Good Afternoon like minded individuals,
2016 is the beginning of my family (me and my spouse) journey to financial independence. I am a long time reader first time poster and have found the hardest part of the journey is the first step. I wanted to outline my plan and ask for advice, concerns, and improvements.
Overview:
My Wife and I are in our mid 20's and have recently moved to a slightly more remote part of Canada to increase our salaries, get more vacation time and travel the world.
My Wife's priority is travel while mine is retirement at a young age
Salary:
Husband: 95,000 a year (Approx 5K a month after tax)
Wife: 95,000 a year (Approx 5K a month after tax)
Debt:
Student Loan: 22,000
Car Loan: 14,000
Line of Credit: 12,000
Monthly Expenses:
(7) Taxi
(200)Restaurant/Liquor
(9) Interest
(550) Groceries
(6) Life Insurance (on LOC)
(2300) Rent
(140) Cellphone
(122) Internet
(109) Car Insurance
(315) Student Loan
(100) Misc
(60)Cats
(50) Gas
(8) Netflix
(275) Car Payment
Total Approx: 4,253
Net amount for savings/investing/travel: 5,747
Priorities
1. Pay off Jeep (6.5%)
2. Pay off line of credit (5%)
3. Pay off student loan (5% i think)
4. Review monthly expenses and try and reduce as much as possibly (eating out, liquor, misc ect.)
Step 2:
1) Move banking to lower cost alternative such as tangerine
2) set up questrade account and start investing between TFSA, RRSP
a) thinking VAB (25%), VCN(25%). VXC (50%) allocation
b) set up automatic dividend reinvestment for the ETF's
3) Invest VCN and VXC in TFSA while keeping VAB in RRSP to maximize gains in non-taxable account.
a) should i move a portion of the VXC into RRSP as it would shelter some with-holding tax?
Please give any feedback and improvements necessary.