Posted by Tim Stobbs on January 1, 2013
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 update these posts, since once the mortgage is paid off it will cease to be useful. Future updates will shift to a more comprehensive update in 2013.
Wife’s RRSP $32,400
Wife’s Investment Account $13,100
Wife’s TFSA $11,300
My Investment Account $6,700
High Interest Savings Account $1,200
Total Assets $ 577,300
Mortgage $0 (Paid off in 2012)
Total Debt $17,600
Net Worth $559,700 (+$7,600 or +1.4%) [+ 18.2% YTD ]
Investment Net Worth $182,700 (+$7,600 or +4.3%) [+22.3% YTD]
I’m almost going to miss this updates, after all I’ve been doing them for about six years now. But don’t worry you will still get to see my progress towards my early retirement goal, just in a bit different format.
A note about the 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 (they will always be equal values based on the LOC 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.
Overall I’m happy with our progress during the year, my investment net worth is up by $33,300 as compared to last year which is fairly impressive growth since our major objective for the year was to pay off the mortgage. On the total net worth front we are up $86,200 over this time last year.
Yet the work continues as I try to contribute $48,000 to our investments in 2013. It should be interesting to see if I can do it.
(Click image to see larger version)