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Discussion Starter · #103 ·
Congratulations guessing by the last statement you passed the 1M mark?
Thanks. We crossed the 1 MM mark earlier this year but I reduce our RRSP amount by 15% for future taxes. The percentages may not be correct but I would like to deduct something from our RRSP amount.

Now my focus is to increase my yearly dividend income and start to buy more dividends ETFs such as ZRE, ZUT and XDIV.
 

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Discussion Starter · #105 · (Edited)
Do you have any lessons learned you'd like to share after almost reaching your goal?
I should have started learning about personal finance / investing earlier. If I can go back in time, I wouldn't buy any preferred shares and bond ETF whereas I would buy more US equities, REIT and utilities ETFs.

I maintain a keep it simple stupid portfolio. I never bought any weed stock, cryptos or hot stocks as I don't understand it. We don't spend money on unnecessary or brand name products.
 

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I think most of us wish we had started earlier! I think you will be happy with your fixed income allocation if there is a crash. Do you intend to reduce your fixed income? I'm sitting at 17% but thinking of increasing it to 20-25%.
 

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Discussion Starter · #107 ·
I think most of us wish we had started earlier! I think you will be happy with your fixed income allocation if there is a crash. Do you intend to reduce your fixed income? I'm sitting at 17% but thinking of increasing it to 20-25%.
My fixed income is 54% now that includes down payment and emergency funds. If I remove the down payment, it's 38% and my plan to to make it below 15%. I am in accumulation stage and I don't need higher fixed income now.
 

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Discussion Starter · #108 · (Edited)
Here is the 2021 net worth update. Around 19.1% or $164k more than the net worth of 2020. My goal was to be a millionaire by 2024 when I started this money diary in 2014. We reached the milestone in 2021 as Mr. Market was very generous in the last couple of years and also included spouse's net worth.

Our next goal is to reach $3MM by 2030.

Net Worth -
2015 - $276k
2016 - $348k
2017 - $431k
2018 - $493k
2019 - $607k
2020 - $861k (RRSP reduced by 15% for future taxes)
2021 - $1,025k (RRSP reduced by 15% for future taxes)

Expenses -
2015 - $20k
2016 - $22k
2017 - $47k
2018 - $27k
2019 - $36.4k
2020 - $23.3k
2021 - $33.0k

The average monthly expenses were $2.7k in 2021.

Passive Income (Dividend & Interest) -
2015 - $4.6k
2016 - $6.4k
2017 - $6.9k
2018 - $8.6k
2019 - $12.5k
2020 - $15.4k
2021 - $15.1k

I was hoping to receive $17k to $18k of passive income in 2021. Unfortunately, I didn't get it.... my guess is that companies were not allowed to increase or pay dividend. Also, some HISA rates were dropped from 1.5% to 1.1%.

Asset Allocation -
Fixed Income - 49%
Equity – 43%
REIT - 8%

Fixed income is higher as this includes our down payment and emergency funds.
 

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Discussion Starter · #109 ·
Here is the Q1, 2022 net worth update. Around 5.6% or $57.6k more than the net worth of 2021.

The following changes have been made to the reporting–
  • Included worldwide passive income and expenses.
  • Removed 15% tax deduction from RRSP since most of the forum members don’t include tax deduction. Trying to be consistent reporting with other members.
Net Worth -
2015 - $276k
2016 - $348k
2017 - $431k
2018 - $493k
2019 - $607k
2020 - $861k (RRSP reduced by 15% for future taxes)
2021 - $1,025k (RRSP reduced by 15% for future taxes)
Q1, 2022 - $1,082k

Expenses -
2015 - $20k
2016 - $22k
2017 - $47k
2018 - $27k
2019 - $36.4k
2020 - $23.3k
2021 - $33.0k
Q1, 2022 - $11.2k

Monthly expenses would be higher this year than previous year and forecasting to spend around $42k this year.

Passive Income (Dividend & Interest) -
2015 - $4.6k
2016 - $6.4k
2017 - $6.9k
2018 - $8.6k
2019 - $12.5k
2020 - $15.4k
2021 - $15.1k
Q1, 2022 - $16.4k

I am forecasting to receive $28k of passive income in 2022.

Asset Allocation -
Fixed Income - 44%
Equity – 48%
REIT - 8%

Fixed income is greater as this includes our down payment and emergency funds.

My favorite F' You money chart -
Rectangle Slope Plot Font Line
 

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I don't understand how your expenses are so consistently low. Don't you have rent or a mortgage? Or I think maybe perhaps you're just reporting "your half" of expenses, with your spouse having other spending of roughly an equal amount?
 

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Discussion Starter · #113 ·
I don't understand how your expenses are so consistently low. Don't you have rent or a mortgage? Or I think maybe perhaps you're just reporting "your half" of expenses, with your spouse having other spending of roughly an equal amount?
Yes, I pay rent and it's only $750 plus utilities ($150). I have been living in the same house for 13 years. I want to buy a house once we find a suitable house for us. The expenses I reported previous years include expenses for my wife and myself. However, it didn't include my parents expenses and out of country donations. It's around 15k. I have included those expenses with my expenses starting from this year.

We buy most of the items when it's on sale or clearance. I have been driving a 17 years old rusty sedan. My plan is to save as much as possible early in the life that compounding works for us later in our life. This year my expenses would be around 45k.
 

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Yes, I pay rent and it's only $750 plus utilities ($150). I have been living in the same house for 13 years. I want to buy a house once we find a suitable house for us. The expenses I reported previous years include expenses for my wife and myself. However, it didn't include my parents expenses and out of country donations. It's around 15k. I have included those expenses with my expenses starting from this year.

We buy most of the items when it's on sale or clearance. I have been driving a 17 years old rusty sedan. My plan is to save as much as possible early in the life that compounding works for us later in our life. This year my expenses would be around 45k.
With rent that low I would never move!
 

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We need a bigger place but I don't want to move until I buy a house. We don't have any kids and we are not going to take our money to the grave. So, we may start to enjoy a little more once I reach 50. We want to travel more once we reach the 2 MM mark.
You could pay for storage ---two large units and you would still be way ahead. Continue to rent don't buy!
 

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Discussion Starter · #117 ·
Here is the Q2, 2022 net worth update. Around -5.6% or -$60.7k less than the net worth of Q1, 2022.

Net Worth -
2015 - $276k
2016 - $348k
2017 - $431k
2018 - $493k
2019 - $607k
2020 - $861k (RRSP reduced by 15% for future taxes)
2021 - $1,025k (RRSP reduced by 15% for future taxes)
Q1, 2022 - $1,082k
Q2, 2022 - $1,021k

Expenses -
2015 - $20k
2016 - $22k
2017 - $47k
2018 - $27k
2019 - $36.4k
2020 - $23.3k
2021 - $33.0k
Q1, 2022 - $11.2k
Q2, 2022 - $24k

Monthly expenses would be higher this year than previous year and forecasting to spend around $44k this year. The average monthly expenses are around $4k in the first half of 2022.

Passive Income (Dividend & Interest) -
2015 - $4.6k
2016 - $6.4k
2017 - $6.9k
2018 - $8.6k
2019 - $12.5k
2020 - $15.4k
2021 - $15.1k
Q1, 2022 - $16.4k
Q2, 2022 - $25.4k

I am forecasting to receive $30k of passive income in 2022.

Asset Allocation -
Fixed Income - 43%
Equity – 49%
REIT - 8%

Fixed income is greater as this includes our down payment and emergency funds.
Rectangle Slope Plot Font Line
 
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