Posted by Tim Stobbs on March 1, 2012
The following is a update on Tim’s plan to retire early. The current metric to tracking this goal is my net worth. This will be the last year for these posts, since once the mortgage is paid off it will cease to be useful. At that point future updates will shift to investment net worth only in 2013.
Wife’s RRSP $29,200
Wife’s Investment Account $12,400
Wife’s TFSA $11,300
My Investment Account $5,900
High Interest Savings Account $2,800
Total Assets $ 533,300
Total Debt $36,200
Net Worth $497,100 (+$23,600 or +5.0%) [+ 5.0% YTD ]
Investment Net Worth $163,600 (+$14,200 or +9.5%) [+9.5% YTD]
Agh, so close to hitting that half a million net worth number! Oh well, that will have to wait until the next update I guess. Regardless at hitting that level or not, I am still closing in on approximately the half way point to my goal of Free at 45 if you measure it by net worth. I should end up with about $1.1 million net worth at the end of the plan. So if things go well I should hit that milestone early next year.
The good news is the recent up tick in the stock markets can clearly be seen in my investment net worth for a bit of larger increase than normal (since that metric ignores the house and mortgage). The other factor to this is how some of my benefits for my pension plan are paid out at work. I end up with a lump some increase at the start of the year.
I have to admit I am having fun paying off the mortgage now. As we are now on the home stretch of paying it off you can really see the interest cost dropping off. Right now interest payments are just over $100/month, so the majority of our regular payments go straight to the principle amount.