May 11, 2010, 4:20 am

May Net Worth Update (+13.5%!!!!)

by: The Financial Blogger    Category: Assets and Net Worth
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As I had mentioned during my April Net Worth Update, there will be a lot of money movements in the upcoming months. First, we had my best friend’s wedding and now we are selling our house. Since we are moving to a “remote area” like my friends used to say, I’ll need another car (which I am currently buying as well). This is why money will fly from the left, right and centre (much like shot at the net of Halak every game over the past 2 weeks!).

However, with the recent sale of GLBL and the sale of our home, I am starting May with a big jump in terms of net worth.

So here we go with the assets:

ASSETSPREVIOUS
MONTH ($)
CURRENT
MONTH ($)
CHANGE (%)
CHECKING ACCOUNT $1,641 $--100.0%
EMPLOYER STOCK
ACCOUNT
$6,571 $2,385 -63.7%
RRSP ACCOUNT $17,198 $17,274 0.4%
PENSION PLAN $12,000 $12,000 0.0%
HOME $325,000 $330,000 1.5%
COMPANY SHARES $30,000 $30,000 0.0%
CAR $26,474 $26,040 -1.6%
TOTAL $418,884 $417,699 -0.3%

As you can see, I didn’t increase the value of my company shares. As I previously mentioned, I am waiting until the end of the year to reassess them. However, I did put the fair market value of my home at 330K since this is the amount of the sale. It’s always nice to be conservative and sell higher than your estimate ;-).

In the meantime, we gave ourselves a nice dividend payment that was applied to my line of credit. In fact, I brought my bank account to 0 for the time being, I’ll be exclusively working from my line of credit to manage all my expenses. It will be easier this way ;-). So while my assets went down a bit during this time, you’ll see that our debt dropped significantly!

Liabilities:

DEBTSPREVIOUS
MONTH ($)
CURRENT
MONTH ($)
CHANGE (%)
CREDIT CARD $2,419 $5,149 112.9%
LINE OF CREDIT $13,372 -$6,632 -149.6%
HELOC $237,875 $238,902 0.4%
PARENTS LOAN $25,300 $25,500 0.8%
CAR LOAN $26,474 $26,040 -1.6%
TOTAL $305,440 $288,959 -5.4%

I didn’t make a payment towards the loan from my parents. In fact, we are planning to use the equity on our home to pay them back completely. I am tired of having this debt hanging over my head and I don’t want to wait until November anymore. While my parents don’t need the money, the topic comes up in our conversation too often for my taste. So I am currently managing how I will use all my resources to make this payment and then, I’ll feel better spending my money on other stuff 😉

Total net worth : $128,740 (+13.5%!!)

I am really proud to see my net worth jumping to this new level this year. I didn’t expect a big change in 2010 as it will be my very first full year with one income. However, I now have realized that I am now making enough to cover my wife income and mine combined together.

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Comments

Congratulations on the sharp uptick in your net worth. It is always fun to see it grow and debt go down.

Well done. You’re definitely trending up from month to month! Good luck in paying back your parents loan. I know how it feel.

Eyes on the prize! Great job! And I definitely understand about the “looming conversation” of owed money to your parents. Once you pay them off, you need to celebrate!

by: The Financial Blogger | May 12th, 2010 (5:55 am)

The only bad side is I do expect my net worth to drop a little after the transaction on my house… a lot of money movement to come!

Great work. And yes, pay off those parents!!! I can’t imagine the nagging feeling. Cheers!

[…] Financial Blogger presents May Net Worth Update (+13.5%!!!!) posted at The Financial Blogger, saying, “with the recent sale of GLBL and the sale of our […]

[…] Financial Blogger presents May Net Worth Update (+13.5%!!!!) posted at The Financial Blogger, saying, “with the recent sale of GLBL and the sale of our […]

[…] Financial Blogger presents May Net Worth Update (+13.5%!!!!) posted at The Financial Blogger, saying, “with the recent sale of GLBL and the sale of our […]

[…] Financial Blogger presents May Net Worth Update (+13.5%!!!!) posted at The Financial Blogger, saying, “with the recent sale of GLBL and the sale of our […]