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.
- Name: SmilingSaver
- Age: 29
- Net Worth: negative $55,612
- Day Job: Engineer
- Family Income: $72,000 – Promotion last month.
- Goals: Save For Wedding in May $15000 – Done August 2014. Start 2016 Debt free.
- Notes: Fiancé still in school (second Degree), graduating May 2015. Wedding is scheduled for May 2015.
I think I am the only person on this website with negative net worth and I have to say I feel sorry about that. I think I have to give a bit of background about myself and my current situation.
I immigrated to Canada 13 years ago. As such, people who want to learn more about immigration, feel free to ask me questions in the comments. We we arrived, we did not have a lot of money, but we did have strong family unit. My parents took English as a Second Language (ESL) classes and I was in high school while working at a Tim Horton’s. My sister worked 2 or 3 low paying jobs to cover rent and food. This was our life for the first 2 or 3 years after arriving here. It was a really stressful time for our family, emotionally and financially. My parents were respected engineers in our previous life, but here, they had to rely on their children ages 16 and 23 to cover food and rent.
After about 5-6 years, I went to college and bartended at night. My student loans covered my books and tuition while bartending covered the rent and food for the family. My sister graduated from Queens as a teacher with honors and my parents both found their first jobs (security and travel assistant). Life was getting better. Later mom completed her travel agency courses and my dad became an electrician. I went to university to become an engineer.
I ended up graduating with an Engineering degree and $45,000 in debt. I was not frugal by any stretch of the imagination, but I was worked hard.
A lot changed in my life when I moved to Calgary for work. I found a lot of people who were mindful about their money and they kindly introduced me to Million Dollar Journey and The Wealthy Barber. I started with a budget and planned my spending. My now fiancé (then girlfriend) made a leap of faith, she packed her bags and moved to Calgary to be with me. She has a degree in pharmaceutical quality control, unfortunately a degree that is not in demand in Calgary. After long discussion we decided she had to go back to school.
I have been in Calgary now for over three years. My student loan is paid off and we are planning a wedding. The only debt we have is my fiancé’s student loan. We rent and we budget. The only thing we are probably doing wrong financially is that we travel. Our travel budget only comes from my overtime. And yes we could have probably saved more money and got out of debt quicker, but I still want to see the world when I am still able to climb the pyramids and travel the mountains.
On to the net worth numbers:
Assets: $9,433 (+0.00%)
- Cash: $2,000 (+0.00%)
- Registered/Retirement Investment Accounts (RRSP): $0,000 (+0.00%)
- Tax Free Savings Accounts (TFSA): $7,433 (+0.00%)
- Non-Registered Investment Accounts: $0.00 (+0.00%)
Liabilities: $65,045 (+0.00%)
- Student Loan (Fiancé) : $65,045 (0.00%)
Total Net Worth: ~LOSS: $55,612 (+0.00%)
- Saved up for wedding: $15,000
Some quick notes and explanations to common questions:
We have $2,000 as an emergency fund sitting in Tangerine checking account.
$15,000 In TFSA that is put aside for wedding and is not considered part of my net worth. $7,433 in TFSA in Tangerine Balanced Portfolio. The moment fiancés student loan requires interest payments, currently it is interest free, all this money will go into lump sum to pay it down.
I am really open to any question and/or suggestions. I will be asking for help, when I will be making my financial decisions. So I am waiting for your comment.
Again thank you for all the votes and thank you FrugalTrader for choosing me to be part of the MDJ beginners team.