Up To The Start Line

Well in any race you need to define where you are and where you are going. In this case I need to understand where I am right now. So I’ll use my net worth to provide a benchmark (which is basically: what you have minus what you owe).

What I have (Assets)

House (Market Value) $195,000
My RRSP $11,000
Wife RRSP $4,000
Wife Investment Account $4,000
ING Savings Account $2,000
Asset Total: $216,000

What I owe (Liabilities)

Mortgage $150,000
Line of Credit $0
Student Loans $0 (Just paid off!)
Liabilities Total: $150,000

Net Worth = $216,000 – $150,000 = $66,000

All in all I’m fairly happy with that number. After all I’m under 30 and I have a positive net worth. By the way, I had $60,000 in student loans between my wife and me about six years ago.

In The Beginning

About two years ago I read several books on retiring early. They got me thinking, why am I planning on working until 65? I’ve got better things to do than work. Then I thought better yet, why not retire at 55! I’m young (under 30) so I should have lots of time to save money for this.

Then I starting coming across news stories on those who retired very early. Like under 40. Well I’m not that well off so I changed my freedom 55 to freedom 45. It’s not going to be easy, but your welcome to join me on the ride.

A blog about early retirement and happiness