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 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%)
- 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 need about 2-3 BMO shares to obtain 100 shares
- 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!
- I have maxed out my TFSA contributions for 2012
- 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 World Points World 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.