I was unsure whether I would continue to write these progress report posts after June’s update. I consider myself a fairly open person but divulging personal financial information to the general public (Okay, let’s be honest – all 10 of you!) was a little scary. So I thought about it for a few months and weighed the pros and cons of lettin’ it all hang out.
After hemming and hawing, I decided I wanted to keep these progress reports going for one main reason that outweighed my own insecurities: It is useful and helpful to my readers, which is the main reason I started this blog in the first place. It also helps keep me in check knowing I’ll be reporting to all of you.
Talking about money is still a bit faux pas in our society, which is odd when you think about how far we’ve come on so many different issues. Talking to a someone about our money is about as personal as talking to a priest during confession. I’m not saying we all need to post progress reports and hang out our laundry for all to see but opening up and talking about our personal situation with others can really be useful. Money and wealth, just like your car, is a vehicle that helps you get where you want to go in life.
So with all that non-tangible thought out of the way here’s my numbers for September 2014:
ASSETS – $358,086
- Cash – $2,115
- TFSA – $28,112
- RSP – $37,859
- Car – $20,000
- House – $270,000 (approximate fair market value)
I haven’t contributed much to my investment accounts outside of my work RSP this year. Part of the reason is that I’ve been paying down my line of credit and had a couple one-time expenses related to the house. Despite never wanting to time the market, I think there’s been some massive unsustainable gains. Either way I’m hoping to top up my TFSA within the next four months.
LIABILITIES – $176,319
- Credit Card – $2,600
- Line of Credit – $5,719
- Mortgage $168,000
Line of credit is down to $5,719 this year (started 2014 at $20,500). I pay off my credit card balance each month, so I’ll need to pay that first in October before I tackle any more of my line of credit.
TOTAL NET WORTH (assets less liabilities) = $181,767
2014 FINANCIAL GOALS UPDATE
Invest 25% of my take home pay (after tax salary) – I’m hoping to make some more contributions before the end of the year, which should put me around 27%, so I’m on pace for this.
Investment portfolio of $70,000 – Currently sitting at $65,971. The market took a bit of a dip at the end of September which brought the value down. As always, I have no idea where the markets will go in the future, but if they keep sliding I’ll be eager to continue to keep buying, and if they go up…well…I’ll keep buying!
Pay off line of credit– Currently sitting at $5,719. We’re almost there! Plan is to pay that off by the end of October and then tell that bank to suck it! (…but thank you for the loan!)
Earn $2,000 outside of day job – Currently at $2,017. We did it! I mentioned I wrote an e-book earlier this year and I’ve also managed to earn some additional cash doing some tax returns and other nerd accountant services. I managed to do this all on the weekends for the most part which surprisingly didn’t take up too much of my valued video game time. I probably have spent more than $2k to earn this $2k (learning, insurance, tax software etc.), so my profit is basically nothing, however, it was cool to learn and earn on my own.