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$167,600 (+2.7%)

I think I am pretty close to breaking the $200K net worth by next month’s update (if I include my own pension contribution amount which is approx $30K).  The only problem with this is that I plan to buy an iPad on Boxing Day so that will definitely set me back a pretty penny.  On the upside, I managed to not splurge on a big trip this month (have to justify spending money on an iPad somehow).

I would love your opinion- would you recommend the iPad2 or the Retina Display?  I’m planning to get the iPad with 3G internet functionality on it.  I’m planning to use the $400 on my MBNA Rewards World Elite® Mastercard® credit card (yes, forgoing spending this money on travel *gasp*) towards the iPad.

Okay, so here’s the breakdown for December 2012:


CASH: 19,260 (+15.9%)

  • More money Pictures, Images and Photos

  • Cash is higher this month because I got a small scholarship 🙂
  •  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 $3900 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.
  • My goal is to save $5000 in my emergency fund by the end of the year.  I have $3600 in here so far.

Non-Registered: $1898 (-0.01%)

  • 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: $20997 (-0.09%)

  • 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: $25,770 (+1.7%)


  • I am not counting this in my net worth, because it’s 12 years old.
  • I have started a separate ING bank account for a future car

PRINCIPLE RESIDENCE: $387,500 (0.0%)


Mortgage Debt: $287,230 (-0.33%)

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

Credit Cards: $550

  • With my MBNA Rewards World Elite® Mastercard®, I already almost have another $400 worth in points since redeeming the points in February. Gotta love my credit card.
  • 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

Bet Crooks says:

You seem to be doing very well with your goals. Congratulations!

Have you borrowed a friend’s iPad for a day or better a few days to get a feel for them? We have a couple (won them) and frankly I’m not sure that I’d invest that many $$$ in one. I don’t like the touchscreen keyboard and the external keyboards don’t appeal to me either. Given that Apple comes out with a new version of iPad every few days, er, months, it seems a big investment for a short life. Still, that’s just me. Obviously you can afford it if it really will bring you joy.

Hope you break 200,000 sooner than you expect!

Young says:

@Bet Crooks- Thanks for your tip! I actually did end up buying the iPad. I bought a great external keyboard from kensington and it seems to be doing well for me so far. That being said, I’m typing this reply on my macbook pro lol. I agree with your concerns too- I heard they are coming up with a new iPad again already…! I still have much more exploring to do with the new ipad, but so far, I’m pretty satisfied with it.

Bet Crooks says:

LOL! Enjoy! After all it’s not ALL about the money. Life is meant to have moments of extravagent joy too!

Cassie says:

Is there an extra digit kicking around in the RRSP total? Things aren’t quite adding up right now. Either way, very impressive 🙂

Young says:

@Cassie- Oh god you’re right! LOL I just changed it. Thanks for noticing.

Liquid says:

Looks like you’re going to finish 2012 pretty strong. $30K net worth increase in only 1 year is pretty impressive 😉

Young says:

@Liquid- Thanks! Looking back, I can’t believe how frugal I was!! I think I was frugally delirious.

Leigh says:

+2.7%? Nice, Young! I’ll be watching to see if you break $200k next month – I just broke it in November myself 😀

Your RRSP and TFSA are looking quite nice, if I do say so! And you now have about $100k in equity in your house, congrats!!

@Miiockm I think she includes half the mortgage debt as well as half of the residence’s value.

Young says:

@Leigh- congrats Leigh!!! I feel like I”m cheating a bit with adding the pension but haha a girls gotta do what a girls gotta do lol.

Miiockm says:

Can I ask why you only include half of your residence’s value yet include most or all of the mortgage debt? Unless that mortgage debt is only the portion that you are responsible for? If you split the value I would assume that you would split the mortgage debt as well, no? Just wondering.

Young says:

@Milockm- Yes, Leigh’s right, I include half of the mortgage debt too! 🙂