Welcome to the Million Dollar Journey August 2017 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: 31
- Net Worth: $56,043
- Day Job: Engineer
- Family Income: My main salary: $95,000; Spouse salary: $ 45,000 (Full time)
- Goals: New Goal: Have Net Worth equal to the value of the primary residence Oct 2021.
- Notes: Married in May 2015. Wife graduated from school with a second degree in May 2015. Immigrated to Canada 16 years ago (full story here). Debt free May 2016.
Well, I finally know what DINK feels like (Dual Income No Kids) which is working out well financially as we are able to put aside quite a bit of our income. Other than that, it is just a “chugging along” update. Since the big move as described a previous update, our car now rarely leaves our garage. We found a local urban market on our way to and from work. With a small detour, we can get fresh produce every day (or every second day) using our backpacks. That leaves us with one car trip to the Super store once every two weeks, and a trip to Costco once every 4-6 weeks.
Relocating to the west coast of Canada has had a number of benefits, one of them being that trips that would have cost a lot, are now way cheaper. In a short period of time, my wife and I have seen Whistler (and area), Vancouver Island and Seattle; all on a budget. This doesn’t include all the walking and biking we are doing in Vancouver to learn more about this city.
As to financials:
Big thanks to Matt’s comment on my previous update:
I was able to close down the LIRA account and transfer the funds to my RRSP. So we now have two RRSP accounts, one is “my” RRSP the other one is a “spousal” RRSP. The split is to get 25k in each account for first time home buyers. However, with the crazy home prices in Vancouver, I really don’t know if I will ever be able to afford a place in this city. Moreover, I don’t see a reason to jump to owning a place with the rent to buy ratio over 25. From what I read, around 10 is when one should start considering buying a property.
Now to the actual numbers:
Assets: $56,043 (+124.1%)
- Cash: $5,443 (+19.4%)
- Registered/Retirement Investment Accounts (RRSP): $27,860 (+1101.16%)
- Tax Free Savings Accounts (TFSA) : $22,740 (+25.4%)
Liabilities: $0 (0.0%)
- We do not have any liabilities: $0.0 (0.00%)
Total Net Worth: $56,043 (vs. $25,012.42 ) (+124%)
Some quick notes and explanations to common questions:
Quick change: Now that my wife is working and no longer is a “student” we have to keep $3,000 in her checking account with the remainder kept in Tangerine Savings Account. It includes money that will be required for rent, cell phones, insurance, and minor emergencies.