Posted by Tim Stobbs on June 30, 2007
Catchy title hey? Canadian Dream gave me, Frugal Trader of Million Dollar Journey, the honor of taking care of his popular blog during the week that he’s away. I’ve been following Mr. Dream’s blog ever since it started and I must admit that I’m a big fan. What’s not to like? Early retirement is a popular topic as most people in the working world want to leave the rat race well before they are eligible for old age security (65). With Canadian Dream being in his late 20’s with a current net worth of around $200,000, there is no doubt that he will reach his goals. Especially if you’re as stingy frugal as him (hope he doesn’t read this).
We have a great week of articles lined up, among them include interviews with popular personal finance blogs and other personal finance ramblings. If you have any questions, leave them in the comments, or you can contact me directly by visiting my blog.
Posted by Tim Stobbs on June 29, 2007
How the time flies, it seems that I just did my last update. Anyway here we go.
Old Work Pension $11,700
New Work Pension $1300
Wife’s RRSP $5500
Wife’s Investment Account $5000
ING Savings Account $6800
Line of Credit $0
Therefore my net worth now stands at: $190,000. Overall an increase of +$58,500 or 44.5% from my last check up.
Before anyone gets too excited I do need to remind you my house value has shot up a lot in the last four months which is driving these insane increases. I decided to use my home value as market value -8% to account for closing costs and fees if I cashed it out. That way I’ve got a set formula I use to determine my house value rather than just taking a conservative guess.
For those of you who may be doubting my local crazy house market I would like to point out that I know someone whom just sold their home for an over $100,000 profit after owing the house for just seven months and trust me when I say they just painted it, added some hardwood and put in a new furnace. That’s it, that all they did. Talk about lucky timing that they previously bought an investment condo at the same time as the house and can move into that.
The result of all this is I’m 2.3 times my net worth from Dec 2006, which is almost completely driven my house value. If you strip out the house, I’m only up $3200 or 8% from April’s net worth to now.
Overall the number looks good. I have to admit I’m curious to see how far this housing market will shoot up before crashing down. Could I end up living in a $500,000 house by the end of three years? If so it will be interesting, but in the mean time I’ll just enjoy the ride.
Posted by Tim Stobbs on June 28, 2007
Well folks, sorry for not having your regular wandering reading post this week. I’ve been very busy lately as I’m trying to clean things up so I can head out on my vacation for the next two weeks starting on this Sat.
The good news is I got someone to look after this blog next week while I’m gone. Frugal Trader from Million Dollar Journey has agreed to look after things. I’m putting together several posts so next week you will have interviews from J.D. Roth of Get Rich Slowly and the Money Diva from A Canadian and Her Money plus what ever else FT wants to use out of my list of draft posts. If you ask nicely he might even write a guest post for you all.
The week after next, I’ll be around somewhat. So that week the posts may be a bit erratic as I’m planning on doing some renovations around the house.
Now that you are all informed about my vacation plans, I’ve got an idea I want to run pass you my loyal readers. I’ve been approached to be part of a group blog on personal finance, since this is only in the idea stage, I’m not going to name with whom. Yet if I joined the group blog I would likely stop posting here and merge this blog into the group one. The idea would be to provide great posts from several writers on a wide world of personal finance all on one blog. You would still get posts daily, but I would likely drop back to just three posts a week. So what I would like from you is your opinions on the idea. Do you love it, hate it, or don’t care as long as I don’t stop writing somewhere? Thanks in advance for your feedback.