Welcome readers to the second Canadian Tour of PF Blogs. I hope you enjoy this post and I encourage you to check out the other blogs. For a complete list head over to the Money Diva’s blog.
I know I’ve been guilty of this myself for a number of years. I tend to focus on each account separately rather than looking at the macro or big picture of all the accounts. I for some reason have a hard time seeing the forest because I’m staring at the trees.
So out of my most recent net worth ($131,500) let me break down where it all is:
1) Primary Residence Equity $91,600 or 70%
2) Canadian Equity $13,950 or 11%
3) Canadian Bonds $3200 or 2%
4) US Equity $3200 or 2%
4) International Funds $3250 or 2%
5) Old Work Pension (?) $10,500 or 8%
6) Cash $5800 or 5%
Well that was an useful exercise I had no idea I was that heavy into Canadian equities. Also it looks like I’m very heavy into a real estate with a huge 70% of my net worth tied up in my house. I’m also a bit embarrassed to say I have no idea where my old work pension is invested. There is a good reason I’m going to the bank soon to get that transfered into a Lock In RRSP.
What is interesting about this was I just broke this up into broad categories, but if I break it down further I suspect I’m holding onto a lot Canadian bank shares since they seem to be a big favorite of most mutual funds.
Now the issue stands, how do I fix this mess of accounts into a bit of order. I’m not sure how I’m going to do it yet, but if you have an idea please share.