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July Net Worth update (2.29%+) Getting Things In Order Now!

Since last month, I am completing my net worth statement a little bit late in the month. I wanted to get by my move before making all the calculations. I’m now “moving” forward with my new house and my personal finance seems to be under control.

At one point, I really felt that my budget was like a race car in a huge rainstorm. It was driving pretty fast, going a little bit sideways and doing things I didn’t expect. In the end, I just held on to the wheel, white knuckles and all hoping that I will get to my destination… which I did… yeah!

As I previously mentioned, my new challenge will be to pay off my MBNA balance transfer credit card in the next 10 months. Actually, paying that off should not be too much of a problem. The real financial challenge behind all this is that I would also like to:

#1 Start my Smith Manoeuvre again in August

#2 Go down south with the whole family in 2011

#3 Build a 2 door garage next summer

I think these new objectives will be the problem ;-). In the meantime, I’ll concentrate on putting $500 per month on my credit card so I can clear $4,000 out of the $12,500 I owe until February 2011 and use my year end bonus (deposited at the end of January) to make the final payment.

I still have my “welcome tax” to come in the next month (or week… yikes!) so my net worth will drop sooner or later by $4,000 (yup, that is what it costs to move within Quebec!)… In the meantime, I’ll let my employer’s stock account grow (so it can pay for my family trip next year!).

I just have to find a way to build my 2 door garage…. thank god it’s not this year!

So let’s take a closer look at the numbers now:

TOTAL ASSETS: $472,241

CHECKING ACCOUNT $9,675 $1,617 -83.3%
$2,772 $3,280 18.3%
RRSP ACCOUNT $15,982 $15,772 -1.3%
PENSION PLAN $12,000 $12,000 0.0%
HOME $332,000 $332,000 0.0%
COMPANY SHARES $70,000 $70,000 0.0%
MAZDA TRIBUTE $25,606 $25,172 -1.7%
MAZDA RX-8 $12,800 $12,400 -3.1%
TOTAL $480,835 $472,241 -1.8%


CREDIT CARD-$938 $1,697 -280.9%
LINE OF CREDIT $18,792 $18,727 -0.3%
HELOC $265,600 $264,761 -0.3%
PARENTS LOAN $12,750 $--100.0%
CAR LOAN $25,606 $25,172 -1.7%
MBNA 1.99% TRSF $12,500 $12,000 -4.0%
TOTAL $334,310 $322,357 -3.6%

NET WORTH: $149,884 (+2.29%) (if I’m lucky, I’ll get a $150,000 +  net worth next month!)

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4 Comments (Open | Close)

4 Comments To "July Net Worth update (2.29%+) Getting Things In Order Now!"

#1 Comment By BMSP On July 21, 2010 @ 9:20 am

Must be very encouraging to see your net growth improve every month. The only sad point about restarting youir Smith Manoeuvre is that your net worth will become a lot more volatile and you will actually have down months, right?

#2 Comment By The Financial blogger On July 21, 2010 @ 9:53 am

I wasn’t convinced to post about my net worth on every month at the beginning but it became a great source of motivation!

My smith manoeuvre account won’t count much in my networth in the beginning but over time, it will definitely be a source of “distraction”.

#3 Comment By IntelligentSpeculator On July 21, 2010 @ 11:24 am

Why are you restarting now and what will be your strategy there?

#4 Comment By The Financial blogger On July 21, 2010 @ 3:01 pm

I am restarting now because my financial situation is much more stable after a year in a single income household 🙂

I’ll write more about my strategy later on 😀