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.
It’s the end of the year, I’m starting to plan for next year. So I thought I would share a few of my goals for the next year.
1) Save $10,000 in 2007. This will include RRSP accounts, taxable account, and the pension plan.
2) Investigate other streams of income. I’m basically going to have a look at a possible small business or a rental property. I’m not entirely sure what, but I’m going to start devoting some of my time to looking at my options.
3) Keep painting and other minor renovations to the house to boost its value by at least $10,000.
I know that hardly earth shattering goals, but I like to keep my goals for a year fairly realistic. I know too many people who make goals that are too hard and then they get frustrated by not making them.
As par of my vacation I’m getting caught up on some reading and I came across a great little book. How to Retire Happy, Wild and Free by Ernie J. Zelinski is a must read, but not for the usual reasons.
Typically I read books for investment advice, spending reductions and taxation. This one is different in the regards it focuses on that old question of “What are you going to do with all that time in retirement?” Ernie actually gives a great read on how to plan your leisure time to ensure you have a rewarding retirement.
It a pleasure to read a book that addresses the idea of how to have satisfying leisure time. I think most people spend far too much leisure time at passive activities such as watching TV. One example in the book is if you reduce your TV time by just one hour a day you will gain about 365 hours a year or about 20 extra days a year (based on a 18 hour day awake time) to do something more meaningful, such as reading or another hobby.
So next time you think you don’t have time for anything. Try to just find one hour a day and see what happens. (Yes, I know that an hour can seem like an impossible goal some days, but try for just 15 minutes and you still gain an extra 5 days a year on something.)