I’m trying to get closer to the first week of the month to pull out my net worth report. For this month, this is not helping me show great results since I had only 3 weeks to pay off my debts. I guess this is why I am getting such “small” results.
The good news is that I am still increasing my net worth, the bad news is that my level of debt from one month to another is almost the same ($300 lower…). If you consider that the stock market has been good to me for the past 3 weeks, there is definitely nothing to write home about!
For the first time in a while, I am trying to be more frugal in order to pay off my debts. This is why I made a nice dinner for Valentine’s Day instead of going into an expensive restaurant ;-). Last weekend, we went window shopping as we just walked by the stores and noticed what was the new trends are for this summer… without opening our wallets ;-). I don’t know for how many months (or should I say weeks? Hahahaha!) I can handle like this but I know that if I hold on until June, I’ll be able to pay off a good part of my debt.
In fact, my goal for the next 3 months is to keep my expenses low so I can slowly pay off my debts while waiting for my income tax return (usually around $2,000) along with my half year bonus (which should be around $4,000 net of taxes). I should receive the bonus mid June. So this will definitely help me out in paying off my debts and get in line with my 2011 financial goal of paying a total of $22,000 in debt ;-).
When I look at both Assets and Liabilities, I have a feeling that I could hit 3 milestones this year:
#1 Reaching more than $500,000 in assets
#2 Decreasing my debt level under the $300,000 mark
#3 Having a Net Worth of $200,000 by the end of 2011
This would be quite awesome… but I while I am convinced of reaching 500K in assets, I definitely have to work on paying off my debts!
Here’s the detail of my assets and liabilities:
CHECKING ACCOUNT $1,000 $1,000 0.0%
$2,922 $3,627 24.1%
RRSP ACCOUNT $23,769 $24,639 3.7%
PENSION PLAN $12,000 $12,000 0.0%
HOME $338,640 $338,640 0.0%
COMPANY SHARES $75,000 $75,000 0.0%
MAZDA TRIBUTE $22,568 $22,134 -1.9%
MAZDA RX-8 $10,000 $9,600 -4.0%
TOTAL $485,899 $486,640 0.2%
CREDIT CARD $7,818 $8,979 14.9%
LINE OF CREDIT $19,431 $19,456 0.1%
HELOC $263,576 $262,712 -0.3%
CAR LOAN $22,568 $22,134 -1.9%
MBNA 1.99% TRSF $10,000 $9,800 -2.0%
TOTAL $323,393 $323,081 -0.1%
Total Net Worth: $163,559
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