October 2014 Progress Update

October 2014 Progress Update

October Money Update

October 2014 was an interesting month. After the markets took a bit of a hit in late September and early October there was a rebound that evened out most of the losses.

Now that my mortgage is my only debt, I’ll be focusing on really maxing out my registered savings (TFSA, RSP). I may also consider making some additional mortgage payments, especially considering interest rates will likely start to increase over the next few years.

ASSETS – $357,237 (0% change)

  • Cash – $587
  • TFSA – $28,318
  • RSP – $38,332
  • Car – $19,700
  • House – $270,000 (approximate fair market value)

LIABILITIES – $167,573 (5.2% decrease)

  • Credit Card – $573
  • Line of Credit – $0
  • Mortgage $167,600

TOTAL NET WORTH (assets less liabilities) = $189,664 (4.3% increase)

2014 FINANCIAL GOALS UPDATE

Investment portfolio of $70,000 – Currently sitting at $66,650. The market started to recover over the last week or so of October. I contributed my auto work RSP amount but it would have been a great time to stash a bit more into my TFSA or personal RSP.

Earn $2,000 outside of day job – Currently at $2,617. I’m going to revise this goal to $4,000 as I still have 2 months to go and should be able to hustle an extra $1,400.

Pay off line of credit– Currently sitting at $0! I jumped the gun on paying this down as I was eager to have it off my mind. I’m hoping to stay out of an additional consumer debt (that is debt that doesn’t include mortgage) for the remainder of my life.

Invest 25% of my take home pay (after tax salary) – I’m still on pace for this mark. In The Wealthy Barber, a book written by David Chilton (formerly of Dragon’s Den), it claims we should be setting aside 10% of our income for retirement PLUS additional savings in order to comfortably retire. The best way to accomplish this rate of savings is by paying yourself first. This means setting up automatic monthly withdrawals (similar to a mortgage payment) where a portion of your pay is put to your savings account. The more I learn about money the more I learn it is a psychological battle within yourself – so be preemptive and strike first.

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7 comments

  1. Congrats on your progress, and keeping that line of credit off the books. It looks like you’re well on your way to ending 2014 on a financial high note!

    -Dan

  2. Congrats on your progress. Must feel good to have LOC at zero. Does your employer offer a savings plan? It can be a painless way to save.

    • Jonny

      Thanks, it sure does feel good!
      Yes, my work offers a matching savings plan. I’ve opted in for that but I’m not all the happy with the funds available and the MER’s on the plan investments. The matching benefit from my employer I guess still makes it all worthwhile.

  3. Way to go bud. You’ve climbed up a notch on our Blogger Net Worth Tracker :)

    http://rockstarfinance.com/blogger-net-worths/

  4. Curious how you plan to “hustle” an extra $1400 by Y/E jonny woo?

    • Jonny

      I’m hoping to get to the extra $1,400 through small business services (accounting and taxes) on a few side gigs. If all else fails I hock a couple things off on Kijiji!

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