The numbers below outline where we ended May 2016 and how we are starting June 2016. For more information, please refer to the notes after the table.
|Total Net Worth||$100,701||-$1,712|
Monthly Net Change: –$1,712 (Check last month’s net worth update)
Dang, a drop, but still above the 6 figure mark. In May I had to pay a developer and a designer for some new work I started doing. In June I am gambling and investing some money into another business (more on this in another post) so I just moved some money into our everyday account.
More regarding the accounts
I don’t factor in our car or the outstanding balance on the auto loan
simply because the car is worth just a little more than the loan itself and factoring these additional items into the net worth calculation will have no impact at this point. Scratch that, the difference is now around $9,000!!! Once the loan is paid off, I will add the car as a depreciating asset.
- Chequing – this is our main day-to-day bank account handling all of our bills and salaries. I transferred money here for a new business investment in June.
- Wife RRSP – a spousal RRSP I started for my wife when we got married last year. Currently no money are being put in as we bought a condo and used some of the money. I am slacking off setting her up with a Questrade RRSP account to move that money over.
- Questrade RRSP – Moved my GRRSP money here and turned the account into a Couch Potato. Check out my portfolio for more info.
- Questrade TFSA – emptied this bad boy for a business investment.
- Tangerine TFSA – was my main savings account until I used it to pay for our wedding and “staycation” honeymoon 2013. The rest was transferred to the Questrade TFSA. The $8 were the interest paid out after I emptied it. I plan on using it again.
- Wife TFSA – emptied this one as well. We will start adding money to it again this month.
- Cash – we are using cash for all day-to-day purchases (fixed expenses are excluded). I only count bills since I put all my change in a jar. Once in a while I will count the change and exchange it for bills at the bank. Love counting the change and organizing it. Very relaxing activity.
- Pension – company matches a good chunk and I am taking full advantage of it.
- Home – condo downtown Toronto.
- Credit card – we put as many of our fixed expenses and business expenses through a single credit card which is paid off in full when the statement comes. I again paid off the card before end of the month.
- Mortgage – self explanatory.
How was your month? I love seeing huge jumps in other people’s net worth as it serves as a motivator to earn, save and invest more.