Youngandthrifty’s March 2013 net worth update: $325,000 +87%

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$325,000 (+87%)

Yeah, you're not really seeing a typo!  This is ridiculous but I never thought I would be 1/3 of the way to 1 million at the age of 30.  It's kind of a good feeling. Maybe I'll be a contender to reach Million Dollar Journey's milestone too 😉

Sadly, our little home has sold.  Its a bittersweet feeling.  I'm relieved of the burden on home ownership (the huge debt), the burden of having tenants (though it was kind of fun for a bit, but I would make sure I can't hear them if I ever get another house), and of the upkeep around a home.  There's a lot of stuff to worry about including overgrowing trees, leaves in the yard, having to shovel the snow, worrying about infestations (you name it we had it).  Although I seemed to be the envy of all my friends, I envied them and their lifestyle.  I will miss the neighbourhood and the possibility of ever owning a house again in Vancouver! (Well, who knows, maybe this housing bubble will burst and I'll have my opportunity again).

This is probably the best my net worth update is EVER going to look like.  It's all going to be downhill from here LOL.  Kind of like when a reporter asked Jennifer Lawrence if they were worried that she is peaking at the age of 22.  Mind you, I'm not 22 but I feel like I am peaking in terms of personal finance haha.

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

ASSETS:

CASH: $273070 (+132%)

  • Still need to deactivate the joint account.
  • 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 $4200 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: $1765 (-11%)

  • 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: $22957 (+2.4%)

  • 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: $27,659 (+0.9%)

  • The increase this month is basically from dividend payouts.
  • I haven't made any contributions for 2013 yet and am going to max that baby out for this year.
  • I finally made my first dividend income spreadsheet! Something I've been meaning to do for… years but never got around to doing it.
  • One of my to do tasks is to track my dividend payments in an excel spreadsheet <—done!
  • 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!

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

LIABILITIES:

Credit Cards: $490

  • 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.
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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.

10 Comments

  1. Miiockm on March 7, 2013 at 11:54 pm

    lol +87%. Not bad for a month, congrats.



  2. Leigh on March 7, 2013 at 11:56 pm

    Wow, you surpassed me in net worth, Young! Congrats on how your real estate deal worked out 🙂

    If I had no real estate and my net worth was $325k, I would make sure that:
    1) I had a full 6-12 month emergency fund
    2) ALL of my tax-advantaged accounts were maxed out
    3) With a 13 year old car, I would have the full amount to buy my next car in an online savings account
    4) I would calculate when I felt like I would want to buy a house again (probably for not another 5 years haha) and set aside a bit for that
    and lastly, 5) invest the rest in index funds in my regular brokerage account

    I can’t wait to see your next update and see what you did with your (wow!) $150k!

    Question: How would you go about home buying differently if you could go back in time?

    Congrats again!!!



  3. Teacher Man on March 8, 2013 at 7:11 am

    This sounds like a pretty good starting point to me Leigh! Although, to be honest, with car loans offered at such ridiculous rates these days, I wouldn’t shy away from putting that money into index funds as well and just making use of the loan when the time comes.



  4. Phil on March 8, 2013 at 7:44 am

    Congratulations. That said, You are fooling yourself that your Networth increased by 87%. The fair market value should be included in you networth calculation. It should however not showup in your investable assets bucket, as you always need a place to live. Now that you will be renting, the money will just fall off the cashflow side of the equation. Home ownership is not for everyone, i’ll agree, but for my families lifestyle, home ownership is much cheaper than renting in the longrun. Again congrats to being as far along in life at 30 as many hope to be in their 50’s or even some in their 60’s. – Cheers.



  5. BeachBoy on March 8, 2013 at 10:33 am

    there is a problem with the page,m we can’t see the details



  6. Justin on March 8, 2013 at 2:50 pm

    Got it working now, my mistake! Thanks for letting us know!



  7. Koala on March 8, 2013 at 4:39 pm

    The same error is still occurring for the previous net worth post.



  8. Young on March 13, 2013 at 1:13 am

    @Phil- Thanks Phil!



  9. Young on March 13, 2013 at 1:17 am

    @Leigh- Don’t worry I know you’ll catch up very shortly!! lol 🙂
    1) Great idea!
    2) Planning to do this
    3) Planning to do this too!
    4) Planning to do that too haahah.
    5) Hmm putting $3000 in index funds. Still need to do more calculations!

    Great question! Hmm I think I would not really go for a fixer-upper anymore if I went back in time. It was a lot of work. I guess I wouldn’t change anything except for that. Things were tight financially- going back to school didn’t help!



  10. Young on March 13, 2013 at 1:17 am

    @Milockm- haha i know eh. ridonkulous.



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