For those whom have been reading me for a while you might wonder why it takes me a while to post an update on my net worth. After all my last one was in Dec, 2006. To be honest I find tracking it on a monthly basis just a bit too mind numbing for my taste, but in the interest of knowing how I’m doing I have decided to update it every two months. So here we go.
House $200,000 (I raised this up a bit to cover some recent house improvements and also to reflect my most recent market survey of house prices in my area.)
Old Work Pension $10,500
New Work Pension $500
Wife’s RRSP $5000
Wife’s Investment Account $4400
ING Savings Account $2000
Line of Credit $0
Therefore my net worth now stands at: $85,450.
Overall a nice little increase (+$5,250 or 6.5%) from my last check up. As you might have noticed my new work pension has kicked in so that should help out the savings nicely. I will note here that these numbers were from Feb 26 when I started pulling them together and don’t count in yesterday’s slide on the markets (but my guess would be that slide dragged me down around $500 total).
With the end of the year approaching I think it is time to take a snap shot of my net worth and find out how I’m doing. In general practice, even if you do nothing else for the entire year of tracking your net worth it is useful to get an end/start of year snap shot of your financial health so you can track your progress at least yearly.
House $198,000 (I recently did a survey of house listings in the area, apparently my last estimate of $195, 000 is a bit low since a house with 500 sq ft less that mine is selling for $198,000.)
Wife’s RRSP $4800
Old Work Pension $10,500 (I’m almost embrassed to say I forgot about this in my first net worth calculation)
Wife’s Investment Account $4200
ING Savings Account $1000
Line of Credit $0 (As I mentioned before, I keep this as part of my emergancy fund.)
Therefore my net worth now stands at: $80,200.
Even with my ‘lost’ pension money that is still a nice little increase from my first net worth check back in Nov. See you in the New Year.
Well in any race you need to define where you are and where you are going. In this case I need to understand where I am right now. So I’ll use my net worth to provide a benchmark (which is basically: what you have minus what you owe).
What I have (Assets)
House (Market Value) $195,000
My RRSP $11,000
Wife RRSP $4,000
Wife Investment Account $4,000
ING Savings Account $2,000
Asset Total: $216,000
What I owe (Liabilities)
Line of Credit $0
Student Loans $0 (Just paid off!)
Liabilities Total: $150,000
Net Worth = $216,000 – $150,000 = $66,000
All in all I’m fairly happy with that number. After all I’m under 30 and I have a positive net worth. By the way, I had $60,000 in student loans between my wife and me about six years ago.