June 2014 Progress Report

Progress Report – June 2014

I’ve always been interested in tracking my income and expenses since I graduated from university. As with most university students it took a couple of years before I was worth more alive than dead (and I had help paying for university!). A lot of people don’t bother tracking income or expenses and are fine knowing they have some cash in the bank. However, understanding the puts and takes of your money is the starting block to taking control of your finances.

I’m not here to brag/cry about what I make or spend money on, that’s not the purpose. I’ve always been upfront and honest when it comes to money. I find being open with others allows them to put their guards down and do the same. The result can be some great sharing and learning.

So let’s take a look at how I’m doing so far in 2014 up to June:

ASSETS – $357,300

  • Cash – $5,200
  • TFSA – $27,500
  • RSP – $34,600
  • Car – $20,000
  • House – $270,000 (approximate fair market value)

LIABILITIES – $187,600

  • Credit Card – $600
  • Line of Credit – $17,000
  • Mortgage $170,000

TOTAL NET WORTH = $169,700

My investment portfolio realistic goal is $750,000 and an inspirational goal of $1,000,000 so I’m 8.3% and 6.2% of the way there, respectively. (currently at $62,100 – TFSA + RSP)

My net worth goal for the end of the year is $180,000 so I’m on track to hit that mark. I have some additional short-term and long-term goals which I’ll share shortly.

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