2015 Q2 Update – My Net Worth is up!

Net Worth Quarterly update

So how’d your first 3 months go?

Well my whole goal for the first three months of this website were basically just to get 10 articles up and then start sharing this with family and friends.  I managed to get the ten articles up in my first month, so that went a little better than I initially thought it would. Most of the articles were personal finance and only a handful were travel related.

After those first ten articles I started to falter a bit with them so I decided to make a schedule for myself, which is the current Monday and Thursday updates. This started off with one update on Monday and then I got some terrible news and life got put on hold for two weeks at the end of May. Once the terrible news started to turn around and things got back to normal I started back and have hit the 4(5 including this one!) deadlines I’ve set for myself since I started back.

I’m planning to keep up the Monday/Thursday posts pretty consistently from here on in.  So keep checking back for my

Wait, I thought this was a net worth update?

You’re partially right, for me it’s actually more of an update in general about this site.  A big part of it is the net worth to see if I’m continuing to increase my wealth as planned but also I’ll be using these updates to set a few goals for myself.  Reviewing your life and what you thought would happen over the next 3 months from 3 months ago I think will really help me achieve more in life, not just financially but in my career and personal life as well. But since you asked for it

ON TO THE NET WORTH UPDATE! BA DADA DAAA!

Increase Net Worth

Woo! If only I could do that every quarter!

As you can see from the chart above, I had a pretty good quarter with a 18% increase in my net worth. The increase is slightly skewed due to the addition of the RRSP.  It’s an RRSP that was started for me by my parents when I first started working as a teenager and the statements are still being mailed to my father’s house but I was able to get the most recent one for this. Eventually I’ll merge that with my other RRSP(which is not currently included either due to some timing issues on getting an update).

Not including that magical influx of hidden cash I still had a pretty great quarter with a 16% increase. The biggest increase is from taking some of my high interest e-savings for a down payment on a purpose built investment property. It worked out really well in terms of net worth because the house was appraised above the purchase price by several thousand dollars.

Net worth increase

Warning! Content may be graphic in nature! – Assets and Debts both increased, but one a lot more than the other.

Another few things to note:

  • The value of the YMM townhouse hasn’t changed. I received an update from my realtor on all the units sold in that complex over the last year and there’s been nothing new sold since the last update, only expired listings at around the $350,000 mark. With that info I’m fairly confident that my valuation is reasonable.
  • The value of my vehicle hasn’t changed mostly because I will update that on a yearly basis.
  • My debt is 97% mortgages, which isn’t a horrible thing in my opinion. The worst part is the high percentage in Fort McMurray which is highly affected by the low oil prices this past year.
  • My net worth is 43% in housing, 6% vehicle and the rest is liquid (cash, stocks, etc).

So what about those improvements you mentioned in your first Quarter?

Well those haven’t gone exactly as planned, but here’s an update since you asked.

  1. Get rid of the Non-registered investment account– Since the last update the TFSAs contribution room has increased from $5500/year to $10,000/year so I sold some shares and put the money into other equities in my TFSA.
  2. Put my “High” interest savings account to work – I put this to work in the form of an investment property. I spent a good chunk of it on the down payment and another chunk of it will disappear shortly once I receive the bill for the renovations to one of the units.  The bright side, it should net me a 25% return each year after all of the bills are paid, provided it’s fully rented and there are no major repairs.
  3. Pay off the loan on my vehicle– I’m still debating this one. It’s an interest rate(4.85%) that is right on the cusp of being achievable through some relatively low risk investing, but also this money is in my savings account and not even returning half of that.
  4. Manage my RRSP better – I was able to track down the old RRSP account my parents set up for me when I was a teenager as I mentioned above. This will eventually be merged into my current RRSP and balanced with the rest of my portfolio.

 

Pretty good quarter for you. So what were these goals you were talking about?

Thanks random headline that will help segue to this next section!

For the next 3 months I’m going to achieve goals in finance, this blog and my personal life.

  1. Financial goal – I’m hoping to not lose any ground on my net worth. This quarter coming up I’m going to be taking 2 trips back to the east coast for some family/friend events and vacation. Also I’m going to probably be receiving the bill for the renovations to my new income property, which were estimated to be in the range of $12,000 dollars.  So if I can manage to not drop in net worth I think that’ll be a pretty good goal.  The only gains will be the addition of my GRRSP from work.
  2. Blog goal – Meet my planned updates for every Monday and Thursday.
  3. Blog goal – double my social media community (Currently Twitter-14, Facebook-25, Instagram-30).  Which if you guys haven’t check any of them out, I’d highly recommend it! By far they are the best social media accounts I update!
  4. Blog goal – get featured on 2 established blogs.
  5. Personal – Plan a birthday trip on budget for the last quarter of this year.
  6. Personal – Finally fill out my APEGA (engineering) experience forms and write the exam to receive my Professional Engineering designation. Working in construction this was never a big priority for me but it’s gotten to a point where I have more than enough experience and I should probably just fill out the papers and make a few calls to get it done. Basically I was lazy on this one! This is also a great financial tool because it will give me better leverage when negotiating a salary on my future jobs/raises.

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