Million Dollar Journey

Building Wealth through Saving and Investing

Welcome to Million Dollar Journey! If you're new here, you can learn about me, read our user guide, and even follow my net worth updates. A great place to start reading is with the popular articles located in the right side bar. If you would like to join thousands of others and keep up with the free daily updates, you can subscribe to the RSS feed via reader or E-mail.

On your way out, make sure to check out the exclusive Million Dollar Journey Freebies and Deals.

Net Worth Update March 2015 – Karl the Real Estate Agent (+14.31% q/q)

Welcome to the Million Dollar Journey March 2015 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. Karl the Real Estate Agent was selected as a team member and will post net worth updates on a quarterly basis. Here is more about Karl.


  • Name: Karl
  • Age: 33
  • Day Job: Employed as a Real Estate Agent Full Time
  • Family Income: $130,000 (Personal full-time job); $15,600 (rental income before expenses); and, $50,000 (spouse full time job)
  • Goals: Mortgage paid off by 36, million dollar net worth by 40
  • Notes: Almost all of net worth is in the real estate market (principal residence and rentals). Current debts are $13,000 owing on a 2009 Audi a4, line of credit used to float business expenses. ($10,000)

The last few months have been great for us. My wife and I have really got on the same page which I feel is going to be invaluable in helping me reach my goals.

I’ve been struggling with which approach I’m going to take and I have decided right or wrong for me the biggest motivator right now if paying off my principle mortgage. I know this will rub a lot of people the wrong way as its the never ending argument which is best – debt reduction vs investing.

My focus going forward will be to sell my real estate holdings except the one rental my wife and I hold personally and throw everything at the mortgage on our home. It’s our goal to be mortgage free. This means that we will need to make the sacrifices as a household to reach my goal of being mortgage free by 36.

Notable Changes Since Last Update

  • Purchased building lot and sold it. It should be closing in the coming months.
  • In the process of selling rental property.
  • My wife is onboard with paying down the mortgage on our house as aggressively as possible (huge motivator for her).
  • Made my first frugal move and cancelled cable and bought an android TV box. We will save $120/month which will help fund my wifes TFSA.

On to the net worth numbers:

Assets: $906,078 (14.86%)

  • Cash: $5,536 (vs. $1,500) (+369%)
  • Registered/Retirement Investment Accounts (RRSP):$6,488 (vs. $6,896) (-5.92%)
  • Tax Free Savings Accounts (TFSA): $13,052 (vs. $10,849) (+20.31%)
  • Rental Property 1: $230,000 (purchased in 2009 for $167,000 price adjusted for average selling price annually) (+0.00%)
  • Rental Property 2: $66,000 ($200,000, 1/3 ownership purchased in 2011 for $160,000 price adjusted for average selling price annually) (+0.00%)
  • Development Land: $110,000 ($220,000, 1/2 ownership purchased in 2015 for $100,000 price adjusted for average selling price annually) (+0.00%)
  • Principal Residence: $475,000 (purchased in 2012 for $350,000 price adjusted for average selling price annually) (+0.00% )

Liabilities: $472,702 (+15.37%)

  • Principal Residence Mortgage: $247,165.99 (vs. $249,493) (-1%)
  • Rental Property 1 Mortgage: $135,000 (vs. $107,125) (+26%)
  • Rental Property 2 Mortgage: $35,778  (vs. $36,119) (total of $107,334.86 but 1/3 ownership)
  • Rental Property Line Of Credit: $50,000 (vs. $0)
  • Mastercard: $4,759 (vs. $0)

Total Net Worth: ~$433,376 (vs. $379,111) (+14.31%) 

  • Started Jan 2014 with Net Worth: $249,924

Some quick notes and explanations to common questions:

The Cash

Any cash I have in my chequing account is currently used to pay monthly bills and living expenses. I deposit all my earnings directly to my Manulife One account. Manulife One Account has been cancelled. All paycheques are deposited into our chequing account and is our primary household account that everything runs through so the cash amount fluctuates.


My savings are held in a Tax Free Savings Account (TFSA) with BMO. I’m currently maxing out my TFSA and hope to do the same with my wife’s account by the end of the first quarter of 2015.

Where Do the Savings Come From?

I’m not a great budgeter or saver yet, so the bulk of my savings are in debt reduction to cover investments I have already purchased. (Typically land and investment properties) I find that working from behind is the best motivator for me.

Real Estate

My real estate holdings consist of my primary residence, 2 rentals and now one piece of development land. One owned personally and one held in a corporation with 2 other family members and one held in a partnership. I’m currently in the process of securing a building lot to build and sell a spec home on. Building lot has been purchased and resold and should be closed in the coming months, I’m also selling the rental held in the corporation with family members and that should be gone by mid 2015). On my initial post everyone expressed massive concerns about all of my holdings being in real estate and I have listened.

Leave a Comment

Page 1 of 1,49812345...102030...Last »

Get the Latest

    Join 25,000+ Subscribers via:


Money Tips Newsletter

Premium Sponsors

Recent Comments

  • FrugalTrader: Your best bet would be to punch in your financial details into this financial calculator...
  • ThinkingAheadNow: I have been told that it will count towards this year’s income despite putting it towards...
  • FrugalTrader: From morningstar, the CIBC balanced index has a MER of 1.20% (not terrible) with allocations of 32.75%...
  • FrugalTrader: @ThinkingAheadNow, I’m not sure how $23k contributed to your RRSP would be taxed as income? If...
  • Savingmom: I’m a mom who is new to finance, so please excuse the basic questions. I have the following CIBC...
  • ThinkingAheadNow: Hi! Thanks for your financial insight. I recently changed jobs and had to decide what to do with my...
  • Linda: /capitalone-canada-discontinue s-aspire-travel-world-masterca rd/#.VPM8dUKLnc0
  • Linda: It looks like they have changed the name to ASPIRE TRAVEL WORLD ELITE MASTERCARD®?
  • Tom: Are they not offering this card anymore to new subscribers?
  • Super Saver: @Brian, Interesting problem to have not spending enuogh or being too successful at this. If you do not...

Top Commentators

  • Linda (2)
  • ThinkingAheadNow (2)
  • Pete (1)
  • Super Saver (1)
  • Tom (1)
  • Savingmom (1)