It’s been a while since we checked in on our financial freedom goals. Three years ago I had the audacity to say that I’d be financially free by 40. Then a few unplanned expenses came up, reality set-in, and I pushed findependence back five years to age 45.

Here we are today, a week from my 37th birthday, and I’m happy to report that our finances are on track. I plan to have a net worth of $1 million in four-and-a-half years and reach financial freedom by the year 2024.

We have a lot of saving to do before we get there but the power of compound interest and diligent saving can take our current net worth of $476,671 to over $1,000,000 sooner than you might think.

I use conservative projections in my planning, such as no major salary increases, two percent annual returns on housing, and eight percent returns on long-term investments.

Financial Freedom

Here’s what our big picture finances should look like by the end of 2024:


  • Cash savings – $55,000 (approximately one year of expenses in today’s dollars)
  • RRSP – $305,000 – Assumption: contribute $3,000 per year and see the portfolio grow by eight percent annually
  • TFSA – $220,000 – Assumption: contribute $20,000 per year (lots of unused TFSA contribution room) and see the portfolio grow by eight percent annually
  • RESP – $91,000 – Assumption: continue to max-out annual contributions for both children and see the portfolio grow by five percent annually
  • Defined benefit pension – $342,000 – Assumption: continue working for existing employer and contributing to the pension plan
  • Principal residence – $538,000 – Assumption: increase market value of the house by two percent annually


  • Mortgage – $1,200 – Assumption: paid off in full on January 1, 2025

Freedom 45

I’ve said before that becoming financially free doesn’t necessarily mean quitting my full-time job to retire early. What it does mean is that I’ll no longer have to rely on regular employment to meet our needs.

With our mortgage paid off, cash in the bank, a healthy investment portfolio, decent workplace pension, and a second income stream from our online business, we’ll be in great financial shape at 45.

Will I still work full-time? Probably. But while I do I’ll continue building up my savings – call it an opportunity fund – so that when the right time comes along I can leave my day job to do something I truly enjoy without answering to anyone but myself and my family.

It’s hard to visualize exactly what that might be, but in my mind it involves writing and helping people with their finances.

Final thoughts

I know the next few years will be dedicated to increasing our savings rate. I look forward to the day when our investments make up a bigger portion of our net worth than our home does.

I’ll also continue working hard to grow this online business, as well as my reputation as a personal finance expert in Canada. I want the work I do online to not only provide a secondary source of income for our family today, but to flourish into something I can pursue in the future when I do decide to walk away from my day job.

How are your financial freedom plans coming along?

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