As I alluded to previously, I’m not exactly starting from scratch here. I’m in my mid-thirties, have been working continuously my whole adult life (and then some), am married to another working professional, we don’t have kids, and we have never spent our money recklessly.
However, if you asked me a month ago how much I was worth, my answer (assuming I didn’t stare silently at your rudeness) would have been a complete guess. For someone who thought herself so good with money, I didn’t really have a firm grasp of where it all was.
Therefore, over the course of the last week, I tracked it all down. Chequing accounts, savings accounts, tax free savings accounts, rrsps, that-account-that-the-mortgage-used-to-come-out-of-but-that-we-never-closed, more rrsps, etc. I made phone calls to companies and asked “I think my last employer went through you guys; can you let me know if I have an rrsp there still?” My husband did the same. In my defense, my last job went through about 4 rrsp providers in the 7 years I worked there. Still, I feel like this is information I should have kept track of. Bad me!
So, the final result?
Cash accounts + my first investments on Questrade + RRSPs + TFSA + Assets – Mortgages = $326,458.27.
I mean, holy shit. I grew up in a household that never had extra money. We never went hungry, but there were years where I didn’t have a winter coat (which, living in Canada, wasn’t a trivial issue). My father was laid off in the early 90s, and for most of my teen years we lived under the shadow of unemployment. My first thought after seeing that number was to pat myself on the back, but I’m not going to. After all, the goal here is to have financial security. I wouldn’t quite say that we have Fuck You money, but we definitely have a safety net to tap into.
Still, my 10 year goal isn’t to have a house paid off, or to be able to take a couple years off. It’s the financial security that comes from not having to work unless I want to. That means a guaranteed income that equals my current living expenses, without anyone telling me to do anything I don’t want to do. In approximately 15 years of adult life and working, 7 of which was done together with my husband, we are about a third of the way there.
Not good enough. That’s where our new plans are going to kick in.