February 2011 Net Worth Update
Currently I am 100% debt free and tracking my Net Worth. My current Net Worth is $365,277. The percentage increase is: N/A
The break down is as follows:
Savings / Future Home Down Payment: $131,041 Percentage Increase: N/A
RRSP: $138,236 Percentage Increase: N/A
Pension Plan: $86,000
Vehicle: $10,000 Percentage Decrease: N/A (Depreciates 3% per month)
I have set my goal of having a 1% increase per month in my Net Worth.
December 2010 Net Worth Update / Debt Update
October and November kept me so busy that I was not able to post in November; not that being busy with work is a bad thing.
The increase in business income did cover my RRSP contribution and set us up fairly well for the Christmas spending.
Our current net worth is $770,860, which is an increase of $28,300. The balance in our All In One Mortgage account is $162,397. This represents the debt on our primary residence. Just over half of the increase can be attributed to the extra income in the previous two months. Unfortunately, business has slowed a bit and we will not be experiencing the growth we saw until things pick up again.
This will also allow me some extra time to post this month, so stay tuned for more!
Have a great month!
October 2010 Net Worth Update / Debt Update
September keep busy with business and the extra income was nice. I have also been making an error on our net worth due to estimating a pension value wrong. Both combined for a good month.
The business income has now more than paid for our annual vacation in August and the unexpected vacation for my better half and her son. It will also help with my RRSP contribution this month.
Our current net worth is $742,553, which is an increase of $62,044 and our balance in our All In One Mortgage account is $171,397. The represents the debt on our residence. A majority of this increase in net worth comes from a $50,000 error on a pension plan. Oops. It still means that we did increase our net worth by over $12,000 in September which is huge for us.
I am hoping I have time to post about a couple of different experiences this month. The fan in my truck stopped blowing warm or cold air and with the current weather I need both daily. This has been fixed. I also want to write about my trip to the mountains this last weekend.
Have a great month!
September 2010 Net Worth Update / Debt Update
August was a busy month with vacations and a sudden welcome spike in some business income. The timing couldn't be better as a couple of members of our family were handed an opportunity to have a once in a lifetime experience. Although it was well worth the cost, the cost was quite significant and unexpected. Some things are worth the money.
Our current net worth is $680,509, which is an increase of $5,265 and our balance in our All In One Mortgage account is $177,059. The represents the debt on our residence. With September being a good month for business income we are hoping to be able to report an increase in our net worth of more than $10,000.
I also hope that I have some more time to blog, but I am not sure that will happen. I will have to see.
August 2010 Net Worth Update / Debt Update
Although we still want to be debt free by July 2013 we are also going to focus on our net worth. Currently our net worth is $675,244 and our balance in our All In One Account is -$179,900. This represents the debt on our residence. We will not be including the mortgage on our rental property in our debt, but it is included in our net worth.
I still believe most people will be better off by paying off all of their debt before investing, but with our overall goals there are a couple of things that we cannot overlook. Currently I work full time and have my own business part time. When we are debt free I will leave my full time employment and work on my business full time. Unless we are very fortunate my income will drop as I expand my business.
We intend to contribute to my RRSP while my income is high and I am heavily taxed. When my income drops it will present us with an opportunity to withdraw from funds from my RRSP if required. It is off in the future, but if I incorporate my business and do not take any income from it I should be able to withdraw a certain amount from my RRSP tax free. Although this will take some more research and planning I will be pursuing it when I leave my full time employment.
The other opportunity is buying back pensionable time for my spouse. I will be evaluating this in the next couple of months to determine if it is the best course of action for us.