So close yet so far!
I wanted to make sure I got every last penny and I even counted the cash in my wallet (I have more cash on hand than usual this month, and I was desperate to meet the target!) to no avail.
I’m off by $840 from my target goal of $385,000 that I set one year ago. $840 could have been easily achieved if the markets fared better, if I sold a few things on craigslist or something before I calculated my net worth. But I’ll take solace in knowing that I was so close, and pretty much almost there. Including my pension contributions, my net worth is over $430,000 which I have met my target. I have increased my net worth by a little over 10% compared to last year.
I think I will still reward myself (I think…maybe) for almost achieving this goal and get myself a road bike (but not a high end one because that will eat into my net worth goal for next year!).
Now the countdown starts again to meet a target of $420,000 net worth next year, or $450,000 if I include my pension contributions.
Okay, so here’s the breakdown for January 2016: $384,160 (+$3310)
CASH: $47,085 (+4.2%)
- I have at least 6 months of living expenses and then some, so should start moving money into my investments regularly– I really need to start doing this, I have a lot of cash on hand.
- I added up my chequing and savings accounts (High Interest Savings Account). I automatically deduct money from my chequing account and have it siphoned to the HISA account (paying yourself first)
- I still have a lot of cash in my non-registered account hence the poor performance
- These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.
RRSP: $60,810 (+1.9%)
- This includes the pre-authorized monthly contribution into my TD E-Series account, a GIC in my ING Direct Account and a Questrade RRSP account.
I max out both my TFSA and RRSP (read my TFSA vs RRSP great debate over here)
- I’m not including my defined benefit pension contributions which is >$35,000
- I paid back the Home Buyers Plan for my down payment in 2013.
- Canada took a hit and my TFSA is Canadian. Oil took a big hit and I have 350 shares of Husky in here
- Check out my dividend income spreadsheet updated quarterly!
- One of my to do tasks is to track my dividend payments in an excel spreadsheet
- Watch out for TFSA over contributions, guys, the CRA will get you for every last penny.
- I signed up for a Tax Free Trading Account with Questrade in 2009 and haven’t looked back!
- My plan is to live in this for 1-2 year and then rent it out once I find my prince charming (found him!)
- I updated it for 2015-2016 with the Canadian Black Book price, will update it again July 2016 with the depreciated price
Credit Cards: $580
- I only have one credit card right now with the goal of travel hacking my way to trips.
- I use 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 $220 for 2016 so far with my MBNA World Points World mastercard
- 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: $146, 800 (-0.6%)
- I pay an extra mortgage payment a month
- 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.