March 2011 Net Worth Update
Currently I am 100% debt free and tracking my Net Worth. My current Net Worth is $374,051.
The monthly percentage increase is: 2.35%
The year to date percentage increase is 2.35%
The break down is as follows:
Savings / Future Home Down Payment: $136,204 Percentage Increase: 3.94%
RRSP: $140,829 Percentage Increase: 1.88%
Pension Plan: $87,318 (estimated)
Vehicle: $9,700 Percentage Decrease: N/A (Depreciates 3% per month)
I have set my goal of having a 1% increase per month in my Net Worth so I am happy to see an increase of 2.35%. I will have some business income in March so I should be able to exceed my goal for that month as well.
My major expense is rent and I pay it every 3 months so there will be months where the increases are not as prominent.
| $374,051 |
Tax Time
Tax Time
The end of February is nearing and I figured I had better get started on my taxes. This year is a little more complicated for me as I have employment income, rental income, self-employment income and I sold my rental property. I have been completing my own taxes since participating in the volunteer tax preparer program almost 20 years ago. I used pencils, paper, erasers for the first draft and plugged away on a calculator. How archaic.
I have a handle on almost everything except the sale of the rental property for a loss. Where did I turn for information? The had all of the information that I required to complete my return.
Other online resources that I refer to for information and suggestions are the and. Both are excellent resources. My favorite resource is . A new edition is published every year and is a must have resource if you are going to complete your own taxes. It also contains some financial planning advice.
After getting all of my receipts and documents organized I started inputting numbers into . I have used this free tax software for the last 4 or 5 years. It is very straight forward and in the one year I emailed a question in I received a response withing an hour. Not bad for free software. If you use the software and like it consider making a donation to the developers.
After about an hour I had 90% of the information organized and inputted. I have to contact a lender this week to find out where an annual mortgage statement is and then I will be able to submit my return. The other good news is it looks like I will only be paying a couple of hundred dollars this year. I would have been paying in excess o $5,000 if I had not had my employer take off extra taxes and made an installment payment in January. Overall this tax season was not that painful for me.
I have made some mini resolutions to make this year's taxes easier.
- keep receipts and documents more organized (in 2010 I just dumped them into a file folder and organized later)
- keep track of self employment income and expenses in Excel on a monthly basis
- project what I will owe for 2011 more accurately so I can either make an installment payment or have my employer take additional money off of my pay cheques
After spending some time on the Canada Revenue Agency webpages I found a link to be a onceagain. I am curious about the training offered and the software provided to prepare people's returns. Unfortunately to participate I would have had to register by January 31. I missed the boat for this year but I have set a reminder in Outlook so I can volunteer.
Do you do your own taxes? What software do you use?
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.
New Beginnings for 2011
I haven't posted for awhile as I have been dealing with a relationship break down. Unfortunately these things are a part of life.
This does mean I am DEBT FREE!! I have decided to rent for awhile and see if housing prices ease a bit. There are not a lot of expert predictions of prices going up and with the new mortgage qualification rules prices could dip.
The Mortgage Pay Off Progress will now be replaced with my Net Worth Progress.
I look forward to sharing my new journey with you.
How Can a Payday Loan Solve Emergency Cash Needs – and Reduce Worries – Overnight?
The Chinese say that in crisis there is opportunity. That may sound like a cruel joke when you’re struggling to pay some bills and are out of cash. But in fact a payday loan might just help you uncover an opportunity in the midst of a crisis.
How? Payday loan companies recognize you, the borrower, for the job you are doing. You do not need to present collateral – such as a car title loan, or have a stellar credit rating – to get a payday loan. These are loans based on the likely income you will receive in the near future. The loan is limited in size according to banking regulations and by the level of income of the borrower. Most important, it injects cash where and when needed.
work on a number of other levels for borrowers:
- Because the money literally arrives overnight. When you apply for a payday loan online, you receive your cash electronically by direct deposit the next business morning. Should you decide, for example, on a Tuesday afternoon that you want a payday loan, it will be in your checking account by Wednesday morning, ready for use.
- Because it’s the money you’ve already earned. You are paid at the end of a pay period for days you’ve worked in the past. When you get money through a payday loan, that is money for time you’ve already spent at your job – it’s just earlier than when your employer would provide your check. This is your income.
- Because it alleviates stress. Dodging bill collectors or doing without essentials is mentally draining. But through use of a payday loan cash advance, you regain control of the situation. This empowerment provides you the confidence to make better decisions in your life from that point forward.
Emergency cash needs can never be predicted. But with tools like loans at your disposal, you can take the surprise out of it – and even turn it into an opportunity.
*** Please note this is a post from a sponsor that does not represent the views of the author ***