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Saturday, March 25, 2017

Net Worth Update – Dec 2007

Posted by Tim Stobbs on January 2, 2008

Here is my net worth from Dec 31, 2007 (yes just a little late I know).

Assets

House $308,000
RRSP $13,900
Old Work Pension (LIRA) $11,800
New Work Pension $5700
Wife’s RRSP $6100
Wife’s Investment Account $7400
My Investment Account $2800
High Interest Savings Account $5900

Debt
Mortgage $143,700
Line of Credit $2900

Therefore my net worth now stands at $215,000 for the end of 2007. That is an increase of +$13,700 or 6.8% from my last update.

Regular readers might notice that I have a few changes to my net worth statement.  I’ve added my investment account and a balance to my line of credit to reflect my decision to leverage invest.  I’ve decided to keep this amount small to see how comfortable I am with the entire thing.  So far I’m down about $100 on this experiment.

Over the holidays most real estate markets slow to a crawl, but I lucked out and found a couple of comparable houses to mine which made me feel comfortable increasing my house market value up slightly.

The other increases were the pension account where I’ve rolled in my new pension amounts and the high interest account where we are building up cash to pay for my wife’s maternity leave and my parental leave in the spring.  All of these increases are nice, since the markets took down most of our existing accounts even with contributions.

So in the end 2007 was very good to us.  We paid off over $6000 on the principle of our mortgage and also managed to increase our investments total from $32,100 to $53, 600. So in total (excluding the house market gains) that is an increase of just over $27,000 in 2007.  In 2008 I hope we can do better, but with our new baby coming I’m not sure if that is going to be possible or not.    I’ll keep you all posted on how we manage.

Comments

5 Responses to “Net Worth Update – Dec 2007”
  1. C0sm0s-- says:

    I have one question for you: How much unused RRSP room do you have from your 2007 letter of assessment?

    -Cos.

  2. Canadian Dream says:

    Cos,

    LOTS of room, mainly because I took out my old pension and transfered it to a LIRA account. The result is I got a huge credit to my leftover RRSP room to cover the transfer amount. So the extra amount is highly misleading right now.

    Tim

  3. Sounds like a good year, and you are now in a similar situation to us…

  4. Alan says:

    Looks like it’s mostly housing figures that is driving the NW up.

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