Welcome to the Million Dollar Journey October 2018 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: 33
- Net Worth: $133,752
- Day Job: Engineer
- Family Income: My main salary: $100,000; Spouse salary: $ 50,000 (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 with a second degree in May 2015. Immigrated to Canada 16 years ago (full story here). Debt free May 2016.
Wow, it has been almost a year since the last update.
In my last update, I said that 2017 was a turning point for me, well seems like I just keep on turning. As my wife and I have a new smiling addition to the family.
Overall, except for one minor change, nothing else has changed much. We have decided that both of us will be sharing parenting responsibilities, so I will be taking 50% of the paternity leave. It might seem ridiculous from a financial perspective, but I am excited about it.
On the same note, a lot of senior staff tell me that I am wasting potential time to grow my career and that kids are better with their mother anyways. I really thought that by this day and age, in the world of equality, these comments make me realize we not really there yet – what a pity. What makes the problem worse in my mind is that comments were genuine concern and not judgment.
Putting that aside, our family time is full of awesome moments with the bundle of joy which includes diapers, baby books, toddler classes and visits to/from grandparents.
As for the numbers (what you’ve been waiting for?)
We have put $2,500 towards an RESP. We will be doing it every year. This will not be reflected in the numbers below as we do not believe this money have anything to do with retirement or net worth. The money belongs to our child.
We were able to max out my TFSA and we are now starting to put money towards my wife’s TFSA. I am strongly considering taking the money out of my TFSA by the end of the year and transfer it to my RRSP. Take a deduction and put it towards TFSA.
Any extra savings also went towards an RRSP.
Now to the specific numbers:
Assets: $133,752 (+63.2%)
- Cash: $5,020 (37.121%)
- Registered/Retirement Investment Accounts (RRSP): $67,574 (+24.6914%)
- Tax Free Savings Accounts (TFSA) : $61,158 (+154.1%)
Liabilities: $0 (0.0%)
- We do not have any liabilities: $0.0 (0.00%)
Total Net Worth: $133,752 (vs. $81,921 ) (+63.2%)
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.