Monday, August 2, 2010

Net Worth Update

As of August 1st, my net worth was $126 412 (up 5.6% from $119 661. If I exclude house-related assets and liabilities, my net worth was $85 336 (up 8.2% from $78 839). That's an amazing and unexpected increase, due to a combination of a 3-pay period month and a general the rise of the markets.

Assets ($187 623, up 3% from $182 169)
  • Bank Accounts $4 466 (up 21% from $3 699)
  • Emergency Funds $2 265 (up 28% from $1 763)
  • RRSP Accounts $55 371 (up 4.6% from $52 936)
  • Non-Retirement Investments $26 865 (up 7.8% from $24 911)
  • Home $98 430 (up 2.2% from $96 330)

Liabilities ($61 211, down 2.1% from $62 508)

  • Credit Cards $3 822 (down 20% from $4 790)
  • Mortgage $57 353 (down 0.4% from $57 608)
  • Line of Credit $0 (stable)


  • Debt / assets: 0.326 (down from 0.343)
  • House value / total assets: 0.525 (down from 0.540)

I jusat realized that I had forgotten to report another increase to the estimated value of our house in May, as my insurer reassessment came in. The increase is $2 100 and was already taken into account for the value of my assets, but was not reported correctly on the corresponding line. I've made the adjustment starting this month.

My "debt reduction" drive has paid, since my credit cards are almost $1K lower than they were last month. I've closed one credit card that I had taken specifically for 0% financing of our mattress last year. A bad move, since that company had a $35 annual fee attached to it -- something that the salesperson failed to tell me at the time. I've black-listed that store for future purchse.

I moved back some money to my emergency fund to restore it to what it was in May. Last month I had mentioned moving some money to my daily bank account at the end of the month to pay back a credit card financing plan.

The shows I went to during the Summer festival were great. Santana was magical and Black Eyed Peas were awesome. :o)


Anonymous said...

You're making good progress with your networth and getting rid of the credit card debt. Good job. What is your goal for each component? i.e. what is your emergency fund goal etc.

Frog of Finance said...

I established some overall financial objectives at the beginning of the year, when I was reviewing last year's. These were $125K net worth and $1300 dividend income by the end of 2010.

I've already achieved the net worth, so unless the markets crash before the end of the year, I should be fine for this one. As to the dividend income, I'm well on my way towards achieving it, although it will be tight.

Aside from that, I don't have speficic goals regarding the various components of my net worth. I use my emergency fund mostly as a safety net in case something breaks and needs to me repaired right away, if the roof leaks, etc. I want to increase it slowly from about $2K to eventually $4K, but I'm in no hurry.