I decided to start this blog for a variety of reasons, but mostly because I want to clearly outline my financial goals, and write about my failures and (hopefully) my successes along the way. I got really inspired by reading other financial blogs (listed on the sidebar of this blog), and seeing that I’m not the only one who’s made mistakes in the past. For me, it’s good to have my financial profile out in the public – no more secrets. It makes me feel good that I’m actively working to change my way of life.
Investing is very important to me. It is something that I can directly control, and at my age, it’s about time I start to look towards the future. The funny thing is, this time last year, I never even thought about retirement, but now that I know better, I don’t want to be scrambling at 40 to try and save for retirement when I can start building my nest egg now, and earn interest on my investments. A big key for me to achieve financial independence is to buy property, which is my next big step in life. I would like to achieve this goal before I’m 26.
My financial profile:
- I have approximately $3,600 in student loan debt (original SL debt was just over $14,000 when I graduated in April 2006)
- I have no credit card debt (just finished paying off my maxed out Visa)
- I have $3,152 owing on my personal line of credit (and worth every penny)
- I have approximately $1,000 in a registered RSP Mutual Fund
- I have approximately $125 in a non-registered Mutual Fund
- I have approximately $335 in a high-interest savings account
- I have limited investment knowledge