Million Dollar Journey

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Building Wealth through Saving and Investing

Welcome to Million Dollar Journey! If you're new here, you can learn about me, read our user guide, and even follow my net worth updates. A great place to start reading is with the popular articles located in the right side bar. If you would like to join thousands of others and keep up with the free daily updates, you can subscribe to the RSS feed via reader or E-mail.

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Weekend Reading – Halloween Edition

Pick a PumpkinHappy Halloween!  When I was younger, I loved it when Halloween fell on a Friday.  The reason being is that I could stay out a little bit longer to collect more cavity inducing candy.  This will be the first Halloween in our new house, and we expect it to be a busy one as there are kids everywhere in this neighborhood.

Anyways, enough rambling, here is some great articles from around the blogosphere:

The Digerati Life gives us Fun, Cheap Halloween Costumes To DIY.

Canadian Capitalist wonders, is thrift making a comeback?

Generation X Finance advises us to Set Aside $1,000 in an Emergency Fund. Now.

Lazy Man and Money lists Five Questions I Ask Myself Before Making a Purchase.

The Sun’s Financial Diary asks What Is Going on with Gold?

Frugal Dad comes up with Seven Unique Side Hustles To Keep Your Family Finances Afloat.

Money Smart Life tell us 5 tips for reducing your moving expenses.

Brip Blap explains the riddle of steel.

My Dollar Plan has a great article on 16 Ways to Save Buying in Bulk.

Money Grubbing Lawyer questions employee stock purchase programs.

photo credit: fauxto_digit

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October 2008 Net Worth Update (-0.26%)

Welcome to the recurring monthly net worth updateThe October 2008 edition.

Before I started writing this update, I was actually quite nervous about the result as my portfolios are deep in the red for the year.  This dramatic correction is the largest of my investing career and it comes with mixed feelings.  The good is that it gives me an opportunity to deploy some idle cash sitting in my investment accounts to buy low priced stocks.  The bad being that my existing positions are taking a severe beating and the losses seem to grow daily.

Even with major losses to the portfolio, the savior this month was a combination of increased household income, and keeping our expenses in check (no TV’s this month).  Without this, the loss this month would have been significantly greater.

Here are the assets/liabilities result for the month of October:

Assets: $583,490.00 (-1.60%)

  • Cash: $4,500 (+0.00%)
  • Savings: $32,740 (+3.94%)
  • Registered/Retirement Investment Account: $45,000 (-14.61%)
  • Pension: $22,350 (+0.00%)
  • Non-Registered Investment Account: $18,500 (+2.78%)
  • Smith Manoeuvre Investment Account: $46,900 (-6.94%)
  • Investment Property: $ 124,500 (+0.00%)
  • Principal Residence: $275,000 (+0.00%) (purchase price)
  • Vehicles: $14,000 (2 vehicles) (+0.00%)

Liabilities: $267,100.00 (-3.13%)

  • Investment Property Mortgage: $92,500 (-0.22%)
  • Principal Residence Mortgage (readvanceable): $123,400 (-0.52%)
  • HELOC balance: $51,200 (+0.43%)

Total Net Worth: ~$316,390  (-0.26%)

Started 2008 with Net Worth: $279,300

Year to Date Gain/Loss: +13.28%

For those of you who have been watching my updates every month, you may be wondering where my “other liabilities” went.  That personal liability was covered this month and fortunately it was over estimated.  The amount owed was covered by cash savings.

Well, it’s official.  For the first time since I started reporting my net worth at the end of 2006, I am reporting negative net worth growth for the month.  The bear market has got a death grip on my portfolio which resulted in paper losses greater than my savings could cover.  If we reach a bottom soon, I’m optimistic about my portfolio growth going forward.

Some quick notes and explanations to net worth questions I get often:

The Cash

The $4,500 cash are held in chequing accounts to meet the minimum balance so that we pay no fees. Yes, we do hold no fee accounts also, but I find value in having an account with a full service bank as the relationship with a banker can prove useful.

Savings

Our savings accounts are all held with PC Financial. We hold a fair bit of cash due to a cash liability coming in the near future along with the fact that we typically have some cash on hand in case “something” comes up. The “something” can be anything that requires cash such as an investment opportunity that requires quick cash or maybe an emergency car/home repair.

Real Estate

Our real estate holdings consist of a primary residence plus a rental property. The value of the principal residence remains valued at the purchase price despite significant appreciation in the real estate market that we’re in. The rental property value was it’s appraised value in 2006. I’m considering raising the reported values of the homes at the rate of inflation starting January 2009.

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