July 2014 net worth update: $333,710 (-2.3%)

This month was the month of spending.  I spent even more than last month.  I thought  was doing well by making significant gains last month by only being short of $8500 before I reach my net worth goal by the end of 2014.  The main reasons for spending are related to automobile stuff.  Like insurance.  More insurance.  Buying a car (the car taxes PST and GST are pretty steep).  I also paid for my plane ticket for my big international trip this year.  Hence the huge drop in net worth this month.  Hopefully I can recover for next month to be on target for my goal.

Okay, so here’s the breakdown for July 2014 ($333, 710): -2.3% -$7710

ASSETS:

CASH: $390500 (-35%)

Net Worth Update

  • 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 have $4800 saved up for my big trip that I hope to do this year.

Non-Registered: $105430 (+4.9%)

  • This isn't because I did well this month- it's because I had to make a transfer from another account
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.

RRSP: $45760 (-0.8%)

TFSA: $41910 (-8.4 %)

  • My TFSA is maxed out for 2014, I had to move money to another account (long story- stay tuned)
  • JE.TO was sold because they cut their dividends and the stock plummeted this month, triggering an automatic sell (which is fine with me, wanted to get rid of it anyways)
  • Check out my dividend income spreadsheet!
  • 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!

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

LIABILITIES:

Credit Cards: $4720

  • 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 $250 already this year with my MBNA World Points World 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: $182,720 (-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.

2 Comments

  1. My Road to Wealth and Freedom on July 9, 2014 at 5:00 pm

    I feel your pain when it comes to buying a new car. I bought one last Fall and it wiped out my TFSA! On the flip side, it is nice to have a new vehicle. Good luck on meeting your NW goal for 2014.

    Cheers,



  2. Newbie on July 10, 2014 at 7:58 am

    I think there might be a little typo in the cash amount 🙂



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