For those of you who followed my net worth updates on Young and Thrifty, I decided that I will continue the tradition over here.
Deciding to publish these updates was difficult but given that I plan to continue blogging anonymously, and I really find that sharing this with you keeps me accountable and helps motivate me to reach my goals… therefore I decided to go ahead and continue with my net worth updates!
The market was great this month, especially the TSX. Year to date, I am up 8% which is a pretty amazing feeling I must say! Mind you, these are all mainly paper gains (and including the dividend income) but it is nice nonetheless.
Last month one of my major purchases was a stainless steel kitchen (a new fridge, a new stove, a new dishwasher, and a new microwave). My microwave/fan broke and I started panicking thinking my apartment freezer was too small for a family of three (batch cooking for the win!) so decided to go ahead and get new appliances. I tried to do without the fan for a week or so but there were way too many fire alarms going off! I had been thinking of doing this since I moved in (there’s something about stainless steel that looks very appealing) but hadn’t actually taken the plunge until recently. In total it set me back by about $3500 but I am including it in the purchase price of the home since my home is well over the purchase price now.
I also bought some Lanvin ballet flats for $50 at a consignment store, which is amazing since they retail for over $450 USD.
I committed the crime of going to a warehouse sale (I always tend to buy SOMETHING at a warehouse sale) and bought a pair of pants and a sweater dress for $60. I’ve already worn them a number of times so I think I will get good wear out of it.
That’s about it on the purchase front, pretty pricey–a set of appliances, but next month is my no-spend month so it should be better!
My Goal Progress:
One of my personal finance goals for 2017 was to reach $475,000 by January 2018.
Amazingly, I was able to reach this goal before half of the year was over! Perhaps my goal was not difficult enough… Maybe I need to change my goal to reach $500,000 by January 2018! We’ll see if I can sustain this amount since my maternity leave is coming up very shortly.
Okay, so here’s the breakdown for May 2017: $615,100 (+$12,200)
- I added up my chequing and savings accounts.
- These are stocks that capture the “moment in time”, including unrealized gains and losses
- There is also about $10,000 of cash in here, being slowly deployed with dollar cost averaging
I max out my RRSP annually, and I have a smaller contribution limit because of my defined benefit pension
- I max out my TFSA annually, it was great when the limit was $10,000 but the government changed that unfortunately
- It will be very exciting the day that my TFSA account reaches over $100,000.
- I signed up for a TFSA in 2009 with Questrade (a self-directed account) and have been using this since then
- This is the municipality assessed value. In previous updates, I just listed the purchase price but thought I might as well start fresh and use the assessed value.
- This value is updated annually
- I am planning to rent it out or sell it in two years. I am leaning more towards selling it.
CAR: $15,625 (0.0%)
- I updated it for 2016-2017 with the Canadian Black Book price, will update it again in July 2017 with the depreciated price
- I bought it new but the new price and the used car price were only different by a few hundred dollars
- Cars depreciate… ’nuff said
Credit Cards: $245
- I pay off my full amount every month
- I pay an extra mortgage payment a month
- I have a mortgage when I could technically pay it all off because I want to be able to invest the liquid money instead, given the low mortgage interest rate environment
Readers, how did you do with your update this month?