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Not too bad considering I was out of the country for two weeks!  Sometimes being out of the country is better though as I tend to spend less when I am traveling (depending on where I am traveling to of course!).  This month I had the auto insurance payment to contend with and also had a double whammy with the depreciation adjustment of my car for July 2016 (updated annually).

I was out of the country with crappy Internet with the Brexit panic otherwise I would have bought more.  By the time I had access to Internet the prices rebounded.

My goal for the end of 2016 as one of my personal finance resolutions is to reach $420,000 in net worth.  Now I just have $13,000 towards my goal of $420,000 by the end of the year.  With six more months to go (I go from January 2016 to January 2017), I am on track, I think.  That’s a little over $2500 per month.  My long term goal is to have a net worth of one millllllion dollars by the time I reach 40.  We will see how that goes…with kids hopefully in the forecast, this plan might get derailed, but you never know!

Okay, so here’s the breakdown for July 2016: $406,580 (+$4410)

In This Article:


CASH: $38,620 (+7.5%)

  • Once I deplete the cash in my non-registered account (yes, there is more cash in there) I will start moving this cash into investing accounts.  It is nice to keep it here for an emergency fund anyway.
  • 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)

Non-Registered: $81,500 (-0.2%)

  • Down a few hundred dollars this month
  • 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: $61,650 (-0.6%)

TFSA: $58, 570 (+1.6%)

HOME: $272,000

  • I’m a little divided on what to do with my home now that I’m getting hitched soon.  I’m pretty keen on selling it or just renting it out.  Fiancee and I have discussed things and we are going to rent a two bedroom place for the next year or two.

CAR: $15,625 (-6%)

  • I updated it for 2016-2017 with the Canadian Black Book price, will update it again in July 2017 with the depreciated price


Credit Cards: $245

  • I signed up for the Chase Marriott Visa and also have an American Express Gold Rewards Card again, 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 $0 for 2016 so far with my MBNA Rewards World Elite® 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: $121, 780 (-0.9%)

  • 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.

Article comments

1 comment
Leonie says:

You should definitely not pay extra mortgage payments if you end up renting your property. This is a tax deduction. In fact if youhave a low mortgage rate, I would go on as long a mortgage holiday as they will let you have to increase your interest and invest the money you save . If you can make more then 2 % plus your deduction, on investing you will be ahead. My bank allows me to take a holiday of 10 payments every year, if you are ahead of your payments

Also, I would think long and hard about the timing if you sell your property (if you are in Vancouver or Toronto). if you ever plan to buy in these markets again.
If you sell and rent for a couple of years you may never be able to get back into the property market again.
If you plan to buy in these markets, I would sell a few months, before you want to buy., and specify a longish closing period The market is so hot at the mo, you will not keep up with the property value increases with investing the capital from sale, while you rent for a couple of years. You might have to rent for a while if you do not find another property, but you will still be in a similar market.

If you ar emoving to a cheaper market or do not live in Van or Toronto, ot themarket does not continue to explode, its another story