February 2020 Net Worth

Net WorthF

Hello everyone, it’s net worth time! That’s right folks now that we are into a new month I will take a look at my financial numbers and share them with you. I share these with you because it helps motivate me to stay the course, I want to build upon each month and continue to grow these numbers so future me is in a good place.

Cash & Savings ($6,703.48) –998.59

RBC

January February Change
Cash $233.86 $4.00 -$229.86
Emergency Fund $1,836.35 $2,000.00 $163.65
Total $2,070.21 $2,004.00 -$66.21

Pretty quiet here, I don’t tend to keep a lot of cash with RBC usually I set aside money to put on my credit card. One good thing though was I was able to put that little bit extra into my Emergency Fund. I feel like $2,000 is good for me to have set aside in class anything were to happen.

EQ Bank

January February Change
Yearly Bills $1,703.00 $162.19 -$1,540.81
Car Fund $753.47 $955.17 $201.70
Travel Fund $720.89 $922.53 $201.64
Future Housing $2,454.50 $2,659.59 $205.09
Total $5,631.86 $4,699.48 -$932.38

As you can see there was one big change in my EQ Bank account. I had to pay my car insurance in January so that is the reason for the big decrease in Yearly Bills. With my other accounts I was able to make bi-weekly contributions into them. Also I earned $11.04 in interest from the Bank. In case you hadn’t heard EQ Bank recently increased it’s interest rate on it’s savings accounts to 2.45% up from 2.30%

Investments ($186,451.49) + $6,305.05

RBC

January February Change
RRSP $118,910.54 $122,458.71 $3,548.17
TFSA $55,094.52 $56,887.56 $1,793.04
LIRA $6,141.38 $6,377.66 $236.28
Total $180,146.44 $185,723.93 $5,577.49

It was a good month for my accounts with RBC they were up another 3.1%. I big reason for this increase as well was the $680 in dividends I received from my stocks.

Wealthsimple Trade 

In January I decided to open an account with Wealthsimple Trade. One reason for doing this was they offered zero commissions on trades. At RBC they charge $9.99 for each trade. I started my opening an Registered Retirement Savings Plan (RRSP) and buying an Exchange Traded Fund (ETF). After a couple weeks I made the decision to move my Tax Free Savings Account from RBC over to Wealthsimple that transfer should be completed sometime in February. By moving this account over I can invest my money cheaper and faster.

As of Feb 1st my Wealthsimple Trade accounts had the following values.

  • TFSA  $628.46
  • RRSP  $99.10

Liabilities $0

Currently don’t have any liabilities, my credit card is all paid off.

Net Worth

On February 1st my net worth stood at $193,154.97 an increase of $5,389.96. Can I hit $200k in March? It would be nice but I’m just focusing on saving and investing I’ll let the milestones arrive on their own time.

Net Worth Feb 20

Thanks for reading everyone, I appreciate it.

Thanks

Matthew

23 thoughts on “February 2020 Net Worth

  1. Hey Matthew,

    Looks like you had an amazing start to the year with that increase in NW. I’m sure you’ll hit that 200k in no time especially if you factor in your tax refund from your RRSP contributions.

    The balances in our LIRA accounts is eerily similar.

    -DGX Capital

    Liked by 1 person

  2. Great blog. Thanks for sharing your journey. I’m curious how the switch was from RBC to Wealthsimple? Was there a cost involved? Did they make is difficult for you? Will you move your RSP account as well? I am in a similar situation with TD and been thinking of a switch.

    Liked by 1 person

    1. Hi Gord thanks for reading the blog. The switch was pretty smooth. If you do move to Wealthsimple Trade I would recommend transferring your account as is, I believe it’s the fastest option. It took one week to get my stocks from RBC. There was no cost that I could see. The process was pretty easy it took a couple of mins you just download the Wealthsimple Trade app and once you create a login you go to transfer where you can add the information for the account you want to move. At the moment I am NOT moving my RRSP over to Wealthsimple because you can’t hold US cash or have US stocks in US currency, I would need to sell my US stocks than convert that money into Canadian before transferring so I will wait and see if Wealthsimple changes this in the future. I will have a blog post out on Friday about my move to Wealthsimple Trade.

      Like

  3. Nice charts! That’s great that Wealthsimple trade is working out for you. $10 a trade is expensive. Having no cost or less cost to invest is really a great incentive, when I don’t have to pay a commission I buy my ETFs much more easily (Questrade user).

    Liked by 1 person

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