Welcome to the Million Dollar Journey August 2014 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.

Profile:

  • Name: SmilingSaver
  • Age: 30
  • Net Worth: negative $33,929 (vs. $48,247 last quarter)
  • Day Job: Engineer
  • Family Income: $72,000
  • Goals: Start 2016 Debt free.
  • Notes: Married in May 2015. Wife graduated from school with second degree in May 2015. Immigrated to Canada 13 years ago (full story here).

Hey Everyone.

Not sure how many of the readers were following my updates from the very beginning. But those of you that do know, May was the busiest, most insane, and happiest month of my life.

Since my last update, I changed from being single to now being happily married. Having an amazing wife makes me feel like the luckiest person alive. My smart wife also obtained her second degree last month (May).

The wedding was a point of contention for a lot of readers. Spending close to $12,000 on a wedding when I am eyes deep in debt, is not something that was appreciated on this website. So I will go straight to the point. The overall wedding cost (dress for my wife, my clothing, food, alcohol, venue, invitations, and photographer and many more other things) was close to $12,500. The wedding was paid in cash. Also, since it was a destination wedding the total also includes two tickets to the south. I believe that for the most amazing day of my life, it was worth the cost.

With my wife graduating, her student loan is now starting to accumulate interest, so our TFSA balance has been used to pay down her loan. Now I will only have to worry about the loan balance getting to $0 for the rest of 2015.

One more set of good news, I have been granted a monetary performance award that I also applied towards my wife’s student loan.  As MDJ always says, “bank your raises!”

The bad news: The company where my wife was supposed to start work in June closed down due to the down turn of the economy. This actually makes me really nervous about the plan to start 2016 debt free. I am trying to pick up as much overtime as possible to stay on track, but it does not seem likely by myself. She is starting to look for work all around the world. Hopefully she will find a job in the new field, and all my worries will be for nothing.

On to the net worth numbers:

Another big rearrangement, I am closing all my TFSA accounts as they are no longer required (still couple of dollars left, but no value for update). I will keep all the accounts here, but will delete them for the next update.

Assets: $3,379 (-85.8%)

  • Cash: $3,379 (+69%)
  • Registered/Retirement Investment Accounts (RRSP): $0 (+0.00%)
  • Tax Free Savings Accounts (TFSA)-Student Loan: $0 (-100.00%)
  • Tax Free Savings Accounts (TFSA)- Wedding: $0 (-100.00%)

Liabilities: $37,308 (-48.3%)

  • Student Loan (Fiancé) : $37,308 (-37.93%)
  • Wedding Bills Left (Due in May) : $0 (-100.00%)

Total Net Worth: ~LOSS: $33,929 (+42.20%)

Some quick notes and explanations to common questions:

The Cash

We have $2,000 as an emergency fund sitting in Tangerine checking account. Currently there is also a portion of my future rent and monthly payments totaling to $3379

Savings

$0 In TFSA for Wedding, Since the wedding has been paid for there is no longer need for this account.

$0 in TFSA in Tangerine Balanced Portfolio. The Lump sum from this account was transferred to my wife student loan.

Student Loan

$37,308 is currently with Canada student loans. The interest is high, but does give tax credit. I might think about transferring it to low interest line of credit at some point.

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