Posted by Tim Stobbs on November 2, 2012
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 $29,600
Wife’s Investment Account $13,100
Wife’s TFSA $11,600
My Investment Account $6,400
High Interest Savings Account $2,000
Total Assets $ 570,300
Mortgage $0 (Paid off in 2012)
Total Debt $18,200
Net Worth $552,100 (+$16,800 or +3.1%) [+ 16.6% YTD ]
Investment Net Worth $175,100 (+$6100 or +3.6%) [+17.2% YTD]
Well as I mentioned yesterday I hit my major goal for the year and paid off my mortgage. Yah! Also changing things up this net worth is the fact we got a new car which we paid for with the line of credit. So to keep the math simple I’m going to mirror the car value to my line of credit balance. It isn’t correct since the car depreciates regardless of what I pay on the loan, but it also works the other way of I can pay off the loan faster than the car depreciates. So I’m going to assume that averages out over the longer term.
So what’s next? For the rest of year, nothing interesting. Just putting money into RRSP and making plans for 2013 goals. I have some rough ideas on mind, but until that gets approved by my wife they won’t be going on the blog. Also I’m going to start on rebuilding these updates to reflect the new goals are all going to be focused on contributions and the investment net worth. Yet I suppose I should ask for your opinion, would you like me to continue the net worth tracking as well?
(Click image to see larger version)