I’ve kept track of my net worth every month since I started this blog. You can see a more detailed look at my net worth here.
The purpose of this exercise is to practice accountability in my finances. I’ve found the easiest way to improve in anything in life is to measure your progress. Since closely monitoring my net worth, I’ve seen a rather large improvement in my finances.
I plan to continue updating this for the foreseeable future. Stay tuned…
Assets:
Car: My car has an approximate value is: $23,403. Wow, has my car ever depreciated. In about a year and a little bit – it’s lost nearly $10,000 in value. A car is one of those things I realized is a poor decision, but I love the car I’m currently in.
Cash: I currently have $9,874.05 in cash. I’m considering purchasing my own place in 2021, so I’m anticipating to build this cash position to grow.
Investments: I have $24,055.89* invested in my Tax Free Savings Account. Most of this is in index funds, and I’m hoping not to touch any of it for my home purchase.
Lately, I’ve also dabbled in stock investing. I know it’s probably not the smartest idea – but I thought I’ve done pretty okay so far. I have two accounts and their balances are:
$36.37 and $22,251.28.
Then there’s another $23,180.332* invested in my retirement account. I’ve increased my RRSP contributions for 2020.
Liabilities:
Credit Card 1: I have a slight balance on one credit card for: $1.34
Car Loan: $1,578.46. This loan has a very attractive interest rate of 2.49%.
Business:
My online retail business has done well in 2019 – and I’ve mostly been funneling that money into my savings. Lately, I’ve decided to save that money in cash and having it ready for a home purchase in 2021.
Cash: I have about $13,389.56 in my business checking account.
Assets: The wholesale value of my goods are approximately $1,500. Should I not be able to sell these products – I will be able to return them to the manufacturer at my purchase price, minus the shipping cost.
Debt: My business has some debt. It’s the result of owing suppliers and other minor expenses. This debt is about: $1,904.73.
Overall Net Worth:
The formula for net worth is:
Assets – Liabilities = Net Worth
$117,690.47 – $3,484.53 = $114,205.94
Thoughts:
It’s been a while since I provided a detailed update on my net worth. Markets have reached all time highs and my portfolios have enjoyed the benefits of the massive bull run we’re on.
I don’t anticipate valuations to stay this high for the foreseeable future. But since I have no control over markets – I just have to keep contributing and hope for the best.
Until next time…
