Well, I just realized I haven’t posted any updates on our short term goals since end of February. What a shame. My excuse is the hectic work life and severely limited free time I have at home which account for around 3 hours of my life. In this time I have to feed myself, take care of bills, buy groceries, wash dishes, clean the house, read, maybe watch some TV, etc. I could increase that time, but I would rather go to bed early to be fully recharged for work. There were times when I was getting very little sleep and my work was suffering, so in order to continue advancing, I need to be in top mental state.
So where are we with the goals? Well, lets see:
- Buy a home – done! OK, OK, I will finally remove it from the list after this post.
- Emergency fund of $10,000 – we just crossed the 20% threshold, but we have to slow down on this goal a little in order to pay back most of the loan I took to invest in the company I work for. Though the returns I get from my work investment are far greater than the interest I pay, I am experiencing a bit of a psychological barrier associated with owing so much money. We will chisel at the loan until it goes under $10k and then resume full speed on the fund building activities.
- Pay off RRSP HBP Loan – nothing done here, and I will take this off the list, since I have another 1+ year for the loan repayment program to kick in.
- Reach $100,000 net worth – we crossed the 37% threshold this month. Our net worth has gone up by an astonishing 110% since the start of the year…granted, we did start the year with around $17k.
- Generate $100/month in dividends – done! I will be removing this from the list after this post as well. With investing more money in the company I work at and continuing to add money to my RRSP and TFSA accounts, we are now seeing dividends of around $240/month. Hmm, OK, maybe I will revise the dividend goal.
- Save money to pay off car – I used a chunk of that money to invest in the company I work for. So other than continuing to pay off the car, no progress has been made so far. On the plus side, we owe just over $8,000 on the car.
- Read 1 book each month – continuing to meet the goal. In May I finished a book on Howard Hughes and An Unwelcome Quest. Check out my current reading list on the side or by clicking here.
Phew, that was a load off my chest. Hope to remember to do this on time at the end of June.