Net Worth: July 2010
$110,463 (+ 19.9%)
Okay, before your eyes bulge out by the GINORMOUS increase in percentage of my net worth, I will let you know that I added my pension for this month (and will include it for ongoing net worth calculations) because a reader suggested I do so. =)
I saved saved saved this month, but with the stock market acting all crazy on me, my net worth this month hasn’t been as good as I had hoped for.
The HST has hit July 1, 2010, and already (just having to deal with it for a few days) it has been eating away at our hard-earned after tax dollars. No one is really happy about it, it adds an extra 7% on everything that we pay. Spending an extra 7% on dinners out and groceries (soy milk is taxable, but cow’s milk isn’t- CTV’s website has a briefing on what’s taxable or not at your grocer- it’s confusing grocers as well as me!) really adds up. Ouch. PS Gordon Campbell, I do not heart you and neither does everyone else in British Columbia. Taxtips.ca has a great summary of the BC HST that has just come into effect. I think it’s going to hit the restaurant industry pretty hard (though judging by the amount of people heading out to eat so far, I haven’t seen much difference).
Okay, so here’s the breakdown:
CASH: $30,820 (-4.5%)
- I added up my chequing and savings account (High Interest Savings Account).
- I automatically deduct money from my chequing account and have it siphoned to the HISA account.
- I moved some extra money (after my HISA contribution) into my non-regisetered Questrade account (and then proceeded to watch it vanish with last week’s massive drop in the stock market!)
- I paid off the huge credit card bill with the car insurance payment on it
STOCKS: $20348 (+1.9%)
- Don’t get excited about the +1.9% from last month, it was me transferring some USD I had in my BMO investorline account (non-registered) to my Questrade account. I found that the high commissions were hindering me from trading with BMO investorline.
- I also put in an extra $325 into my non-registered account. What can I say, instead of buying clothes or shoes, I get the same thrill from plunking down money into my investment accounts! (kinda sad, I know)
- All the cash that was sitting there in my Questrade account is now invested into equities/ index funds.
- I bought like.. 6 different equities/index funds this month, and sold another equity.
- These are stocks that captures the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts. I added up USD and CAD stocks as “Canadian” money to be simplistic (which is about a 5% difference right now)
RRSP: $21,029 (+4.6%)
- This includes some emerging market mutual funds (BRIC), the monthly deduction from my HISA into my TD E-Series account (primarily bonds), a GIC in my ING Direct Account, and some ETF stocks I have in my BMO Investorline account.
- I hope to max out the $25,000 and withdraw for my first home purchase (hopefully soon) with this amount saved.
- The RRSP got hit this month. I’m thinking of buying some more ETF stocks to balance it all out for my 2010 RRSP.
- I finally did it! I closed my BMO investorline account (RRSP) and opened a Questrade RRSP account
- I funded it with some cashola (making sure not to go over my allowed amount for this year’s RRSP contribution), but when I set up the electronic fund transfer from my main bank, I accidentally paid the wrong account number! So am waiting a few weeks to clear that up before I make purchases in my new RRSP account.
- A reader wanted me to start including my pension, so I guess I will! (I’m responsive to my readers like that, ya know!)
- How I calculated it: I took my pension statement and added my monthly contributions from my paycheque to reflect this month. I’m not including my employer’s contributions in my pension calculation.
OTHER: $10771 (-3.1%)
- If you’re wondering what I hold in my Other investments- check out my post long story
- I have some investments that were poor choices (I signed up for them before I became self “edumacated”) that are losing money big time. In order to receive a tax credit, I got persuaded into buying some flow through shares, Venture investments that gave out a tax credit, and some more mutual funds about four years ago.
- These guys got hit by the market too this month =(
TFSA: $11087 (-0.3%)
- $5250 Principal protected through an HSBC investment (+6%) from inception (TFSA of 2009)
- $5837 For my 2010 TFSA, I signed up for a Tax Free Trading Account with Questrade and I bought lots of income trusts and am having some yummy monthly distributions roll in until they incorporate the income trusts in 2011.
- I re-invested the distributions sitting around (around $250) this month and bought a few shares of another income trust (hurrah for more distributions!)
- I’m not going to bother counting the car. It’s 10 years old and I’m planning to drive it to the ground.
- Needed to buy a new car battery this month (around $100) after being told by a Good Samaritan
CREDIT CARD: $436
- I pay off my full amount every month (and folks, it’s VERY important you do so!) 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 basically charge everything to my card to reap the benefits (free flights and hotel stays here I come!)
- I got the SPG AMEX card for a few weeks already and have been using it as often as I can (compared to the MBNA travel elite card) but American Express isn’t accepted everywhere here in Canada… I’m finding it difficult to remember offhand the balance on my MBNA and my AMEX. Having one primary card is easier, I find. I’m going to record my expenses I charge onto my credit cards with an app for my ipod Touch so that I can try to keep track of the balances- and make sure I don’t go hog wild.