The following is a update on Tim’s plan to retire early. The current metric to tracking this goal is my net worth. This will be the last year for these posts, since once the mortgage is paid off it will cease to be useful. At that point future updates will shift to investment net worth only in 2013.
Wife’s RRSP $29,100
Wife’s Investment Account $12,900
Wife’s TFSA $11,200
My Investment Account $6,100
High Interest Savings Account $2,200
Total Assets $ 534,800
Total Debt $25,500
Net Worth $509,300 (+$12,200 or +2.5%) [+ 7.6% YTD ]
Investment Net Worth $166,100 (+$2,500 or +1.5%) [+11.2% YTD]
As per usual this net worth has some good news and not so good news. The good news was I broke the half a million net worth before my 34th birthday! I also maxed out the lump sum prepayment option last month on the mortgage for the previous year which means I paid off in lump sums $22,750 in the last 12 months (which is in addition to my regular payments). The only problem was I actually had more cash than that to put on the mortgage than prepayment without penalty, so the line of credit got paid down instead. The not so good news was the markets were down and so even with my contributions my assets barely moved upwards.
(Click image to see larger version)