I’m writing this update with great relief as I just (financially) made through my sister-in-law’s wedding. It was an amazing wedding, followed by a great party! The final expenses towards this very touching event are now behind me (and my wallet!). I can now concentrate on the rest of the year (which should be much smoother in terms of expenses!).
I have solved (almost) my pension valuation problem
After writing in my last net worth update that I wasn’t too sure about the value of my pension plan, one reader asked me to look carefully in the booklet I receive annually from HR. I found my 2008 booklet and the value of my pension plan (back then) if I was going to quit my employer and take it with me.
I was happy to find out that it was worth a little bit more than $10,000 2 years ago! The only problem I have right now is that I can’t find my 2009 booklet (that was received early in 2010). I guess it got lost in the few boxes I have yet to unpack since I moved this summer. I now have 3 options:
#1 wait until next spring to get my 2010 booklet and put a good boost in my net worth statement (more likely to happen 😉 )
#2 find my 2009 booklet somewhere (good luck, never going to happen!)
#3 call the evil HR department and ask for another one (let’s say we have a 50% chance of that happening 😉 ).
Making choices to grow my net worth faster
I guess you know me by now and you know that being frugal is not my thing in order to have more money in my pockets. However, I am trying to be smarter with my money (so far it’s working ok for me!). One of the decision I have taken recently is to ride my lines of credit (both HELOC and personal) until they are at the max and then cash out my employer’s stocks.
I usually cash them once a year to pay off my municipal and school taxes and other stuff. This year, I will try to pay those expenses from my credit lines (or better yet, my bank account!) and keep my money invested. Why am I doing this? Because I get a 4% dividend on my bank stocks and I pay a ridiculous 1.375% on my debt. Add potential capital gains to the equation and you have a winning option to make a few bucks on the side ;-). So the goal will be to live with my income and pay all my expenses with it (which has never been done since I purchased my first house!).
If I can make it, I’ll definitely have a much higher net worth in 2011 (looking to get to 200K!!).
In the meantime, let’s take a look at how it went this month:
|LINE OF CREDIT||$18,703||$18,638||-0.01%|
|MBNA 1.99% TRSF||$11,661||$11,179||-4.1%|
Total Net Worth : $151,960 (+2.5%)