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Discussion Starter · #1 ·
Hello. I am a single late 20s male in the finance industry, my income is average or slightly above average in Canada. I live in a city where income isn't very high nor is cost of living. (sorry for being vague, would prefer to not give away details or clues to who I am)

I have attempted to keep track of my savings over the years. I was not very diligent in my tracking, nor was I discipline in my investments. I essentially kept all my savings in cash/bonds before 2014. After, I attempted to pick stocks only to find I under performed the market by a huge margin. Recently I have decided to go the passive route with my investments. I have decided to start a money journey to keep me disciplined with my plan and second to inspire others who may find themselves in a similar situation.

It has come to my attention in the last few years that my immigrant parents aren't in the best financial situation. This hit me hard as they are essentially in this state as a result of raising my sister and I, by putting us both through extra circular activities growing up and school with no debt on an immigrant income. Both my sister and I plan to gift them a large amount of money in the near future as they are approaching retirement (3-7 years). The amount is undecided at this point but will likely be in the 100k+ range.

My savings journey is as follows:

2010: 10k
2011: 25k
2012: 53k
Large gap where I stopped tracking
2013 (Feb): 85k
Another Large gap where I stopped tracking
2015 (May): 144k
2016 (May): 192k
2016 (Dec): 233k


My current breakdown is as follows:

Cash: 13k
Company Share Plan: 11k
Taxable Investment: 28k

TFSA: 69k

Work Pension: 28k
RRSP: 49k

Interest Free Loan to family: 35k
Car: I own, but will not include dollar amount
Debt: none


I currently attempt to live on one pay cheque and save the other. I occasionally have to tap into my other paycheque for large "one off" expenses or splurges.

My monthly rent/utilities is around 50% of one paycheque (I have a roommate). The other 50% of my paycheque for the most part seems to cover other bills and my spending, which has been light lately.

Thanks for viewing :)
 

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Looks very healthy for someone in his late 20s. And your investment hasn't done all that bad, given that you have 70K in your TFSA on $46.5K invested. Without calculating, I am guessing you have CAGR of ~7%. Good job.
 

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Discussion Starter · #3 ·
Update as of Apr 12:

Cash: 19k
Investments: 34.4k (Company Stock Plan: 4.7k Taxable Investments: 29.7k)
TFSA: 78.2k
Registered Savings: 83.7k (RRSP: 52k Work Pension: 31.7k)
Interest Free Loan: 38k

Debt: $0

Total Net Worth: 253.3k
 

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Congrats on your journey. Nice net worth for late 20s and single, especially without owning a home.

I worry about one thing:
"Interest Free Loan to family: 35k" now 38k...

Why is the loan increasing? Is there a schedule for repayments?

It's your choice to loan money to family, but hopefully you know the drill: money lent to family should be money you are ready to lose. It's 15% of your net worth.

I understand some cultures require children to help, but at some point, you have to determine a limit.
 

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Discussion Starter · #6 ·
Sorry for the slow reply. I don't check this website very often.

Question:
20K in just over 3 months is a nice jump! Is that mostly market returns?

Answer:
Yes most of the 20k gain was due to market returns and the devaluation of CAD causing my US assets to appreciate in CAD terms. I do not expect this sort of percentage return to continue.


Question:
"Interest Free Loan to family: 35k" now 38k...Why is the loan increasing? Is there a schedule for repayments?

Answer:
The Interest free loan was due to 2 things. My parent's car was 20+ years old and was not safe for driving. It was dropped off at the junk yard and I bought them a used car with cash. Interest free loan to my sister which will likely be repaid since her field of study will likely land her a good career. But yes at the end of the day, I'm ok with giving that money to them.
 

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Discussion Starter · #7 ·
Update as of July 17:

Cash: 36.6k
Investments: 35k
TFSA: 78.5k
Registered Savings: 85.6k (Company DC and Personal)
Interest Free Loan: 38k

Debt: $0

Total Net Worth: 270.7k
 

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Discussion Starter · #9 ·
Update as of Nov 2nd

Cash: 44.6k
Investments: 34.1k
TFSA: 85.6k
Registered Savings: 97.8
Interest Free Loan: 27k

Debt: $0

Total Net Worth: $289.1k
 

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Discussion Starter · #10 ·
Update as of Jan 18, 2018

Cash: 44.1k
Investments: 36.1k
TFSA: 94.9k
Reg Savings: 103.4
Interest Free Loan: 27k

Debt: $0

Total Net Worth: $305.5k

Update: Moved to another city where cost of living is significantly higher, no longer living with a roommate, saving rate has dropped.
 

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Would you care to share your yearly income? The reason I am asking is that you may make $200k yearly, however your savings may not be enough compare to your income. Or you may make $50k per year, you have a very good savings.
 

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Discussion Starter · #13 ·
My historical gross income are as follows:
2 year - 30s
1 year - 40s
1 year - 50s
2 year - 60s
1 year - 70s

I'm currently in the 80s. My net monthly income is approximately $3.6k after all payroll deductions (tax, ei, cpp, company share plan, benefits, DC pension contribution)
 

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Would you care to share your yearly income? The reason I am asking is that you may make $200k yearly, however your savings may not be enough compare to your income. Or you may make $50k per year, you have a very good savings.
Can I have a little more information? )
 

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Discussion Starter · #15 ·
Update as of Apr 18, 2018

Cash: 51k
Investments: 34.9k
TFSA: 92.2k
Reg Savings: 106.4k
Interest Free Loan: 27k

Debt: $0

Total Net Worth: $311.5k
 

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Discussion Starter · #16 ·
Update as of July 21, 2018

Cash: 72.8k
Investments: 38.5k
TFSA: 96.4k
Reg Savings: 116.9k
Interest Free Loan: 14k

Debt: $0

Total Net Worth: $338.6k
 

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Discussion Starter · #17 ·
Update as of Nov 3, 2018

Cash: 89.6k
Investments: 48.4k
TFSA: 90.9k
Pension: 114.6k

Debt: $0

Total Net Worth: $343.5k
 

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Discussion Starter · #18 · (Edited)
Update as of Jan 2, 2019

Cash: 89k
Investment: 48k
TFSA: 88.9
Pension: 80.8k

Debt: 0

Update: applied 30% to reduce pension amount to account for future tax liability

Total Net Worth: $306.8k
 

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Discussion Starter · #19 ·
Update as of Mar 25, 2019

Cash: 98.4k
Investment: 56.9k
TFSA: 101.3k
Pension: 89.9k

Debt: 0

Total Net Worth: $346.5k
 
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