All right, I realize that we are almost done with June but this month just flew by with the launch of my dividend investing ebook (I’ll share with you the results next week!). So it’s about time that I provide my net worth statement.
The good news is that my assets are growing faster than my debts. The bad news is that my debts are still growing. On another positive note, I’m done with my major expenses for summer (A/C has been paid, baby showers are history, municipal taxes have been paid and the birthday gifts for both my children are paid for). On the other hand, I didn’t receive my mid-year bonus yet. I am hoping that I will get it in July, yet the news is that the bank is very conservative and I won’t be receiving much (as compared to what I will be getting at the end of the year!).
I have increased the value of my house by 7K which was the cost of my central A/C. Perhaps I should not increase the value by the full 7K but I swear it’s worth it ;-). Since I only attribute a 3% increase annually on my house (while the market is growing faster in my town), I don’t feel too bad about it.
I still haven’t received my pension plan update, I am starting to think they forgot about us ;-). This will also see a big jump (as I am still working with 2008 numbers). We are now about to enter a cool period in terms of spending as I don’t have many expenses coming up this summer. Therefore, I should benefit from 3-4 months in a row where I should be able to drop my debt level. It is definitely about time!
I also got a good income increase (which starts this week!) so I will use this extra income to work on reducing my debts. So far, I’ve been able to switch my debts around so I don’t pay more than 2% interest on any of my debts. This is probably why I keep spending; the impact of the interest rate on my budget is minimal. However, things won’t always be this way so I had better start cooling down ;-).
I’m really looking forward to next month’s update, as I should be able to drop my debt by 1 or 2K. Let’s concentrate on my goal to pay off my credit card debts by the end of the year!
CHECKING ACCOUNT $1 000 $1 000 0.0%
$5 774 $6 197 7.3%
RRSP ACCOUNT $22 175 $21 407 -3.5%
PENSION PLAN $12 000 $12 000 0.0%
HOME $338 640 $345 640 2.1%
COMPANY SHARES $98 000 $98 000 0.0%
MAZDA TRIBUTE $21 266 $20 832 -2.0%
MAZDA RX-8 $8 800 $8 400 -4.5%
TOTAL $507 655 $513 476 1.1%
CREDIT CARD $14 870 $18 859 26.8%
LINE OF CREDIT $19 348 $19 759 2.1%
HELOC $264 348 $264 574 0.1%
CAR LOAN $21 266 $20 832 -2.0%
Personal Loan $12 500 $12 291 -1.7%
TOTAL $332 332 $336 315 1.2%
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