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2009 is coming to an end. I can't believe it's been a year already… I can't believe we're heading into 2010!
(Vancouver is going to be a gong show in 2010, by the way with the Olympics. I just know it.)
Here's an update on my financial status:
Total Net Worth: $79,300
Here's the breakdown:
I added up:
- BMO banking account that my paycheck is sent to
- the Manulife high interrest savings account that is earning me about 1% (that I have automatically deducted from my BMO banking account) and
- money that is sitting there in my Questrade Trading account waiting for some action
- I'm keeping so much money in cash in case I want to take some money out for my down payment
- Also a big chunk of that will disappear when I go on my traveling spree to Asia for five weeks (I anticipate about $5500- more on that later)
These are stocks that captures the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts. I added up USD and CAD stocks as “Canadian” money to be simplistic.
I have recovered mostly from the huge stock market crash, I think I am down about $1000.
This includes some emerging market mutual funds (BRIC), the TD E-Series account, and some ETF stocks I have in my BMO Investorline account.
I hope to max out the $25,000 and withdraw for my first home purchase (hopefully soon) with this amount saved.
I am a public sector employee (hurrah for good-lookin' pensions!) but am not including it in this net worth update because I want to keep it simple, and to be honest, I'm too lazy to calculate how much I have in it.
$8,300 (initial investment was$13,000)
I have some investments that were poor choices (I signed up for them before I became “edumacated”) that are losing money big time. Some flow through shares, Venture investments that gave out a tax credit, and some more mutual funds.
$5000 Principal protected through an HSBC investment
I'm not going to bother counting the car. It's 10 years old and I'm planning to drive it to the ground.
Don't get your panties up in a knot, I don't carry a balance (and nor should you), but this was taken a “moment in time” and as you can see from the low amount, it was early in the month.
Goals for 2010
- I hope to buy my first home next year. Hopefully the housing prices will have decreased and the housing bubble will have burst. Since November 2008 last year there's been an increase of 232% in housing sales in Vancouver! The low interest rates have been driving up the housing prices like crazy. Considering that you would ideally need 25% down payment, for a $350,000 condo (standard 1 bedroom condo price here) I would need $87,500. So I'm not really there yet. That will be my goal. To get there with a little bit of cash cushion beyond the down payment amount. The Bank of Canada will likely increase the interest rates too next year, possibly in the tune of 2-3% so you variable mortgage people should lock it in! Because 2-3% is HUGE. It could mean thousands!
- I have gotten into the habit of calculating my net worth every month now (It's actually kind of fun) to make sure I am going in the + zone, not the -. I hope to continue this into 2010.
- I am contemplating whether to get a newer car next year. If I get a newer car, I can start from scratch with my Capital Cost Allowance calculation and tax deduction. Right now, I am kind of “bottoming out” with regards to how much money my car is worth on tax forms. On the other hand, I just bought $1000 winter tires last year (thanks….Kal Tire) and want to get some good wear out of them.
- Lastly, I hope to recuperate the losses that I have, mainly from the “adventurous” investments I did with investment advisers before I knew anything about investing. I have been a bit more aggressive with the stock market lately, so hopefully I will be able to recoup in this way.
What are your personal finance goals for 2010?
If you own equities, are you finding that you have recovered most of your investments?
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