So I have been hear for almost 2 years now: reading, learning, lurking. But I finally thought I would introduce myself.
I am a 27 Canadian, married, 1 child (4 months old). We have a net worth of about $250,000 with much of that tied up into the house. Should be mortgage free in 4 years which means we paid it off in 8 years.
I am a database developer for a local company, and my wife works for a local university.
We have always been good with our money, but when I discovered MMM I started moving towards the idea of FIRE. Our savings rate for the past few months has hovered around 40%, but will dip soon as my wife's top up payments for mat leave benefits ends. I want to see this to over 60% when my wife returns to work, as our expenses are roughly 3k/month including debt servicing.
Debts:
- Mortgage - 144k remaining on 260k (purchase price of 324k)
- Car loan - 18k (face punch)
We have about 30k in investment/saving accounts right now, with about 5k flagged for upcoming spending.
I switched jobs earlier in the year to be closer to work, and I even bought a bike with my previous employer's benefits! I have used it only a few times...(facepunch needed)
We have trimmed the monthly bills to a compromise of savings/convenience (me/wife). I just need to make sure that we keep our eyes on the ball, and we should be able to see a 50%+ savings rate with our current salaries.
I look forward to being a better community member in the future and learning from all the wonderful minds here!
