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Net Worth Update: The Very First One

Net Worth Update - January 2014

This year I committed to increasing our net worth by $50,000 by reducing debt and increasing the value of our investments. This is a substantial amount and it is going to be a really challenging goal to achieve. To measure this goal I need to calculate a baseline net worth.

I’ve done just that. What you’ll find below is a simplified version of our net worth statement as of January 1, 2014. I’ve removed some of the more personal details and rounded the values to keep some measure of privacy. That said however, these are still good representations of our assets and liabilities.

   Personal Home $220,000
   Investment Properties $252,500
   RRSP $141,000
   TSFA $24,800
   Other Savings/Investments $75,900
Total Assets $714,200
   Personal Mortgage $136,400
   Investment Mortgages $181,700
   Consumer Credit/LOC $46,000
Total Liabilities $364,100
NET WORTH $350,100

So when it’s all said and done, Jane and I are worth about $350,100. Not bad given our age (mid thirties) and where we started. We do have some work ahead of use though if we’re going to be in a position to retire in 10 years.

Our Debt

One of the things that should jump out at you is the “Consumer Credit/LOC” line. It’s a pretty massive number, but don’t worry it’s not all car loans and credit card balances. We carry a pretty large amount of debt on a line of credit we have through our credit union. The reason for this is the extremely low rate we get as a result of a special relationship my firm has with the credit union. It’s lower than my mortgage! And since we earn substantially more from investing our discretionary income – we’ve chosen to put our money in the market rather than repay debt.

So over the years we’ve used this account to invest into our home (almost half of the balance) and buy some securities. There is some “consumer credit” there however. We’ve splurged in the past. It’s amazing how quickly a credit card balance can get away from you if you’re not paying attention. Over the past two years, we’ve paid a lot more attention.

With the new job however, the rate on my line of credit is going to jump three to four percent. Carrying this much debt at that rate is no longer an option. I’ll be putting most of that new-found income into debt repayment.

Savings & Investments vs TSFA

Another thing that should jump out at you is the relatively low amount in our TSFAs when we seem to have money in our non-registered accounts. You’re right, it doesn’t make sense. Jane I have kept our finances somewhat separate. Right now I’m the only one with a TSFA account. Jane saves – but in regular savings accounts and GICs. That has changed since January. Over the past couple of months, I’ve helped her set up a TSFA with an online brokerage and we’ve started moving her savings into the marketplace. I hope to have her TSFA room fully used by July.

Measuring Net Worth

So that’s that. Now that I have a number I can use it to benchmark my progress, both against myself, the general population, and even against my fellow financial bloggers (J. Money at Rockstar Finance maintains a list of PF blogger’s net worths…very cool).

I’m also looking forward to calculating my PF Score….but that’s a topic for another post.

Do you track your net worth? How are you doing so far?


Photo Credit: Bullion Vault (with some changes made)


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  • J. Money

    Always fascinated by people’s net worths – good for you for putting it out there and holding yourself accountable :)

    Just added you to our Blogger Net Worth Tracker list! You’re pretty close to mine so I gotta kick it into high gear ;)

    • Minsc

      Friendly competition. ;)

      It can be easy to fell overwhelmed when looking at those so much further ahead than myself. I take it in stride though. While I may only be at (or just out) of the starting gate, I’m still ahead of those kilometres (lets bring that phrase over to the metric system ;) behind the gate.

      I should pay attention to these net worth updates more often and visualize myself in those positions. Before I know it the imagination will be reality. :D

      • Jack

        Don’t feel overwhelmed – it’s taken 8 years to go from rockbottom to now. Most of this was done over the past 2 years. The wonderful thing about J’s list is that you can find people who are really making progress – visit their pages and learn from the achievers. I’ll be recalculating our networth in July – Hopefully we can close some of the gap between J. Money and us! :)

    • Jack

      lol – if you’ve not been in high gear to this point – I’d hate to see what you’re high gear really looks like! :) Thanks for including me in “the list”. BTW – my number is in Canadian dollars. Should have mentioned that before.

      • J. Money

        oh, thx! will make a note on it. Have a great week :)

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  • The Roamer

    I’m not usually a fan of reading net worth updates but your caught my eye ” the first one” I might have to crib that when I finally get courage to put it out there.

    It is interesting seeing how different people handle their money. For example taking out debt to invest.

  • Robert Connor

    Great site with greater goals thanks Jack!