May 2024 Net Worth Update & Income Breakdown (financial independence & coastFIRE living)
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- Опубликовано: 3 авг 2024
- April & May were expensive months as I had to start dipping into retirement savings at the end of our travels. My NW took a hit but I've got plans to start contributing to my accounts again and building it right back up! It's been so wonderful to be able to take a lower paying job doing something I love and I'm eternally grateful to my past self for setting this coastFIRE lifestyle up for me. Thanks for joining me on my journey!
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As always, Brittany, your financial updates are so interesting and very informative. 👍👏We love them. You are doing great, Brittany. I wish all young people your age were as smart and savvy financially.💕
Yes, Calgary is such a beautiful city, and you know us... we love NZ content. As we are planning to visit one day, any useful info would be great.🥰 Lots of love to both of you.😘💕💖
Thank you so much 😊🥰
Great analysis and wonderful video. Welcome back home...!!!! Congrats on your new Job...!!! Very happy for you...!!!
Thank you so much 🥰❤️🥰
I'm happy just to see what your country is like lol, you got to see a part of ours, show us what your country is like. I saw how beautiful your country is when I watched one of Donovan's videos on his channel.
Wonderful!! I will definitely be making videos showcasing our city and country 🥰
I love watching your monthly networth videos. And it makes sense given you were traveling that your networth went down. I thought you were going to say you got a corporate job but glad to hear you’re working at the craft brewery.
I would like to see a video update on your FIRE plan/thoughts.
I was sooooo close to accepting a corporate role but the company just kept stringing me along (all talk, so many delays in an offer) so when the brewery job was offered to me on the spot I went for it.
Thanks for the suggestion! I really need to sit down and do some financial forecasting and figure out what my goals are now.
Great insight into the changes to your net worth. Exciting that you're starting your new job with the brewery! We also had an issue with travel burnout when we got home. But 6 months later were itching to go again 😂
Oh man!! Well that's awesome that the travel bug came back to you, I've been watching your tours of the UK(?) and Poland, so lucky to have all that close to home eh!
If you do put together the best places to see on North and South New Zealand, I would be interested in that. Thanks so much! Glad you're happy to be home in Calgary
Awesome!! It's definitely a video I'd like to do at some point.
Would a WHV in Australia still interest you, given the window is closing? Or is it something you may have been interested in had you accomplished the NZ goal a little sooner?
I did NZ at 22 and saved / planned to do WHV in Australia at 25 but ended up getting my dream job unexpectedly in Nova Scotia and ultimately ended up buying a house and planting some roots. I'm about the same age as yourself and can't see myself uprooting everything.
A lot of people will never realize the difference in experience with long-term travel and a WHV. Both astronomically different experiences.
I did consider it briefly when my visa was expiring in NZ but ultimately, I really just wanted to go home. Now that we're back in Canada, I've definitely lost the desire to travel for the first time in over a decade. I don't think I would ever move or live abroad again unless something drastic changes for the worse in Calgary/Canada. Being away from friends/family was tough but I am glad I did it and got to experience it!
Fun to see how your life is evolving! Is your job full time? I'd love to know details of what it is you are doing and how fun it is. I'm trying to be coast FI soon too - and I don't drink any more but I have curiosity of working at a brewery as a possible idea. Would love a deep dive of all your finances (expenses, etc) now, post traveling and staying put in Calgary ! Also, forgive me if I've forgotten - do you set aside money from the rent of your condo toward expenses and if so how much?
My job at the brewery is essentially full time but the hours do fluctuate. Summer is the busy season so I'll get the most hours over the next few months! I don't drink much but it's such a great industry and the people I work with make it a place I consistently want to return to. My dream scenario really!
That's a great idea, I haven't done a video breaking down expenses and I definitely should! Perhaps I will start to include expenses in these monthly updates.
I don't specifically set aside the profit from my rent but I do include it in my overall income. I haven't been able to save money in over a year at this point but hope to start again in the coming months once my partner finds work. My expenses are a bit up in the air right now with a dual household/single income.
@@brittanymorgan09 Awesome, I'm so glad you've found the industry and jobs you love! AND that you've found them at a time when you can make that choice rather than needing a higher pay. THAT'S THE joy of coast financial independence, right there. Definitely will be great to see break down of your expenses now, and we'll all understand that that's in flux still. I am a duplex owner , house hacker - so I am a landlord too. It's definitely a bit confusing especially since i live here, but the rule of thumb I hear and aim for is to set aside 2 months worth of the rent a year to a fund for expenses, so essentially that amount isn't 'profit', its maintenance. I don't want to have to put on credit if something big has to be fixed, knock on wood.
I'm quite interested in this journey as I didn't know you could coastFIRE with that amount in savings. I'm currently 29 and have $330K in TFSA, RRSP and non-registered savings accounts. Based on that does that mean I could also coastFIRE, or are you a lot younger than me and therefore counting more compound interest on your $120K? And if you aren't younger than me, congrats on your dedication to moisturization and sunscreen!
I'll tell you my first impression, on age 29 with $330K you are rich man😃
I'll be 33 this year, so thank you for the compliment 🙏🥰! As for my retirement numbers, I always use the government of Canada retirement calculator and only use my invested funds (roughly 60k). With CPP, OAS and potentially GIS in retirement and a paid off home, the numbers work out. Of course, I still would like to pad my savings for any "what ifs" and the reason I don't include my home equity in my coast fire calcs is because the government of Canada retirement calculator doesn't account for inflation. So it's definitely not fool proof. I have low expenses now and expect them to go down in retirement too, so I budget for $2,000/mo in retirement spending (with having a paid off home).
So it really depends on what kind of lifestyle/expenses you have now! 330K at 29 is incredible, congrats on getting to that!