I must admit when I do my NW updates I get a bit anxious these days since I set that goal for myself.
Just to recap, my goal for the end of the year was to break a net worth of $350,000. I have just shy of $7000 to go before the end of the year, and perhaps this is achievable (just barely), provided the markets continue to be stable. If I used my pension contributions, I have met my target of $380,000 net worth if I include my pension contributions.
This month’s update is not too bad considering I spent a lot of money on my trip and was away the entire month.
Okay, so here’s the breakdown for November 2014 ($343,130): +0.9% +$3300
- 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: $105600 (+0.7%)
- I bought a few stocks this month/ added some positions and two stocks got automatically sold due to my stop limit orders
- These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.
RRSP: $49290 (+5.1%)
- My RRSP portfolio had a healthy gain this month, primarily from the TD eseries accounts
- 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 am seriously thinking about maxing out my TFSA instead, if I am not able to max out on both (read my TFSA vs RRSP great debate over here) from now on, as I will expect to have defined benefit pension when I retire.
- 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.
TFSA: $41,660 (+1.0 %)
- Barely squeaked by in the positive territory this month, I bought two new shares in my TFSA account
- 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!
- My plan is to live in this for 1-2 year and then rent it out once I find my prince charming (haha…right?)
- 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 in July 2015
- I used a conservative estimate of the car, no CBB price for 2014 models yet
Credit Cards: $475
- 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 $650 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: $180, 075 (-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.
- This month, I made my first “double up payment” on my mortgage. It was very easy to set up and there was minimal follow up.