I have been a perennial lurker on this forum and this is my first post. I hope you guys are open to let a complete noobie run along on this “everyone’s a winner” race. A detailed post or a journal is long overdue, but I will try to keep it short for this thread.
My professional life has been a mix of various financial mistakes. But a more serious NW journey started in a third world country post a grand wedding in 2011, with multiple debts totaling ~$35,000 (with interest rates ranging 13-18%) and a net worth of -15,000. I suppose marriage brings its own responsibilities and we started budgeting everything and tracking where we are spending, but were still conservative in our savings approach. DW and I started feeling our “hair on fire” and seriously attacked debt only in 2013 and cleared all the debt by Apr 2014. We hit positive NW in Dec 2012. This is how things went.
Nov 2011: -15,000 (debt -35,000)
Dec 2012: 1,000 (debt -30,000) hit positive NW.
Dec 2013: 10,200 (debt -20,000) moved to Canada mid 2013 and had our first child as well, and then the NW journey really took off with a promotion.
May 2014: 36,500 (0 debt) SO and I now vowed that the only debt we may ever consider is a mortgage
Dec 2014: 48,500 (had our second child, I know MMM proposes 1, but 2 is our number)
And in the last 2 months
May 2015: $63,000
June 2015: ~$65,550
So that’s where things stand.
Half of it is in third world investments in RE(a land 25% under water due to some unexplainable political machinations), mutual funds (growing at a handsome 23%/annum) and govt pension schemes (growing at 8%).
Canadian NW stands at 30,500.
Cash like: 3500
CC Bal: 2000 (paid in full every month)
I thought I would track the Canadian NW part alone, with the overall NW makes more sense to see how far I am along on FIRE target. If things go to plan I should hit the 100K mark in mar 2016 and hit 50K in Canadian investment accounts by Jan 2016. i.e. if the Greece melt down proves a no starter, who knows how deep the cut is if Greece is to exit the EU.
Phew!! that’s a long first post. I promise to keep it simple from next week.