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Although I didn’t spend as much as last month, this month I still spent a lot of money.  I finished paying for my entire international trip pretty much this month, and also went on a long weekend getaway to the wine country area of B.C. (where I proceeded to purchase over $240 worth of wine unfortunately).  It was fantastic 35 degree weather, beautiful sun, and relaxing drives.  In terms of the lack of net worth increase this month, the flat markets don’t really help either, there hadn’t been much movement or increase in my investment accounts this month.  After this month I am going to make a concerted effort to not spend so much.

My goal for the end of the year was to break a net worth of $350,000, which is means $16400 by the end of the year.  If I include my pension contributions, my net worth goal was $380,000, which means $10,000 by the end of the year.  Of course I will aim for the former net worth goal but I will use the latter one if push comes to shove 🙂 (since it’s easier to achieve).

Okay, so here’s the breakdown for August 2014 ($333, 600): -0.02% -$75

In This Article:


CASH: $35460 (-11%)

Net Worth Update

Non-Registered: $105210 (-0.3%)

  • This month was pretty “laggy” perhaps it’s time to pick up some more!
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.

RRSP: $46240 (+0.1%)

TFSA: $41920 (+0.02 %)

HOME: $272,000

  • My plan is to live in this for 1-2 year and then rent it out once I find my prince charming (haha…right?)

CAR: $17,000

  • I bought a car (so painful to part with money but am really enjoying the fuel economy and hatchback-ness)
  • I will update it annually with the Canadian Black Book price
  • I used a conservative estimate of the car, no CBB price for 2014 models yet


Credit Cards: $1960

  • I applied for the CIBC Infinite Visa Aeroplan card and in the goal of travel hacking my way to trips and have been using it for a few months.
  • The problem with not having Mint.com is that I can’t see my credit card spending as easily so I ended up resorting back to the Mint.com account but I only added my credit card (this is helping a bunch so that I can keep track of my spending)
  • I’ve redeemed $450 already this year with my MBNA Rewards World Elite® Mastercard®
  • I’ve used my new Amex Aeroplan card twice so far.
  • I pay off my full amount every month (and folks, it’s VERY important you do so otherwise you’re losing out on a 19% return!) but include it in my net worth update so I have an accurate picture of my actual net worth. I sort of think “If I were to sell everything right now, what would my net worth be?” I guess I shouldn’t put it in the liabilities column since i pay it off regularly, BUT in mint.com it’s under the liability column so I’ll do the same.

Mortgage: $182,240 (-0.3%)

  • My intent is to rent it out in a little while (see above). In order to offset future rental income, I chose to acquire a mortgage instead of paying for the majority of the condo.

Article comments

Steve says:

Awesome net worth progress – motivation to get past $100k and beyond. Want to get to the ~$300k level you and liquid both are at!

Young says:

@Steve- Liquid is going to beat me big time LOL especially since he’s a few years younger 🙂 You will get there you are young.

Lin says:

Question about those tfsa overcontributions – if I switch mutual funds inside a TFSA (eg I don’t redeem funds to my chequing account, then purchase different funds back in my tfsa) is that considered an overcontribution?

Kyle says:

The real question you need to ask Lin is why you are in mutual funds within your TFSA to begin with! Check out our book on ETFs and get back to me with any questions you have!

Kicking some butt! Well done!

When I saw the amounts of cash you have (non-registered + tfsa) reminds me of a conversation I had with my HB. We have cash sitting in our savings account, and my HB really wanted to put all the cash we have into our mortgage so we can pay it off as soon as possible.

Do you plan on using the cash you have to make a lump sum payment towards your mortgage at the end of the year?

Heeeh, I have a hatchback too and it’s awesome! Great on gas and has so much space! 😀

Young says:

@MP- Depends on how big your mortgage is. I am not planning to make a lump sum toward my mortgage because I plan on renting this out unless I need the money. Because I freelance at home, I can use the mortgage interest to be deducted from my current freelance income 🙂 That’s my strategy! The cash is available for emergency funds and also in the event I ever get married- haaha +honeymoon +wedding fund?

Liquid says:

Hatchbacks are awesome for driving in the city, especially the VW Golf and Honda fit 😉 $350K is a great goal. I’m hoping for $325K for myself. At the end of the day we’re both subject to the whims of the market because of how heavily invested we are. We’ll see how things go.

Young says:

@Liquid- Here’s to reaching our goals! 🙂 I am sure you are going to surpass me- you are doing amazing!