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$319,000 (-0.2%)

Again there was some mad spending this month.  Some things were a trip to the states (love buying wine in Safeway for 60% of the cost here in Canada!), American Express charging me for a new year for the credit card ($60) because I forgot to call and cancel, textbooks, and Ikea ($370 later…).

My goal for the next few months is to continue to grow the net worth instead of watching it be stagnant.  I’m going to move some of my cash into ETFs or index investing to increase cash flow.  The problem is finding the time to do this lol.

Okay, so here’s the breakdown for June 2013:

Net Worth Update

In This Article:


CASH: $177,770 (-1.3%)

  • 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 $4700 saved up for my goal of climbing Mt Kilimanjaro (highest peak in Africa). I’m automatically deducting $100 a month from my bank account into this travel account

Non-Registered: $1672 (-7.3%)

  • Ugh I need to do something about these basket of garbage stocks I have LOL. I bought Suncor at is peak and it’s still sitting there. I bought a Potash stock that’s half of its original value. I need to sell it and just start fresh this year.  –> as of July 2013 I still have not done this.
  • I transferred some cash from a terrible investment that I sold into my RRSP
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.

RRSP: $24240 (-1.3%)

  • 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 which is >$30,000
  • I owe about $16,000 $12000 to myself in my RRSP because I used the Home Buyers Plan for my down payment. I allocated about $4500 into my home buyers plan for 2012.

TFSA: $35090 (-0.1%)

HOME: $272,000

  • My plan is to live in this for 1-2 years and then rent it out once I find my prince charming (haha…right?).


  • I am not counting this in my net worth, because it’s 13 years old.
  • I have started a separate ING bank account for a future car (I have my eye on a Prius V cus it’s oh so sexy!)


Credit Cards: $2800

  • The problem with not having Mint.com is that I can’t see my credit card spending as easily.
  • Credit card spending was crazy again this month! I didn’t want to look at my statement. Haha. Oh well, lots of points 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: $188,980 (-0.3%)

  • My intent is to rent it out in a little while. In order to offset future rental income, I chose to acquire a mortgage instead of paying for the majority of the condo.
  • It’s like not putting all my eggs into one basket, so to speak.

Article comments

Layce says:

I am in the same boat as you actually 🙂 I have a very similar net worth and have been going back and forth with the idea as I too plan on renting out this house at some point.

My thoughts are this after thinking about this for a long time 🙂 If The mortgage is paid off, then I am not paying to use someone elses money when I have my own. When I am ready to rent it out, I can leave the money in there and still have a line of credit that I can invest with (where the interest is tax deductable if I am using it for investments – and it would be tax deductiable a lot sooner then when I am finally ready to rent out this house) OR If I have paid off the house nowm I can refinance the house at the point that I am ready to rent it out, pull out my money (minuse the 20% that needs to stay in the house) to use on something else – ex: next house, investments etc and then I can use the interest I pay to offset the income at that point.

I think it just gets you there a lot sooner, plus then instead of paying hundreds each month to borrow someone elses money I can be saving that money and paying myself….If I am already used to making those payments, then it should be no problem diverting it back to my own bank account and watching it grow or investing it etc. But the up side is that my whole mortgage payment goes to me, not the little bit of principal and the rest to interest….

My initial problem was that I really really liked to know I had that cash on hand…but if I am paying to use someone elses money then its not really worth it for what little interest they are paying me to use mine while its in the bank.

What are your thoughts?

And yay! Do your trip! I love to travel and go on a huge trip each year to year and a half…Have done large chunks of Europe, Thailand, Vietnam, Chile, Argentina, Uraguay and hopefully next year New Zealand! You will not regret it at all!

Layce says:

Why wouldn’t you pay off your mortgage with the cash that you have on hand and then get a HELOC to use for your investments, which would make the interest you pay tax deductable, rather than paying to use someone elses money when you have it? AND you don’t pay anything unless you use the LOC but even if you do and you use it for an investment, it is tax deductable 🙂

Young says:

@Layce- Great idea, but then if I plan to rent out the place, then I have stuff to offset the income from rent, no?

Great work Young. Keep it up, but don’t be too hard on yourself.

Life is full of mistakes and ups and downs. Enjoy the ride and take that climb to Kili soon!


Wow, you’re net worth is impressive! And so is your goal to climb Mt. Kilimanjaro. Damn, my goal is to get to work on time for a month. I think I have a crush on your financial portfolio.

Young says:

@Lindsey- lol awe thats the first time I’ve ever had a crush on my portfolio! Lol. Now if only guys that I am interested in get crushes on me.

Phil says:

You still have a little while of this market volatility to play through (5-8months in the short term, arguably 5 more years of this true sideways action as a result of the bear market that started in 2000 – typically a major bear lasts 18-22 years before the major up cycle restarts), so you have some time to start looking into placing that cash hoard to work for you (I suggest QUALITY dividend stocks)… If you are not renting out your place, and continue to just sit in cash on top of it, you should really payout the mortgage and make the money the bank is actually taking from you… 2 months ago I re-arranged a few investments and have managed to pull a 4.5% return on that money… stagnate money or arguably cash when you have a mortgage (a losing position!) does not help you for over long term growth prospect. Time is on your side, don’t waste it like some of us older guys did. Time is something you can only try and make up with added risk later in life, for which there is not always a positive outcome. – Cheers.

Young says:

@Phil- Thanks for the advice! Yes, the markets are a little volatile. I am definitely going to be investing the money, but may put a stop loss in some ETFs in case the market takes a big dip.. or maybe I’ll dollar cost average it. Still undecided. Was hoping I would find someone and then would have more downpayment money for a home together, but doesn’t look promising right now. hahaha.

Leigh says:

I am so jealous that your mortgage is under $200,000! If you plan on renting out your place, I would probably invest instead of paying down the mortgage. Hope things are looking up on the boy front!

Young says:

@Leigh- Things are not looking up on the boy front, but I am a hopeless romantic, so let’s hope for a good outcome lol. Lol some people’s mortgages are not even anywhere close to $200K! I think that’s quite a bit, but maybe this is just west coast bias.

Daniel says:

Why do you have so much in cash? Why not put that money to work for you with investments?

Young says:

@Daniel- Planning to! No time and indecisive about what to put it in and also was thinking I would meet someone hahaha 🙁 Will do so soon though!

Michelle says:

I love that you have saved up so much for your Mt Kilimanjaro travel. Sounds amazing!

Young says:

@Michelle- Thanks! I think I have exceeded the amount I need so might just turn that into my travel slush fund.

krantcents says:

Renting out your first home is a great idea!

Young says:

@krantcents- sure is!