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Discussion Starter #1
I am finally in a stable point of my life where I feel I can make this money diary. It's been a long time coming.

Act I of my life being "childhood", and Act II of course "paying for education". I am very glad to be moving on from those parts of my life.

To recap Act II - At christmas last year I had no job prospects, was struggling to finish one final course to get my degree, and had stretched the hospitality of (and relationship with) my parents to a near breaking-point - as I had been living with them like a lazy jobless slob for the 6 months prior. My net worth had just slipped into the negatives for the first time (-$2000), and I was starting to get pretty bummed out with my life.


I managed to somehow turn it around though, finish my degree, and had the good fortune of an amazing job landing in my lap! I have just crossed the 6 month mark at work, and things are going great. The work is interesting, busy but not too busy, and the commute situation is such that I don't need a car nor have to pay for public transportation.


Due to a substantial signing bonus and moving allowance, combined with agressive savings, I've been able to pay off my entire student loan ($7000) and now have a net worth of $36,000.

This money diary will provide a place to report my monthly spending and income, and where I can identify (with the help of you kind folks of CMF) any problems with my spending or savings plans.

Cheers!
 

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Discussion Starter #2 (Edited)
August 2013

Age 26

Assets

Stocks - $19,500
---TFSA: $7000
---RRSP: $12,500

Cash - $16,500
---TFSA: $12,500
---Savings: $4000

Liabilities

Zero

Net Worth

$36,000


Income

$6300 after tax monthly
18-25k in annual and quarterly bonuses

Total annual before tax income is around 120-125k plus overtime (although I'm not getting the opportunity to work much overtime yet).


Expenses

I generally don't track my exact spending breakdown, just do a monthly review of how much I spent and if anything went unusally high, investigate why that happened.

Core Expenses

Rent (all in): $900
Groceries: $300
Phone: $32
Gym: $59
Transportation: ~$60 (I buy a tank of gas for my girlfriend's car here and there. Don't drive much)
Eating Out: $50
Alcohol: $20
Household nick-nacks: $30

Total: $1450

Variable Expenses

This parts a bit harder to nail down. But I'll post my best estimates based on previous spending and future projections.

Bi-monthly "mini vacation" to another city: $120
Furnishings/household: $40
Vacation: $600
Electronics: $30
Fish Tank stuff: $10
Other: $100

Total: $900

Total: $2350

Total spending for the past 6 months has been $16,000 - equating to $2700/month, but that has included a few flights across the country and other various moving/one time costs, so I think $2350 is a reasonable breakdown going forward.
 

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TIME TO BUY A SWEET-*** CAR, amirite?

Seriously, not a lot to criticize here. I hope my kids are as practical and conscientious as you. (Gosh. That makes me sound REALLY OLD. My kids are a long way from university...they are going to be "lazy jobless slobs" for many more years!)
 

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Discussion Starter #6
TIME TO BUY A SWEET-*** CAR, amirite?
Tell me about it! Could lease an Audi S5 for $810/month. *drools* But I've got bigger goals in mind than cars...

Physik - I'm an Engineer in the oil sands. This salary would be difficult for me to achieve elsewhere (perhaps Australia).

I would like to be out of here after 5 years and relocate to a warmer climate, like Calgary (lol), where I can gain financial independence before 40. This will require some aggressive saving and even more aggressive money making.
 

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Nice! A fellow engineer Us city engineers don't make that kind of dough. And with quarterly bonuses, I figured you were a banker! :)
 

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(bank bonuses are paid yearly, not quarterly, almost everywhere now...even Lloyd's just ended quarterly bonuses this March)
 

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So you are 26 and able to save around $4000 every month. My friend you are on a fast track to finanical independence. If you are fortunate enough to meet a professionally minded partner, combine your incomes, well.... you can join me in retirement in your 40's. :biggrin:

Your future is bright indeed. :encouragement:
 

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Discussion Starter #12
haha are you offering? :biggrin: I just lost $40 in poker last week actually - I could use some lessons!

TRM - I'm pretty comfortable with a small cash cushion. In fact the only reason I have 16k not invested is because I'm uncertain about what my housing situation will be next year. I may consider buying so I don't feel comfortable being all-in (heh) the markets at this point.
 

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Maybe you could adopt him to take over when you retire in 10 years? :tongue-new:

peterk. Keep at it. You are on the right track. But watch out for degenerative diseases. As a petroleum engineer in Sarnia and a salesman in Edmonton, I was familiar with many engineers who were struck down early after working in those conditions for their productive lives. My wife's cousin (an entrepreneur) became very rich during a lifetime in Ft Mac but both he and his wife died in their 60s from degenerative diseases. :upset:
 

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Discussion Starter #16
Holy! That's pretty scary. What exposure do you think the cousin had to get such an illness?

I don't work in upgrading or with chemicals or anything. Mostly office and often fieldwork in the mine. There is more dust in the air up here though than I'm used to. You literally must sweep the patio every few weeks because of dust settling from the air...

Either way - I'll be out of here in 5 years, 10 tops!
 

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Holy! That's pretty scary. What exposure do you think the cousin had to get such an illness?

I don't work in upgrading or with chemicals or anything. Mostly office and often fieldwork in the mine. There is more dust in the air up here though than I'm used to. You literally must sweep the patio every few weeks because of dust settling from the air...

Either way - I'll be out of here in 5 years, 10 tops!
My brother spent 3 years in Fort McMurray ,he spent 31 years in Military including 4 years in Afghanistan and he said that place was the worst he felt.
 

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Cousin spent whole working life there. Not in the plants but running the bus lines to/from the work sites in Ft. Mac. Moved to Edmonton/Phoenix when he was 65. Died 2 years later. Wife died one year after that.
 

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Please stop the tales of woe - Peter knows the situation in Fort McMurray and doesn't need to be told over and over about everyone we all know who lived there and died young. I know a number of people who spent most of their working lives in Fort McMurray and are living long and healthy retirements. You`re doing really well, Peter, and congratulations for getting your finances in such good shape at your age.
 
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