I thought I would start a thread so we can track our progress, put our goals down and have a bit of accountability. The back-story is available here:
http://canadianmoneyforum.com/showthread.php/79-Introduce-Yourself!?p=202356&viewfull=1#post202356
Long term goals:
Achieve 500K net worth at 35 (achieved mid-Sept 2013)
Achieve 1,000K net worth at 40
Partial retirement for me at 50.
Goals for 2014:
Net worth over 725K by the end of the calendar year
Paid off mortgage (fixed portion) in September
Purchased lot for subdivision and residential infill by end of calendar year
Take at least one month off in parental leave and possibly travel a bit with the new family.
Replace my car with something bigger, safer.
Open TFSA's for both of us.
Open RESP for the new addition and start contributing immediately enough to get full CESG.
Increase XIRR on non-reg portfolio from current 2.7% to 7%.
Current state:
Our gross household income is around $240K, not including bonuses. Bonuses are inconsistent, but healthy when they do occur. When my wife goes on maternity leave in early 2014, this will obviously drop, but she wants to teach summer school (3 weeks, $7K). If we put a gap in between maternity leave and her parental leave, this does not run afoul of EI rules.
Assets:
House - $453,050 (assume inflation increases of 0.25%/mo, 3%/yr.)
SUV - $25,425 (2013 model year. I depreciate it $175/mo which matches current asking prices)
Car - $2,825 (2000 model year. I depreciate it $75/mo. It's my commuting vehicle in the city)
Non-Registered Portfolio - $182,450 (smith maneuvre portfolio)
Work RRSP (mine) - $106,500 (contribute 5% of salary, company matches)
Pension (wife) - $40,250 (just her contributed amount)
Wife RRSP - $14,500
TFSA's - $0
Cash - $1,300 (two bank accounts)
Miscellaneous assets - $20,600 (camera gear, sporting gear, gift cards, electronics, etc)
Total Assets $847,000
Liabilities:
House mortgage - $91,500 (Prime-0.80%)
HELOC - $191,500 (Prime+1%, readvanceable used for Smith Maneuvre)
SUV Loan - $12,500 (0.5%)
Credit cards - $2,700 (this is not a balance, but the amount due. we pay off every month, but a true snapshot must include this)
Total Liabilities $298,200
Net Worth: $548,800
We've been averaging 30-40% year over year growth in our net worth for a few years. Hopefully it can continue, but at some point it will have to level off a bit.
I will be updating the numbers around the 9th of every month, starting in December. I welcome any questions or suggestions.
http://canadianmoneyforum.com/showthread.php/79-Introduce-Yourself!?p=202356&viewfull=1#post202356
Long term goals:
Achieve 500K net worth at 35 (achieved mid-Sept 2013)
Achieve 1,000K net worth at 40
Partial retirement for me at 50.
Goals for 2014:
Net worth over 725K by the end of the calendar year
Paid off mortgage (fixed portion) in September
Purchased lot for subdivision and residential infill by end of calendar year
Take at least one month off in parental leave and possibly travel a bit with the new family.
Replace my car with something bigger, safer.
Open TFSA's for both of us.
Open RESP for the new addition and start contributing immediately enough to get full CESG.
Increase XIRR on non-reg portfolio from current 2.7% to 7%.
Current state:
Our gross household income is around $240K, not including bonuses. Bonuses are inconsistent, but healthy when they do occur. When my wife goes on maternity leave in early 2014, this will obviously drop, but she wants to teach summer school (3 weeks, $7K). If we put a gap in between maternity leave and her parental leave, this does not run afoul of EI rules.
Assets:
House - $453,050 (assume inflation increases of 0.25%/mo, 3%/yr.)
SUV - $25,425 (2013 model year. I depreciate it $175/mo which matches current asking prices)
Car - $2,825 (2000 model year. I depreciate it $75/mo. It's my commuting vehicle in the city)
Non-Registered Portfolio - $182,450 (smith maneuvre portfolio)
Work RRSP (mine) - $106,500 (contribute 5% of salary, company matches)
Pension (wife) - $40,250 (just her contributed amount)
Wife RRSP - $14,500
TFSA's - $0
Cash - $1,300 (two bank accounts)
Miscellaneous assets - $20,600 (camera gear, sporting gear, gift cards, electronics, etc)
Total Assets $847,000
Liabilities:
House mortgage - $91,500 (Prime-0.80%)
HELOC - $191,500 (Prime+1%, readvanceable used for Smith Maneuvre)
SUV Loan - $12,500 (0.5%)
Credit cards - $2,700 (this is not a balance, but the amount due. we pay off every month, but a true snapshot must include this)
Total Liabilities $298,200
Net Worth: $548,800
We've been averaging 30-40% year over year growth in our net worth for a few years. Hopefully it can continue, but at some point it will have to level off a bit.
I will be updating the numbers around the 9th of every month, starting in December. I welcome any questions or suggestions.