It is the end of the financial year for Australians and I'm closing my first year calculating our Networth in this format each quarter.
I moved some last-minute dollars into my super fund to get as much in for tax benefits relating to the carry forward concessional contributions. I have been worried about how we are going and I gotta admit I would like to be having the choice to work or not from now. I am grateful I have a job however I am bored and feel so restricted. Sometimes I wonder if I could give up working and then I recall my WHY and know if I give up now, I will worry about money for the rest of my life. So I will carry on!
There is always a way if you keep looking for it.
Perhaps some sort of business endeavour could help keep me motivated or start the new phase of my life. I don't see myself completely retiring, just the choice to work whenever/wherever I want.
For now, the daily grind and kids in school AND crunching the numbers will have to do! 🤣
So for this quarterly review here are the numbers:
We have moved 1.4% closer to our $5m goal in the last 3 months! We have 90 months (30 quarters) to go so it looks like we 'may' come close to our goal.
Below is a summary of our assets and liabilities. I have added some numbers that give me a simulation of what our potential passive income is. A lot of this income we cannot access for another 7 years but our plan is to have the choice to completely retire when my husband turns 60, so all our plans are working on this date. If things go well over the next 3-5 years, I would be looking at working part-time or contract as I am nearly 'over' working for good! 🤣 Hubby is happy to keep working. So the latest table has our Passive Income to Goal as a calculation, which is slightly different to our $5m goal above. Both ways, we are nearly halfway there. Can we double in 7 years? Now that’s the 5 million-dollar question! 😉
So WHAT'S next?
After our review with our Financial Planner (see this recent blog) - I will aggressively contribute to the super fund. At least $2000 per month from my salary. Continue to pay down our home loan and investment loan by $1000 respectively. All up, investing $4000 per month. I guess on top of that is our employer's contributions of approx. $1000 per month. So a total of $5000 per month. That’s a whopping $60,000 for the year. Looking at it that way, it's pretty damn good. Since we don't seem to have any travel plans in the next year, any extra $$ that we have, will go into Salary Sacrificing and Carry Forward Concessional Contributions.
Bring on FY2021-22!
Rereading over this post and looking at our numbers, what comes to mind is Dory in Finding Nemo - "just keep swimming, just keep swimming" 😉