November networth update: $343,130 (+0.9%)

I must admit when I do my NW updates I get a bit anxious these days since I set that goal for myself.

Just to recap, my goal for the end of the year was to break a net worth of $350,000.  I have just shy of $7000 to go before the end of the year, and perhaps this is achievable (just barely), provided the markets continue to be stable.  If I used my pension contributions, I have met my target of $380,000 net worth if I include my pension contributions.

This month’s update is not too bad considering I spent a lot of money on my trip and was away the entire month.

Okay, so here’s the breakdown for November 2014 ($343,130): +0.9% +$3300

ASSETS:

CASH: $38180(-4.5%)

Net Worth Update

Non-Registered: $105600 (+0.7%)

  • I bought a few stocks this month/ added some positions and two stocks got automatically sold due to my stop limit orders
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.Continue Reading

4 Ways to Pay your Mortgage Off Faster

Our mortgages (if you have one) are by far the largest investment that you will make in your lifetime.  At the ripe old age of 31 (I kid, I kid) Sean Cooper will be mortgage free, according to an article in the Financial Post recently.  He lives in Toronto and owns a house worth $425,000 (he has about $150,000 left before he is mortgage free).  At an age where most people don’t even have mortgages yet because they can’t get their act together to put together a down payment, Sean Cooper will have paid off his mortgage and be that much closer to financial freedom.  Pretty amazing, isn’t it?

Although most of us likely can’t achieve that financial success at this age or pay off the mortgage at his age, there are ways in which we can pay our mortgages off faster so we can have that burn the mortgage bonfire party sooner… and be that much closer to financial independence and our own Findependence Day.

Being mortgage free is essentially freedom.  Your monthly expenses are that much more manageable and without a mortgage to pay or large amount of monthly shelter cost, you won’t need to work as much.

Related: Mortgage Broker vs Bank Mortgage Specialist?

Here are 4 ways in which you can pay your mortgage off faster:

Accelerate The Payments

4 Ways to Pay your Mortgage Off FasterI currently have accelerated biweekly payments (it matches up to my paycheque every two weeks) on my mortgage and it has shaved about three to four years off the expected timeline.  Instead of the usual monthly mortgage payment, if you accelerate the payment to every two weeks, or even every week, you will be able to pay down your mortgage much quicker.  Alternately, some people max out the amortization (for example, a 30 year instead of 25 year) and then they pay down the principle with lump sum or extra payments, in which all of your extra dollar goes towards the principle instead of paying for interest.Continue Reading

Dating and Relationships

I know that some readers don’t really like reading posts about relationships or my dating life (and I know some of you do because we all have voyeuristic tendencies whether we like to admit it or not).

The past year and half felt like a long time and was an intense time of learning, hurt, trying to let go but failing, and finally letting go.  I learned a lot from the relationships I had since the long term boyfriend and I broke up, and would be happy to share these with you.

I think I was living my relationships in fear, fear that I would never be able to settle down and have children, and fear that I would be single with 10 dogs.  I realized that even though I wanted to get married, it is really really really important to find someone who you want to be with and who you can build a life with, not just for the sake of “getting married” as the “next step”.

Frequent Fights Does Not Equal a “Good Relationship”

Dating and RelationshipsWith the long term boyfriend, we had frequent fights, but we would also have some great times together.  Our arguments got a little out of hand at times and ultimately it really disintegrated our relationship and we were unable to communicate with each other.

I thought that we had chemistry but ultimately we did not have compatibility because our values were not the same.  The energy that I spent crying, upset, angry, and emotional could have been spent better elsewhere and I realized finally (after back and forth back and forth discussions of potentially “getting back together”) that it was not going to work and it will never work.  Some fundamental aspects of a relationship (like trust) was broken and it would take a lot of effort to repair, which neither of us were interested in putting in.Continue Reading