Posted by Tim Stobbs on November 10, 2006
Well in any race you need to define where you are and where you are going. In this case I need to understand where I am right now. So I’ll use my net worth to provide a benchmark (which is basically: what you have minus what you owe).
What I have (Assets)
House (Market Value) $195,000
My RRSP $11,000
Wife RRSP $4,000
Wife Investment Account $4,000
ING Savings Account $2,000
Asset Total: $216,000
What I owe (Liabilities)
Line of Credit $0
Student Loans $0 (Just paid off!)
Liabilities Total: $150,000
Net Worth = $216,000 – $150,000 = $66,000
All in all I’m fairly happy with that number. After all I’m under 30 and I have a positive net worth. By the way, I had $60,000 in student loans between my wife and me about six years ago.