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I have been reading lot of blogs (Canadian Couch Potato, MoneyGeek, MoneySense, CFM, Michael James on Money, Million Dollar Journey, My Own Advisor and etc.) lately. After reading these blogs, I have decided to set a goal that is save one million dollar by the age of 40. I have only 9 years to reach my goal.
Am I on track to reach my goal? – My gross income is around $120-125k (depends on bonus) a year and I try to save as much as possible. I did not buy a house as there is not enough job security in Canada. My monthly moving average expenses is around $1,700 though I am trying to reduce it to $1,500. My present net worth is $190K. Here is the breakdown of my asset allocation. I have started to invest in index funds and ETFs since last year.
Bond, GIC & Cash - 51% (Mostly in savings a/c 1.9%-2.05% interest and $17k ZAG in TFSA)
Equity - 40% (TD900, TDB902 & TDB911 in RSP)
REIT - 9% (ZRE in TFSA)
Total - 100%
Your valuable suggestion would be highly appreciated.
Thanks!
Am I on track to reach my goal? – My gross income is around $120-125k (depends on bonus) a year and I try to save as much as possible. I did not buy a house as there is not enough job security in Canada. My monthly moving average expenses is around $1,700 though I am trying to reduce it to $1,500. My present net worth is $190K. Here is the breakdown of my asset allocation. I have started to invest in index funds and ETFs since last year.
Bond, GIC & Cash - 51% (Mostly in savings a/c 1.9%-2.05% interest and $17k ZAG in TFSA)
Equity - 40% (TD900, TDB902 & TDB911 in RSP)
REIT - 9% (ZRE in TFSA)
Total - 100%
Your valuable suggestion would be highly appreciated.
Thanks!