I’m fortunate. With a 99-year leasehold valued at $170,000 and a small inheritance I received in 2014 that I’d thrown into index funds, my assets put me well ahead of recommended net worth milestones at 30. Naturally, it’s not as simple as that because I’m also no financial wizard – I’d only stopped accumulating consumer debt recently, and I still have moments of weakness. As it stands, here are the real (and embarrassing) numbers: I owe $13,661 on credit cards and $16,569 to family. I’m $30,230 in debt, and I’m not making fast progress on it. I’m hoping to do a series of net worth posts so you can all keep me accountable. Right now, I need help.
The assets add up nicely. The $170,000 home plus my $22,877 RSP bring me to $192,877. I have $500 exactly in chequing, and my wallet contains… let’s see here… $8, change, and a coupon for free pizza. Here are the milestones I’m working towards.
First, I want my assets to total $200,000. Then, I want my net worth to total $200,000 through debt elimination. I know I keep pushing this back, but my goal is a “debt-free 33”, and I need a good money tribe to keep me moving forward. If you’re on an FI journey too, I’d appreciate the encouragement.
My net worth is $163,155 at 30.
Where are you?