- The Financial Blogger - https://www.thefinancialblogger.com -

September Net Worth Update $151,960 (+2.5%)


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:


CHECKING ACCOUNT $2,156 $1,00033.3%
$3,689 $4,97034.7%
RRSP ACCOUNT $16,023$15,465-3.5%
PENSION PLAN $12,000 $12,000 0.0%
HOME $332,000 $332,000 0.0%
COMPANY SHARES $70,000 $75,000 7.0%
MAZDA TRIBUTE $24,738 $24,304-1.7%
MAZDA RX-8 $12,000 $11,600 -3.2%
TOTAL $472,241 $476,3390.7%


CREDIT CARD $5,474 $7,41935.5%
LINE OF CREDIT $18,703 $18,638-0.01%
HELOC $263,839$262,839-0.3%
CAR LOAN $24,738 $24,304-1.7%
MBNA 1.99% TRSF $11,661 $11,179-4.1%
TOTAL $324,415 $324,379-0.01%

Total Net Worth : $151,960 (+2.5%)

Google+ [1]
You Want More? Sign-up! ->
Tweet [2]
TFB VIP Newsletter
28 Comments (Open | Close)

28 Comments To "September Net Worth Update $151,960 (+2.5%)"

#1 Comment By The Passive Income Earner On September 20, 2010 @ 10:27 am

Keep up the good work! I noticed you don’t have an RESP account and you have a child. What’s your plan around providing an eduction for your child?

#2 Comment By Kevin On September 20, 2010 @ 3:51 pm

Not to quibble, but how is going from $2,156 to $1,000 a 33.3% increase?

#3 Comment By The Financial Blogger On September 20, 2010 @ 4:45 pm

@Passive Income Earner,

I am guilty of not having a RESP yet… right now, I don’t have a plan to fund my kids education… I should be able to open a RESP next year…

@ Kevin… this is called ” playing with the tables too much with not enough coffee in the morning”. good point!

#4 Comment By Million Dollar Journey On September 20, 2010 @ 5:56 pm

Good post Mike. I believe that MBNA has a 0% for 15 months (got the letter in the mail). May be a good time to consider transferring your 1.99% MBNA debt.

#5 Comment By The Financial Blogger On September 20, 2010 @ 5:59 pm

that’s what I heard too! I’ll take a closer look into it!

#6 Comment By Jungle On September 21, 2010 @ 3:37 pm

Good Job. I remember reading your networth was lower before. Good to see it grow. PS: I assume you use your HELOC as your mortgage?

#7 Comment By The Financial Blogger On September 21, 2010 @ 7:21 pm

@ Jungle,
yup, I only have a huge HELOC, no regular mortgage!

#8 Comment By Mama Zen On September 21, 2010 @ 9:48 pm

call the evil HR department ….

ahum… LOL 😀

I worked about 8 years as a HR manager 😉 we’re not all THAT evil!

#9 Comment By Financial Samurai On September 22, 2010 @ 12:37 am

Mike, watcha using your HELOC for?

#10 Comment By The Financial Blogger On September 22, 2010 @ 7:06 am

@Mama Zen,
Only Evil people say that 😉 hahaha!

@Financial Samurai,
I use my HELOC as my mortgage, I don’t have a fixe term and payment (i.e. not a regular mortgage), I prefer manage my debt through a line of credit.

I have used it to fund my company, buy my first car, do renovations, etc. Very useful!

#11 Comment By calvin On September 22, 2010 @ 2:35 pm

thanks for the feedback i do have additional questions and ill just ask them now while im here feel free to take your time in answering them as i have a ton 🙂
what kind of job should i seek out of college to put me on track to become a cfp?
id like to be like you and work for a bank on salary and commison whats a job entry level job for this?
is a mba degree necessary as a cfp to earn 6 figures?
should i study for cfp during college or after?
how many hours a day should i study for cfp? (i.e. what was your strategy?)
these are just education questions i have towards being a cfp i also have career/typical day questions as well but ill ask them on a later post as i dont want to overwhelm you to much as i no u have other posts to comment as well thanks again

#12 Comment By The Financial Blogger On September 22, 2010 @ 2:41 pm

#1 working in a bank will teach you a lot and will look good on your resume 😉
#2 it depends on where you live?
#3 nope, at all! you need a good sales approach and work hard, this will get you to the 6 figure income!
#4 if you can do both, I suggest you do it. the industry needs financial planner, the sooner you become a CFP, the better!
#5 I’m not good to answer this question… I barely studied all my life… My advice would be to learn “how to do things” and understand them not to learn rules y heart.

you can ask any questions you want 😀

#13 Comment By calvin On September 22, 2010 @ 3:24 pm

@financial blogger
first of let me say i had to lol when i first read ur response to number 5
okay well thanks for your input on that now lets take it up a notch
1.what are other careers in finance that pay salary plus commision i.e. loan officer etc. or whatever you can think of?
2.do these careers pay as much as a financial adviser?
3. whats an alternative career to being a financial adviser if i cant pass the exam? whats the next best certification?
4. being that you work for a bank how do u find clients are they appotinted by the bank or do you have to travel and find them on your own?
5. what does a typical day in life look like for you at work? (i.e. filing papers, making charts, meeting people etc. what is ttime do you work i.e. 8-6 etc.?
6. is your job hard/stressful or do u need to be well organzied etc.
7. how many clients do you have?(how many u see a day, week, month etc.)
8. i hear that financial planners deal with alot of paperwork is the paper work hard to do or easy just fill in blanks?

#14 Comment By calvin On September 22, 2010 @ 3:40 pm

9. what is the range of income of clients do u work with? ( i read once before that you prefer to pick your own clients y?)
10. i hear times are sometimes rough for cfp because of bad cfp will this effect my career?
ive got more but they keep slipping my mind so ill let you answer these first and hopefully theyll come back to me.
ohh yeah 11. is the math really hard/complicated in financial planning?
12. what kind of anaytical skills are really required and are they complicated
13. can you give example of these problems
also can i ask you to do a series of special post for me if you have time just write about a day in life of cfp, time line of day in life i.e. wake up time and daily activites until bedtime, dealing with clients i.e. finding/paperwork/keeping etc.
i think a lil series in this range of in depth financial planning would answer all my questions completely
if you need any more specfic info just ask

#15 Comment By calvin On September 22, 2010 @ 3:53 pm

just so you know
i know your posts are about helping people deal with finance but id like more in depth info on whats it like being a finanicial planner basically as i stated id like to become a cfp one day or the next best certified financial planner if the cfp exams dont work out
this is where my questions are really coming from i am just looking to getting very informed about this career before i dedicate myself to it
i have searched the internet for info but i basically get the same info over and over that is why i have come to you with my long list of questions
that why i requested the lil series of whats it like being a financial planner so i have a better understanding of what life is really like
another question just came to mind what kind of clients do you deal with i.e. regular people, businesses, corporations, wealthly people/celebrities etc.
please let me no if you think you will have time to make the series for me and if not i will understand thanks again :))

#16 Comment By The Financial Blogger On September 22, 2010 @ 4:23 pm

@ Calvin,
whoa! that was a lot of questions 😉
1. most financial career will include interesting bonus. when you talk about commission, you can think as:
– financial planner
– investment adviser
– mortgage broker
– insurance rep
2. if you are good at selling they are about the same level of income. it really depends on what YOU like
3. you can still be a financial adviser without a CFP but you will need your liscence for funds or insurance though
4. it depends on bank and their business model. I have a book of clients given by the bank and I am allowed to add any clients I want
5. I work about 30-33 hours a week. I meet around 8 to 10 clients per week. the rest of the time, I spend it doing admin work, doing retirement plan and analysing investment portfolios.
6. I don’t find it stressfull but many people do. You need to be comfortable with objectives and weekly standing report. YES, you need to be organized.
7. I have a book of 350 clients.
8. there is a ton of paperwork and I hate this part of my job. this is probably the only part I hate though 😉

more answers later on, gotta play with the kids now 😉

#17 Comment By calvin On September 22, 2010 @ 4:46 pm

lol i told ya so n i have time to wait no rush on your part i know your a very busy man 🙂
another quick question
you say i can work as an adviser w/o cfp certification whats the next best certification to get and i just looked on youtube adviser with cfp earn 120k and those without earn 100k what certification do you think those without cfp have? id be happy with that my goal in life was to reach 6 figures by age 30 so if i can do this w/o a cfp that would be great an extra 20k wont matter to me i can live without it and besides i can make passive income to cover that amout
boy this could be much easier if i could call you or we talk on webcam 🙂
off topic but any update on how is your friend doing with primerica

#18 Comment By calvin On September 22, 2010 @ 7:03 pm

as time goes by more questions arise 🙂
1.how many exams are there? is it 3 exams over 3 years or 1-3 exams in 1 year im confused
2. is a chfc certification as good as cfp do they do the same jobs and same pay?
remember you told me ask away so i am 🙂 ill hold on for now to give you a breather but know as i continue to look online at this career and something seems confusing or have a question about this career you will be my first call 🙂
3. ohh what are the exams i think series 7,62,63 but not sure thats why i ask do you take one of these exams or all 3 or 2 of 3 and take at one time in a year or spread over 3 years
just learning about this career is becoming very complicated 🙂

#19 Comment By The Financial Blogger On September 22, 2010 @ 7:33 pm

9. I work with people who has more than 250K to invest. depending on your financial instution, your minimum amount could be either lower (around 100K) or higher (high net worth management)

10. that is part of the game. Some clients get sarcastic, you just have to know how to handle them. We see horror stories in several field 😉

11. nope! it’s not basic math, but it’s not rocket science either.

12. you need to be able to have a wide vision and think about how each aspect of your strategy affect the others.

13. i’ll look into it 😉

#20 Comment By The Financial Blogger On September 22, 2010 @ 7:36 pm

the certification is not only to look good on your business card. You get much more expertise and knowledge and a regular adviser.

You have smaller certifications but I don’t think they are that much important compared to the CFP title. plus, it’s not that hard to get (compared to a MBA or a CFA).

#21 Comment By calvin On September 22, 2010 @ 8:58 pm

@financial blogger thanks for the feedback very helpful
but what about my series request and read all my messages i began blabbing by the mouth (which you obvisouly didnt want to hear ) but i asked questions in those post as well id appericate it if you look over them 🙂

#22 Comment By The Financial Blogger On September 23, 2010 @ 3:48 am


“which you obvisouly didnt want to hear”, what are you talking about?

for the last set of questions, I don’t think I’ll be able to answer since you seem to be American and I am Canadian, rules and courses are different. In Canada, the CFP title is obtained after a certificate in financial planning and 1 exam. When you are talking about 3 exams, I think you are referring to CFA… completely another beast (search my site I wrote about both of them).

I have written that I would be thinking about the series in #13.

#23 Comment By calvin On September 23, 2010 @ 5:08 am

@financial blogger
thanks man i forgot we were n different parts of the world but all is well
i think i have figured out what i will do..get finance degree then cfp then series 7,63,66 license and work for edward jones company
u have any useful info on that company
and starting out should i look for full commision job or for a salary plus commision whats the different percent i receive
edward jones says 1st two years are tough and by year 3 things should get better i like they say on 300k i get 36-42 percent commission how many clients you think i will need and is this a good deal

#24 Comment By calvin On September 23, 2010 @ 5:27 am

can u give (if you remember) how many clients you started out with and how much you made since beginning your career and your licenses during that time so i can have an idea of what to expect excluding your business worth i.e
2007-20 clients 30k no license
2008-65 clients 75k 1st year cfp and series 7,63,66 certification and licenses acquired
2009-160 clients 110k 2nd year with license
2010- 350 clients worth 150k as of now
or whatever your experiences were in your career thanks!!

#25 Comment By The Financial Blogger On September 26, 2010 @ 8:23 pm

40% on 300K? not sure I understand what you are talking about… this would make a huge amount in commission, maybe more 3 to 4%?

My book is given by my employer, therefore, I can’t give you an idea to evaluate a book value… sorry|!

#26 Pingback By Festival of Stocks, September 27, 2010 | Fat Pitch Financials On September 27, 2010 @ 8:39 am

[…] Financial Blogger presents September Net Worth Update $151,960 (+2.5%) posted at The Financial Blogger, saying, “A look at where my finances […]

#27 Comment By Sunil from The Extra Money Blog On April 3, 2011 @ 11:24 am

i am surprised to see you have not factored in NPV of your web properties 🙂 is that coming in future updates? your income producing websites are assets that can be sold, as opposed to your home which although has value/equity, cannot be sold. i mean it can but you are not going to live on the street are you?

#28 Comment By The Financial Blogger On April 3, 2011 @ 4:06 pm


it is part of my net worth. It’s my “company shares”. I go very conservative 😉