The “numbers” post.
So I can get a sense of where I started, and something to look back on, here are my numbers as of April 2022:
- Salary: $80,000
- Income: $4,000 per month (after taxes and RRSP 1 contribution)
- Net worth: $33,400
- Savings: $20,100
- Emergency fund: $5,200
- TFSA: ~$5,500
- RRSP 1: ~$2,500
- RRSP 2: ~$100
- Debt: $0
So a few things jump out to me automatically.
First is my emergency fund: I’m currently adding $350 a month to this account to build this up to $10,000.
Second is my savings. I have a whole whack of cash just sitting in the account. My plan is to invest a good chunk of that after I take a few months to learn about ETFs/index funds.
Next, is my TFSA and RRSP 2: I will go in-depth into this in another post, but I am not invested wisely at the moment. This is because in a spurt of motivation last month, I trotted over to the bank to start my investment journey because I was sick and tired of not taking action. I wanted to do this for years, but never felt ready or made it a priority. I opted for a few types of mutual funds and am paying MERs of around 2% (crazy expensive!). I knew at the time that this wasn’t the best way to invest and that ETFs are a much better option, but I felt I needed to start investing but had no idea about how to start with ETFs. I’m actually still figuring that out and currently reading The Value of Simple by John Robertson. So these standard mutual fund investments are fine for now, but need to change within the next month or so, as I learn more. I’m very curious about what my transfer fees will be when I move my money. *crosses fingers*
RRSP 1 is my RRSP with my company, where I get 4% matching. I’m invested in low-risk options right now, but I want to increase my risk level here. I also started a small second RRSP (RRSP 2), but that was done on impulse at the bank, and probably not necessary. I will reevaluate this.
Debt is $0 and, save for a mortgage in the future, I’m planning on keeping it this way 😉
That’s all for now,
Squirrel
