The numbers below outline where we ended July 2016 and how we are starting August 2016. For more information, please refer to the notes after the table.
|Total Net Worth||$91,023||+$4,539|
Monthly Net Change: +$4,539 (Check last month’s net worth update)
Yessss, some gains. We are trying to take it easy and build up the cash supplies after the huge negative month last month. I hope to have a working version of the website/mobile app I spent the money on in the next couple of months and start adding new features from then on. I am dragging my feet on posting more details on that expense, but I am trying to enjoy my life for first time in years. I am reading a few books per month and indulging in various games and movies. Just enjoying life and leaving all the work to the developers and designers.
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 – Currently no money are being put in as we bought a condo and used some of the money. I opened her a Questrade account and the paperwork should be ready this week. Hope to start adding money to this account in the next month.
- 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. I will stock up some cash and start adding some money here.
- 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 don’t plan on using it again so I should be transferring the $8 somewhere better.
- Wife TFSA – emptied this one as well. Not sure when we will start adding money here. We might do her RRSP first and then come back to this one.
- 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.