Editors note: Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their Web site.

$169,400 (+0.85%)

Bought an ipad and am paying the price of Christmas and Boxing Day shopping!

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

ASSETS:

CASH: $20,726 (+2.0%)

  • More money Pictures, Images and Photos

  • I have a joint account which our mortgage is deducted from, and our own personal accounts.
  • 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 $4100 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: $1973 (+0%)

  • 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: $22,410 (+4.0%)

  • 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
  • I owe about $16,000 to myself in my RRSP because I used the Home Buyers Plan for my down payment. I think I’m going to allocate $7000 this year back to the Home Buyers Plan but will decide when I do my taxes.

TFSA: $27,406 (+3.8%)

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

PRINCIPLE RESIDENCE: $387,500 (0.0%)

LIABILITIES:

Mortgage Debt: $285, 510 (-0.30%)

  • Our basement suite is rented out so this takes the sting out of me going to school and dropping my income.

Credit Cards: $800

  • With my MBNA Rewards World Elite® Mastercard®, I used up $350 of points towards my iPad purchase
  • 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.

Article comments

3 comments

Congratulations on achieving your $200K goal and increased net worth! Presently, our liabilities include credit card debt (though we pay it off every month, too) and a bank loan, which we promised to pay off within the first quarter of the year. However, there will be a higher liability coming our way as we will be purchasing our second home before the next school year starts.

Liquid says:

Take advantage of the snow before it starts to get warm again. Congrats on hitting your $200K goal.

BeachBoy says:

I’ve never really looked into your numbers, but you calculate Registered money the same way that you calculate Non-Registered one?
IMO anything inside an RRSP needs to be accounted after-tax in order to reflect a true net worth, as your other debt and assets are after tax. With counting your RRSP as 1:1 you show a higher net worth that it would really be should you liquidate everything.