full image - Repost: A start to our FIRE goal - 2022 (from Reddit.com, A start to our FIRE goal - 2022)
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Ok so this is my first ever Reddit post (been lurking anonymously before), it took me a few hours to write it so hope you guys enjoy it! Situation-DINK, both 26 yo-MCOL to HCOL in Canada-Finished University in 2020, therefore our first “real” jobs started in 2020. First full year of work was 2021-We started tracking our net worth in December 2020-Bought our condo in mid-2020-We both got new jobs in 2022, and new salaries for 2023: 96k and 63k from 80k and 55k respectively Net WorthLet’s get to the fun part. We reached 100k NW in 2022! This was our goal for 2022 and we’re pretty happy we’ve reached it even though the markets were in a downward trend in 2022. Here is the breakdown of our network:Net Worth31 Dec, 202031 Dec, 202131 Dec, 2020Cash7,7397,83531,139TFSA24,49629,60032,329RRSP3,1035,2184,639Condo320,000320,000320,000Cars4,00028,00028,000Total Assets359,338390,653416,107Mortgage312,310302,438294,243Student Loan2,14200Debt on car019,16815,251Total Liabilities314,452321,606309,494Net Worth44,88669,047106,613graph of net worth We started tracking our savings rate in August 2022 and we averaged a 21% savings rate since then (Amount invested in TFSA + Amount placed in a savings account) / Net pay We managed to save up an emergency fund of 10k+ each in 2022. We contributed over 8k in TFSAs however it does not reflect in our net worth as the markets are down. Our investments are all in index ETFs. Primarily VFV, XIU, XEF, XEQT ,and ZQQ. Assumptions-Condo is accounted for at the cost of purchase (320k)-We both have defined benefit pensions but not accounted for in our NW calculation Goals for 20231.Be more active than the last 2 years, regardless of the cost associated with the objective (gym membership, fitness equipment, etc)2.Increase NW to 150k which would represent a 43K increase or 41% increase.3.Eat less restaurant and fast food (once to twice a week currently)4.Keep the focus on investing in TFSA Happy new year!
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