Where I’m At
Here’s a brief snapshot of my current situation. I figure that documenting this would be a useful way to track my progress towards financial independence (FI). If any points require elaboration, I’ll consider detailing them in a future post.
I’ll outline some general stats. This is worth defining because lifestyles and living arrangements can differ quite a bit from person to person, and are therefore a critical factor in determining the rate at which someone can accumulate wealth.
In the future when I’m looking back, this may also offer insight into my current goals and perspectives (which I’m expecting to change as the years go by).
Here’s some basic information. I’d say that my background is quite common:
Age: 29, female.
Relationships: No partner, and currently no plans to seek a relationship. Single income, no kids (SINK).
Education: Bachelor’s degree and College diploma in my chosen area (STEM – Biology and Chemistry). Finished school in 2022 and currently working in an entry-level job related to my field.
Habitation: living at home with family (parents).
Location: Greater Toronto Area (GTA), ON, Canada.
Current Income: ~46k annual gross (pre-tax).
Current Debt: none. I was very fortunate to receive assistance for education costs (parents, some education grants & scholarships). Credit cards are paid off in full each month.
Current Net Worth: ~140k (low-cost passive investments in various tax-sheltered vehicles).
Where I’m Going
For the past couple years, my only financial goal was to try to save as much as I could because my student lifestyle did not produce steady income.
I was in post-secondary school for quite a while. Any jobs I had came and went, and were always meant to be temporary arrangements (e.g. summer jobs, student projects, co-op). I didn’t think too deeply about saving because I didn’t have a long-term, stable position.
Now that I am graduated and working full-time, my income is much more predictable, which will make it much easier to make long-term saving and budgeting plans.
A rough outline of my FI-related goals/to-do’s for the remainder of 2023:
- Continue contributing regularly to my savings
- Learn/review my knowledge of personal finance strategies/tools/tax advantages available to me in my place of residence (Ontario, Canada)
- Assess my current expenses to create a defined budget (for the present)
- Assess expenses I am likely to face when I eventually move out of my parent’s residence and live independently – for the (hopefully near) future
- Learn more about retirement in Ontario, Canada – my interests are in not only the financial aspect, but also in retirement as a lifestyle.
I think that’s a good start for now. I’ll see how much of this I can cover in the time that’s left this year. 😊
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