Welcome to the Million Dollar Journey Nov 2009 Net Worth Update
It’s almost the end of 2009 and my net worth growth (along with many others) has been on a steady climb over the months. Most of the gains this year has been from rapidly appreciating equity markets since March 2009, strong income and, most importantly, savings. Providing that the markets stay the course through December, our family net worth will be within striking distance of the $400k threshold. Still a ways to go until the $1 million milestone but movement in the right direction none the less.
Looking at the most recent net worth update below, this past month was especially strong for savings. This increase was due to my wife receiving a bonus along with a change in my tax liability calculations (behind the scenes). We had another large drop in my non-registered account due to a volatile penny stock that I own. Although most of my equity is invested for the long term, I like to set aside some “play” money to take a few chances.
On to the numbers:
Assets: $ 474,550 (+0.86%)
- Cash: $4,500 (+0.00%)
- Savings: $21,500.00 (+30.30%)
- Registered/Retirement Investment Account: $74,000.00 (+0.27%)
- Pension: $27,850.00 (+0.54%)
- Non-Registered Investment Account: $15,700.00 (-4.85%)
- Smith Manoeuvre Investment Account: $52,000.00 (+0.97%)
- Principal Residence: $275,000 (+0.00%) (purchase price)
- Vehicles: $4,000 (2 vehicles) (-20.00%)
Liabilities: $83,200.00 (-2.69%)
- Tax Liability: $3,000 (-0.00%)
- Principal Residence Mortgage (readvanceable): $26,800.00 (-8.22%)
- HELOC balance: $53,400 (+0.19%)
Total Net Worth: ~$391,350.00(+1.65%)
- Started 2009 with Net Worth: $309,950.00
- Year to Date Gain/Loss: +26.26%
Some quick notes and explanations to net worth questions I get often:
The $4,500 cash are held in chequing accounts to meet the minimum balance so that we pay no fees (accounting for regular bill payments). 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.
Our savings accounts are held with PC Financial and ING Direct. We usually hold a fair bit of cash 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. We also need cash to cover any future tax liabilities.
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. I will most likely be adjusting the value of the home come the new year.
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