June 2014 Networth Update: $341,425 (+1.5%)

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My goal for 2014 was to reach a net worth of $350,000 by the end of the year.  I have about $8500 left before I reach this goal.  I also bought a car (yay!!) but this isn't reflected until my next update as I have not paid for it yet.  Unfortunately it's a shiny new-new car but I will explain my personal finance sin (thou shalt not buy a new car) in another post 🙂  Well, I was impressed with my spending last month, but unfortunately that was not the case for May.  May, I spent about the most I have spent since January.  Over a quarter of that was for some stuff that I can get claimed back from my extended benefits though!  Like new glasses and what not.  I also paid for my home insurance and splurged and bought a large print of a favourite photo that I've been meaning to get since last year through Posterjack.The main reason for the up this month is my tax refund.

Okay, so here’s the breakdown for June 2014 ($341, 425): +1.5% +$5010

ASSETS:

CASH: $61000 (+2.6%)

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: $100475 (+0.6%)

  • The stock market is doing really well, surprisingly, since it is June.
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.

RRSP: $46140 (+2.9%)

TFSA: $45800 (+0.33 %)

  • My TFSA is maxed out for 2014 now- I haven't decided what to buy yet with the money, need to do some research (I have about $8000 to invest)
  • 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:

  • I am not counting this in my net worth, because it’s 14 years old.
  • I have started a separate Tangerine bank account for a future car

LIABILITIES:

Credit Cards: $1800

  • 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: $182,200 (-0.9%)

  • 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.
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Young is a writer and former owner of Young and Thrifty and the main "twitter' behind Young and Thrifty's twitter account. She lives in Vancouver, BC and enjoys long walks on the beach, spending time with her anxious dog, and finding good deals. If you like what you read, consider signing up for email updates.

7 Comments

  1. Liquid on June 9, 2014 at 1:21 am

    Great job in May. I got a similar increase by about $5K. I just realized if we combine our gross assets together we would have more than $1,300,000 of financial assets lol. Not bad eh 😉 Congrats on your new car! Will you include its value in your next net worth update?



  2. Phil on June 10, 2014 at 8:10 am

    We do not track month to month % increase anymore, but ytd, is 9.03%. It certainly has been an interesting market year so far give all the worldly issues we are still dealing with. I’m not certain the year will stay on par with how the pace it has been on so far, but we can all hope so. Hey, Young, did ya know Liquid is single… and he has very similar financial mantra to you… And he’s probably just around the corner from ya. Possibilities? 😉 – Cheers.



  3. Will, First Quarter Finance on June 10, 2014 at 9:52 pm

    I hope you find your Prince Charming soon! Heck, you being into personal finance is a huge selling point for me! Haha. True though. 🙂



  4. Will on June 10, 2014 at 10:02 pm

    Not sure I agree with your car purchase 🙂 but congrats on being so close to your goal!!!

    But why isn’t it counted in the net worth report. Maybe I’m missing something. I have been awake for many, many hours.

    I’m liking this blog.

    Subscribed!



  5. Young on June 29, 2014 at 12:15 pm

    @Will- lol 🙂 I hadn’t received the car yet at the time of last post. Will definitely be reflected in new post. Thanks for subscribing!!



  6. Young on June 29, 2014 at 12:16 pm

    @PHil- haha!! I think I have 5 years on Liquid in terms of age.



  7. Young on June 29, 2014 at 12:17 pm

    @Liquid-Haha we will beat Million Dollar Journey if we gross together! Yes I will! I think the next update will be a negative one because I have spent a lot of money this month!



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