Student Loans Update

I haven’t done an update about my student loans in months, and would have most likely forgotten to do one if not for a reader reminding me.

So here it is.

I finished paying off all of my student loans back in July of last year. I had a really great year in terms of work and was able to clear up my student loans. I hate to admit it, but I have a balance on my credit card sometimes.

With my student loans in the rearview mirror, I’ve had the luxury of having extra income to play around with, and the first month was a pure right off as I have no clue where my money went. Since then, I’ve upped the amount that goes into my savings account, and increased the target for my emergency fund.

Working as a consultant is an interesting situation as job security goes out the window rather quickly. As such, having a larger than normal emergency fund gives me peace of mind. Combine this with the fact that being self-employed means doesn’t give you the luxury to have employer matched benefits, and additional health insurance increases my need for having a healthy emergency fund. The biggest thing that I’m torn about is not knowing where I will be in the next five years. I currently work for a US company, and Visa issues aside, saving for retirement is a tricky matter. I wish we had something like Guardian Wealth Management QROPS for Canadians, but I can’t find it.

I’ve seen a shift in my priorities lately. I want to travel more, and spend time with family and friends. I want to see places and be in awe. This hobby is not cheap, but I am very creative with my travels. Having just come back from a mini getaway, I’m more resolved than ever to find moments of escape.

Long Term (24-36 months)

1. Clear all student debt.
2. Save for a down payment for a house.
3. Save for a new car.
4. Actively manage my portfolio.

These were my 36 month goals, and while I’ve managed to accomplish most of 24 month goals; saving for a new car has eluded me. The reasoning behind this is easily explained. I don’t need a new one right now, and with the amount of time that I am on the road, buying a new car is an expense that I can’t justify.

I have managed to monitor my portfolio more actively, but having been paying as much attention as I would like. Time, sadly, is not my friend.

The house situation is a tricky one. My goal is to buy a condo in Toronto in the next year. I will most likely rent it out, as I really enjoy living in Waterloo, but there is something to be said about having an income property.

The biggest roadblock that I have right now is finding time to take on more freelance projects. I really like working small companies, and individuals, helping them with their marketing plans and building a foundation for their businesses. I’m passionate about building things from the ground up, and have gotten pretty good at it.

The goal here is to start advertising my services but only after I find the time, and that is proving to be harder than I thought, especially with the increased visibility of Chic Darling. Who knew that running a fashion blog could be that much work?