Welcome to the Million Dollar Journey January 2016 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. SmilingSaver was selected as a team member and will post net worth updates on a regular basis. Here is more about him.
- Name: SmilingSaver
- Age: 30
- Net Worth: negative $13,757 (vs. -$22,725)
- Day Job: Engineer
- Family Income: $74,000
- Goals: Start 2016 Debt free. Be debt free by 31.
- Notes: Married in May 2015. Wife graduated from school with second degree (Oil and Gas Engineering) in May 2015. Immigrated to Canada 13 years ago (full story here).
Hey Everyone, Happy new year!
Well the debt free goal for 2015 was officially not achieved. We are still in debt with a balance of $14,000. That makes the beginning of this year a bit frustrating. I initially revised my goal for being debt free from August 2016 to January 2016 because my wife had lined up position after her graduation. With her start date of June of 2015, I was sure we would climb out of debt by 2016.
Unfortunately this did not happen. The job my wife had lined up did not work out, and even with extensive job searching, we didn’t have any luck for the rest of 2015. She has picked up part time shifts of different types of work and applying to every positions she can find, but no solid engineering leads so far. Alberta is not doing too good for a recent oil and gas graduates. So with that, I sadly have to revise the goal back to August 2016.
I am not sure if I’m just making excuses, or if it’s just plain bad luck. I would like to hear your opinion. I kind of stopped looking into future investment opportunities. It is hard to look into the future, when you already failing your current goals. What would the readers think my next goals should be? I would really like some suggestions.
Update on the student loan:
I have taken into the account the worries that people highlighted on this blog. As such, I opened up an low interest line of credit with a limit of $12,000. I will be transferring debt to the line of credit the moment the student loan debt hits 12k. I will not be dealing with the credit card low interest money transfer.
On to the net worth numbers:
Assets: $2,100 (-22.22%)
- Cash: $2,100 (-22.22%)
- Registered/Retirement Investment Accounts (RRSP): $0,000 (+0.00%)
- Tax Free Savings Accounts (TFSA) : $0 (+0.00%)
Liabilities: $15,857.8 (-37.63%)
- Student Loan (Wife) : $15,857.8 (-37.63%)
Total Net Worth: ~LOSS: $13,757 (+39.46%)
Some quick notes and explanations to common questions:
We have $2,000 as an emergency fund sitting in Tangerine checking account.
$0 in TFSA and RRSP, need to pay of the Student Loan first.
$15,857.8 is currently with Canada student loans. Due to high interest, it will be transferred to a line of credit the moment the balance hits $12,000.
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