Posted by Tim Stobbs on August 28, 2008
Ick. That’s all have to say about this.
Wife’s RRSP $8200
Wife’s Investment Account $8600
My Investment Account $6200
High Interest Savings Account $2000
Therefore my net worth now stands at $227,200 for the end of August 2008. That is an decrease of -$20,700 or 8.4% from my last update. My year to date net worth increase now stands at 5.7%.
The housing market continues to soften in Regina, so my net worth keeps taking a nose dive. Also not helping matters is my investments are been treading water for that last two months. Any savings gains I make get knocked out by dropping investment performance. So hence the start of this post with “Ick”.
I’m basically facing facts my current 2008 goals are basically impossible to reach right now on a overall basis. There is no way I can increase my net worth by $18,000 in four months to meet it. So rather than getting overly upset over factors I have no control over (ie: the housing market) I’m going to buckle down for the rest of the year and see how much I can salvage out of this operation.
Given we are now eight months into the year I would expect to be about 67% done my targets. Out of my 2008 goals I’m 71% complete my pension and RRSP goals and 67% done my mortgage goal. Then with paying down my HELOC and taxable investments we are 27% complete that goal.
Not too bad really. I’m ahead on our pension/RRSP goal and right track on the mortgage, but I need to bring up taxable investments up by $2600 by year end to make that goal. I’ve looked at my cash flow for the rest of the year and it’s going to be chanalleging, but not impossible to save $2700 in 4 months. So the new plan in light of the crappy stock market situation is to bring my HELOC balance to $0 by Dec 31. I’ve never liked my HELOC balance even if it is for investments, so I’m killing the beast by paying it off. I know it doesn’t make sense with math, but emotionally it should be very statisfing and it will free up some cash flow which is something I’m more interested in right now with the daycare shut down until next spring.
For more details see the following graphs (click to see a larger version).