March 8, 2011, 5:00 am

March Monthly Net Worth Update (+0.40%)

by: The Financial Blogger    Category: Assets and Net Worth
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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:

Assets: $486,640

ASSETSPREVIOUS
MONTH ($)
CURRENT
MONTH ($)
CHANGE (%)
CHECKING ACCOUNT $1,000 $1,000 0.0%
EMPLOYER STOCK
ACCOUNT
$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%

Liabilities: $323,081

DEBTSPREVIOUS
MONTH ($)
CURRENT
MONTH ($)
CHANGE (%)
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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Comments

Not bad Mike! Is this your own NW or you and your wife’s? What is company shares? Is that your day job shares, or your online blogging shares? Are you keeping your online business separate from your net worth? If so, why not just include it?

Your Member Post is up!

Best, Sam

that’s our NW (we share everything 😉 ).

shares are company shares. I value them at a very low value to be conservative. I would never sell my company for $150k today. I would not even consider 500K to be honest 😉

thx for the member post, I’m going to see the comments right away!

Mike,

I am not a super anti-debt guy especially when you are building up your businesses with such intensity BUT…why is the debt going up! You are making ~7K/month even if that is only $500 a profit…why isn’t that going towards principal?

by: The Financial Blogger | March 9th, 2011 (6:19 pm)

@Evan,

the debt is not going up. in fact, it is slightly going down (by $300). I play around with my credit cards and my HELOC right now. this is why sometimes you have the impression that my credit card debt is going up.

As I have mentioned in my earlier post, I need to slowdown. Right now, the profit within the company is used to pay off debts (in the company).

however, a few months ago, I was at 328K in debts now, I am at 323K ;-D

I am convinced I will pay off the 23K this year to go below the 300K mark.