Monday, January 14, 2019

First Net Worth Update of 2019

Happy 2019, January is goal setting months, might be a good time to start getting some good financial goal for the year. I'll share with you all my goal for 2019 in the next few weeks.

Asset
Chequing: $581
TFSA Investment: $75,408
Real Estate: $224,000 (Purchase Price of my house)
Define Benefit Work Pension (Current Transfer Value): ~$153,000 (Last checked in Jul 2017,aprox $1000 a month of contribution)

*Automobile is not included (No monthly car payment)

Liabilities
Mortgage: $122,440

*Credit Card is paid in full every month

Last Net Worth Update: $323,347
Current Net Worth: $330,549


Thursday, November 15, 2018

Goal Revisited

When this blog started in April 2017 my goal were as follow:

"My short term goal is to have my mortgage paid off in 3 years (~$160 000 left). My next goal is to have a net worth of $1 million by the age of 40, and my long term goal is to generate sufficient passive income ($15,000/month)."

I have recently revisited my goal to be more bold and more daring after being inspired by reading several books. I have decided to change my medium term goal to having a net worth of $10,000,000 by age 45. I am currently 29, so this will give me 16 years to reach that goal. I do not know right now how I'll achieve this goal but I am sure I'll figure out a way. 


Monday, November 12, 2018

FIRE and finding your why.

Recently I have learned what the acronym FIRE means when it comes to personal finance: It stands for Financial Independence Retire Early, which is pretty much what I am trying to achieve through the goals that I have committed myself to. Some people will argue that retiring early can make life boring, but for me retiring just means that I have time to do the things that I really want to do.

I have been reading a lot of books lately and learned that finding your why? before you start on a FIRE journey is really important. You need to figure out why you want to be financial independent before you'll be able to commit your goal. For me, my why is spending time with people that I enjoy spending time with. I also want to wake up knowing not having to every stress about money and knowing that my family is taken care of because I have enough money.

Short post today, but I encourage you to dig deep and start asking the why? Then once you have the answer, continue to ask why until the idea become so simple that it can be summarize in a few word.

Sunday, November 4, 2018

Neighbor Joe - Passive Income November $1,704/Year 2018

About a year ago I started to track my passive income as another way to track my progress. I like tracking passive income because it shows me an instant result of my investment. My brokerage account with TD has a very useful feature that shows the projected income for the next 12 months as shown in the screenshot below.

I have done some reshuffling of my stock holdings which help increased my passive income from dividends. It is now at$1,704/Year or $142.05/Month. Not a lot but it is still a tax-free passive income. What will you do with an extra $142 a month?



February 2018 - Update(1577.33/Year):
http://www.slowlybutwealthy.com/2018/02/neighbour-joe-february-2018-157733year.html

December 2017 Update($1463/Year):
http://www.slowlybutwealthy.com/2017/12/neighbor-joe-passive-income-update.html 

Original Post ($1024/Year):
http://www.slowlybutwealthy.com/2017/10/neighbor-joe-passive-income-1024year.html