October 2017 Net Worth

Net Worth

Hello everyone how are you? Welcome to my October net worth post. This is the first time I’m doing a net worth post. These posts are very popular with other bloggers and they gave me the inspiration to write this post, and share with you my net worth.

I would like to say that I decided to do this post about a week ago therefore I don’t have any figures for September to compare, so I will just post my numbers from the end of October. Going forward I will start comparing my numbers to the previous month.

Let’s get started shall we 🙂

Assets

Cash – $586.27

My cash balance currently sits at $586.27. This number does not include my emergency savings account. I got $586.27 by adding up my three savings accounts, one of my accounts is with Tangerine bank and the money that goes into that is from the cash back that I earn from using my credit card so usually only about $4 to $7 goes into that per month. My cash balance is low because what I have been doing is once I get paid I pay off my credit cards, then put money into my emergency fund, then finally I put the rest into my TFSA account.

Emergency Fund – $7000

This is the area that I have spent the most time improving this year. At the beginning of the year I only had $2,500 set aside. In October I hit the $7,000 mark in my emergency fund and have decided that this is a good figure for me to be at.

Investments – $113,166.20

My investments come from three accounts I have a Locked In RRSP which I received from a previous employer, also I have a TFSA and RRSP which I mention often here on the site. My main focus at the moment is to continue to build up my TFSA account which is tax free and if I withdraw money I won’t be taxed unlike my RRSP.

  • Locked In RRSP $3,934.84
  • TFSA $25,544.44
  • RRSP $83,868.92

Car – $15,343.00

I currently have a 2015 Hyundai Elantra GLS I used the site Canadian Black Book   to get the value of my car. I will only check the value of my vehicle every three to four months.

Liabilities 

Credit Cards – $70

Every time I get paid I pay off my credit cards. At the end of October I currently owed $70 on one of my cards.

Car – $14,729.41

I currently owe $14,727.41 on my car. I was one of those people who financed their car for 8 years because I wanted the lowest payments. I regret doing so now I currently have about 4 years left to pay off the car, but next year I am going to focus on paying off the car quicker.

Total Net Worth

As we entered November my net worth stood at $121,296.06 a little higher than what I thought it would be I guess that is why it is good to review your numbers often to see where you sit financially.

Well folks that does it. Thank you for reading my very first net worth post. If you have any comments please feel free to post them in the comment section below I always love hearing from you.

Facebook

Hey everyone if your on Facebook I just created my own page if you would like to support me please go on over click the like button please Facebook Page  thank you.

 

Thanks

Matthew

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19 thoughts on “October 2017 Net Worth

  1. Congrats on breaking 100k NW.

    Just curious – what is the plan for the “emergency” fund? Will this eventually go towards a down payment on a house/condo?
    Also – what is the interest rate on the car financing?

    Liked by 1 person

    1. Thanks Jordan. The plan for the emergency fund is going to be used in case for example my car breaks down or something like that. I will probably start saving money in another account shortly for a house/condo or something else expensive. In regards to the car interest rate I want to say it is 2.5%?? But not 100% sure I know it’s definitely less than 3%. Thanks for reading I appreciate it.

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  2. There is something to be said for the accountability that comes with transparency! Allowing others to see your goals and objectives is a great motivating factor. Work hard to become debt free… there is nothing like the feeling of being debt free, nothing! Keep up the great work…

    Cheers,

    Paul

    Liked by 1 person

  3. You‘re doing an excellent job Matthew! I remember well how it felt when I published my portfolio for the first time and, to be honest, I still struggle to be as open about my net worth as you are now. But I guess that‘s one of the drawbacks of running a Website under German law, as you can’t hide yourself behind an alias, but have to give full disclosure about your real name and your real address to your audience.

    -David

    Liked by 1 person

  4. Way to go, jumping into the net worth update game! I love tracking my family’s numbers because it shows how we’re handling our money!

    I’m assuming you rent for your housing then?

    Way to go amassing a great investment portfolio so far! Which account is your dividend portfolio then?

    If you want to get more exposure in the net worth updates, you should post your numbers over on the rockstar finance net worth directory if you haven’t yet!

    Can’t wait to see next months when you have numbers to compare to! Off to a great start!

    Liked by 1 person

    1. Thanks Steven. For my housing I still live at home that helps me save money. My investment portfolio is both my TFSA and RRSP I hold dividend stocks in both. Thanks for the tip about the rockstar finance net worth directory I will check it out.

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  5. Your net worth is looking good, Matthew. Congrats on starting to track it. It should prove helpful to monitor it as time goes by. I look forward to your comparisons over time. Glad to see the build up of the emergency fund, too. Unexpected financial hits always seem to arise – nice to know you’ll be prepared.

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  6. Great job!! As Charlie munger says, the first $100k is the hardest.

    Isn’t the Canadian black book website great? Less than 3% interest on your car is not bad! Have you thought of paying it off faster? I have a second car I share with my husband and the financing was very low like 0.9%, can’t say no to that, it’s for 2 years.

    Liked by 1 person

    1. Thanks that is the first time I have used that site I really like it. Less than 3% on my car I thought was pretty good. In terms of paying the car off I am setting a goal for next year to pay it off completely. That is very good financing good job getting that.

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  7. Hey Matt,

    Very nice write up of your net worth. Good job on starting to track it.

    You did a good job increasing your emergency funds from 2.5K to 7K. Way to go man! I would personally bump it to 10K but 7K is already a decent amount.

    Looking forward to reading your future net worth posts.

    Liked by 1 person

    1. Thank you for stopping by and reading my post. I feel much better since I raised my emergency fund I am prepared in case Anything happens. I may look at increasing it later on. Take care

      Like

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