Youngandthrifty June Net Worth Update: 319,900 (-1.3%)

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$319,900 (-1.3%)

Some changes this month 🙂  The reason for the drop is paying for my car insurance and closing costs (eep.. yes!).  I chose to buy and not rent just because there aren't may places that accept pets and you definitely have to pay a premium to have a pet.  I did the calculations for rent vs buy and getting a small place was a better option for me.

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

Net Worth Update

ASSETS:

CASH: $180,100 (-32%)

  • Scroll down for the reason for the drop lol.
  • 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 $4600 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: $1805 (+7.5%)

  • 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.
  • 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: $24540 (+0.8%)

  • 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: $35377 (-2.5%)

HOME: $272,000

  • Yes, that's right.  I did it.  Get ready to stone me!!
  • My plan is to live in this for 1-2 years 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 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!)

LIABILITIES:

Credit Cards: $4478

  • Obviously this month's spending is worse than last month.  I claimed my points again to offset the terrible credit card bill lol.  Had to pay for my car insurance this month (approx $1500).
  • 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 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: $189,450

  • 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.
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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. BeachBoy on June 5, 2013 at 8:30 pm

    You have $265k in cash, clear of any liability or I have missed a post? Why don’t you invest it?



  2. Joe on June 7, 2013 at 10:50 am

    Hey, you’re neck and neck with Jay from Budgets are sexy. Who’ll get to one million first? 🙂
    That is a lot of cash. Are you waiting to get back into the market? I’m trying sell in May this year and I don’t like it. It’s stressful for me.



  3. young on June 8, 2013 at 12:56 am

    @Beachboy- No, this isn’t updated properly… the owners of this blog posted this post before it was ready lol. Its updated now.



  4. Young on June 8, 2013 at 11:03 am

    @RB40- ahhh but is Jay from Budgets or Sexy counting his wife’s accounts and assets? Cus I’m solo and this is what I got lol lol jk. I got back into the market already. I’ll correct this post. But the market isn’t necessarily to get “into” the market per se, it’s more for myself and as a rental property in the future.



  5. David on June 9, 2013 at 5:57 pm

    I’m curious why you have 6 figures of cash earning interest that’s taxed at your marginal rate instead of putting much of that towards earning dividends and capital gains.

    Also, the only reason for someone not to have their TFSA contribution room maxed out is because you don’t actually have the money to do so. Since you have the cash what is your hesitation? Even a savings account at a bank would be a better option than leaving it unsheltered in a HISA.



  6. Young on June 11, 2013 at 10:33 pm

    @David- Oh my TFSA is maxed out. I’m planning to pay back and max out my RRSP as well this year. I’m trying to figure out what to do with my six figures in the HISA. I haven’t had the time to research index funds to put it in yet. 🙂



  7. TS on June 29, 2013 at 5:18 pm

    Hi Y&T,

    Wondering why you don’t pay down more of your mortgage with your cash balance. Would you rather invest that in the stock market? If so any way you came up with how much to put into what asset?



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