Earning a BCOMM in the long term is a complete waste of time. There are a surplus of business graduates now, and there will be an even greater amount in the future.


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## jcgd (Oct 30, 2011)

Partly the reason I abandoned the goal. I considered getting a BEng instead but in the end I decided why fix what ain't broke. I enjoy what I do and I decided starting my own business was the best way to be self fulfilled.


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## jcgd (Oct 30, 2011)

I got my first promotion!


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## Canadian (Sep 19, 2013)

Time4earlyretirement said:


> Earning a BCOMM in the long term is a complete waste of time. There are a surplus of business graduates now, and there will be an even greater amount in the future.


I'd say this is too broad of a statement. It all depends on the major and what one does _after_ earning the degree (i.e., further education, further specialization, designations, etc.).


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## Plugging Along (Jan 3, 2011)

Congrats on the promotion.


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## jcgd (Oct 30, 2011)

Plugging Along said:


> Congrats on the promotion.


Thank you. I really worked at it and did some ballsy things to get it but I think they paid off.


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