Another year just flew by and I am not sure of what happened 😉 I was so busy that I barely noticed months passing by. I actually didn’t put much attention into my net worth evolution over the current year and I am sure this is probably the case for many of you. However, I think that complete a personal balance sheet at the end of each year is a good personal finance exercise.
– Cash account: I don’t know!
I never count my cash account because it is too volatile (like the market!). I don’t keep much in there since all my money is already redirected for specific purposes (the joy of automatic electronic transfer!).
– Car: $6,000
Then again, I don’t put much importance into car value. The only reason I put a value is because I paid the damn thing ;-). On the other side, cars depreciate so fast that it is barely to balance the debt that I paid! Last year, I put a value of $8,000, so I am down 25% on this item L
– Smith Manoeuvre Account: $6836
Man it’s been a rough year for all of us who leveraged! I keep confidence in the strategy and will keep investing my $400 into my Smith Manoeuvre.
– RRSP Account: $9,000
Definitely, I got a real good hit in all my investments! I actually tried to play smart and make a few trade. In the end, I think I will put my upcoming RRSP contribution into ETF’s and wait 😉 If you can’t beat them, join them!
– Stock account: $1,500
I purchase my employer’s company stocks through this account. While I use it once a year to pay off municipal taxes and other household expenses, I still have a steady balance in there.
– Pension plan: $???
This one is though to determine as it is a defined benefit pension plan. So I have no clue what’s in there. I’m waiting to get my employee’s guide to retirement in February to get a better figure.
– House: $300,000
This is not my own opinion as I paid a professional appraisal (not a real estate agent!) to appraise the house. Renovations definitely helped getting a bigger value!
– Company shares: $7,000
This is what I injected in the company back in April. However, I am absolutely certain it worth much. On the other side, it doesn’t have a liquid value so I keep it as is.
Total assets: $330,336
Home Equity Line of Credit (HELOC): $253,000
This amount increased significantly since I used it for my Smith Manoeuvre, investing in my company and doing home renovations. I basically used low interest debt to increase my net worth overtime.
Personal debt: $28,600
This debt is due in 2 years at a rate of 4.80%. I have now to start putting money aside to pay it off 😉
Total Liabilities: $281,600
Net Worth: $48,736
Overall, my net worth increased compared to last year (17%) but I am confident that I will increase it more significantly in 2009. Investments went down and I spent a lot of money investing in my house and my company. While my property helped me getting low rate interest charges, my company will gradually help me creating an alternative source of income and pay some bills in the upcoming year J
I wish everybody a marvelous 2009 with positive returns on your investments 😉
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