[Thal81]

At what point (NW/Invested Asset level) did folks feel confident in their stash?

Depends on your yearly spending, which you don't mention. My stash is much smaller than yours but I spend <$20k year (with a paid off home) and I'm pretty sure I'm calling it quits after Covid (the timing of the pandemic worked out great with my FIRE plans).
edit: at second glance, I didn't see how much of your networth came from house and pension, which I also have but don't count (DB pension), so take with a grain of salt.

 

[snowbird]

So in 9 years you went from 125k to 1M in net worth. That's amazing!

Thank you. Really can't thank the people of this forum enough - finding it was a life-changer for me. I couldn't have imagined being in this position when I found myself divorced and alone in a new country 10 years ago. Truly, some of life's most difficult moments can be harbingers of so much growth. I feel blessed to be where I am.

 

[snowbird]

Depends on your yearly spending, which you don't mention. My stash is much smaller than yours but I spend <$20k year (with a paid off home) and I'm pretty sure I'm calling it quits after Covid (the timing of the pandemic worked out great with my FIRE plans).
edit: at second glance, I didn't see how much of your network came from house and pension, which I also have but don't count (DB pension), so take with a grain of salt.

Congrats on being so close to FIRE! That is amazing. Is your stash all in non-reg accounts then? And is the $20K going to come from dividends and the DB pension? My budget is ~$15K/year when I no longer have the mortgage.

 

[Thal81]

Congrats on being so close to FIRE! That is amazing. Is your stash all in non-reg accounts then? And is the $20K going to come from dividends and the DB pension? My budget is ~$15K/year when I no longer have the mortgage.

Nah, it's a mix of TFSA, RRSP and non-reg, but the majority is non-reg. My RRSP is very small due to the DB pension eating up most of my contribution room. In the early years, the $20k will come from withdrawing about $7-10k of RRSPs (until it runs out) and the rest from non-reg distributions and selling some for cap gains (including selling extra shares to contribute to my TFSA every year). I'm doing it in a way that it will work out to $0 taxes, which is a fun optimisation problem

 

[snowbird]

2021 Year-end Update (Age 45, single income)

Assets
Condo Unit - $375,000
RRSP - $416,424: US and CDN equities
TFSA - $147,519: CDN equities
LIRA - $222,390: US, CDN equities
Total Invested Assets: $786,333
Checking acct - $17,810
Total Assets = $1,179,143

Liabilities
nil
Net worth
$1,179,143

Review of 2021 Goals

• Max TFSA, RRSP : Done
• Deploy $15K to fully pay off mortgage: Done
• Put aside $15K in emergency savings: Done

2022 Goals:
1. Savings target $75K (stretch $90K) used as follows:

• Max RRSP, TFSA (TFSA done Jan 4)
• Down payment on house purchase house - got a HELOC to fund 20% down payment (pay off HELOC).

2. Rent out condo - fingers crossed I can get around $20K/year conservatively.

2022 is going to a spendy year (house furnishings, etc) - so nerve wracking but I have to remind myself to enjoy life! Job still going well, hopefully bonus is good this year.

Don't really know what to do with my condo when we buy the house. I don't want to be a landlord so once HELOC is paid off, I think I will sell and put cash into equities - better returns I think. Or should I hold on to it as a way to diversify? Condos are not going to appreciate any time soon in this housing market though.

I would appreciate your opinions/advice.

Thanks