Net Worth – Oct 2007 Update

Posted by Canadian Dream on October 31, 2007

It’s that time again. Yes it’s Halloween, so enjoy all those kids on a sugar high ringing your doorbell! Meanwhile here’s some numbers and graphs to get you ready for all those brightly coloured costumes.

Assets
House $299,000
RRSP $14,000
Old Work Pension (LIRA) $12,100
New Work Pension $3700
Wife’s RRSP $6000
Wife’s Investment Account $8200
High Interest Savings Account $3200

Debt
Mortgage $144,900
Line of Credit $0

Therefore my net worth now stands at: $201,300. Overall an increase of +$4900 or 2.5% from my last check up.

Ok, I’m a bit overly happy I’ve officially broke the $200,000 mark. Perhaps what is most interesting about this update is the fact I’m almost one year from my first net worth post, where I started off from $66,000. To be fair I forgot about my old pension plan in that first post, so it should have been $76,500. Yet that is still a 163% increase, which was largely driven by a housing boom in Regina. But even if I take out the house value increase I’m still up 21% in a year. Or for those who love graphs, here’s the story (click on them to see a larger version).

Comments

1. Warren says:

   October 31, 2007 at 3:51 pm

   How do you assess your home value? There are many schools of thought, but its best to be overly conservative on any real estate, I noticed it was at $199k in Dec 06.

   Otherwise good work, 2.5% in a month isn’t too shabby!
2. Canadian Dream says:

   October 31, 2007 at 9:28 pm

   Warren,

   My home value is based on the market value minus 8%, which is to cover closing costs and selling at 5% below market value if I decide to cash out my home. I decide market value by trying to find a similar home that is recently listed in my area. This month was a bit hard to find something, so I just left it alone.

   Actually the 2.5% rise would be over two months. It’s not great, but I’m sitting on an over sized chequing account balance right now which I don’t include in the calculation. The reason is I’m in the process of changing pay cycles (from bimonthly to biweekly), so I’m leaving a bigger cushion there until the dust settles.

   I hope that explains things.

   Tim