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One of my goals this year was to aim for a $200K net worth by the end of 2012 though I wasn't sure if it would be possible since I'm in school. If I include my pension amount, this might work. I just need to find my password to check how much is in my pension.
I ended up transferring a large (basically soon to be all of it) portion of my margin non-registered account into my RRSP. The good thing about it is that I don't have to keep track of dividend income, capital gains, etc. for tax purposes when these are in registered accounts.
We decided to succumb and get another Costco membership. We find it good for meats and they have these delicious organic crackers that are at least 50% more in price anywhere else. I find that although we probably only go to Costco maybe 4 times a year, having that flexibility is great. Speaking of Costco, have you all seen the video of Ellen in Costco? It's hilarious.
Okay, so here’s the breakdown for September 2012:
CASH: 16,547 (-0.7%)
- This month there was negligible growth in this department because I couldn't help myself and bought approximately $2000 worth of shares in BMO. It's my idea of a shopping spree.
- Boyfriend and 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 $3700 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.
- Did you hear about the oldest couple (84 years old) that have reached the summit of Mount Kilimanjaro? They were doing it for Alzheimers research. Reading that story almost made me cry, it was so sweet.
- My goal is to save $5000 in my emergency fund by the end of the year <— this might not happen with the recent stock splurge, but we'll see.
STOCKS: $2520 (-71.3%)
- I finally did it. I transferred assets in my margin account to my RRSP account to pay for half of the RRSP loan (Home Buyers Plan) I have to myself since my income is lower this year.
- These are stocks that capture 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
RRSP: $20530 (+46%)
- 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 haven't decided whether or not to pay it back this year or have the 1/15 amount included as income. Since I'm in school, my income has decreased substantially so it might be feasible to just let the minimum amount get added as tax for 2012 (remember RRSP's are all about tax deferring!)
TFSA: $25053 (+10.4%)
- This is where I splurged on the $2000 of BMO 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%)
- I know this it does not make any sense to divide the principle residence and mortgage debt by 50%, but since I cannot disclose my boyfriend’s financial information, I will do it this way to simplify things. Some of you may not agree to that, and I understand.
- Vancouver's housing prices seem to be cracking! Lots of inventory and no one buying. Dun dun dun….
Mortgage Debt: $289,044 (-0.26%)
- Our basement suite is rented out so this takes the sting out of me going to school and dropping my income. One of our next projects is to re-do the floors for the tenants.
Credit Cards: $1094
- With my MBNA World Points World mastercard, I already almost have another $290 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.
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