When I first started this blog in 2010, I only had about $300K of financial assets. I thought that was a lot of money back then, but as I learned more about personal finance I realized that it’s actually not that much. The average household net worth in Canada today is $400K. I looked at other people’s balance sheets and was really inspired by bloggers from Planting Our Pennies. They have multiple rental homes, multiple cars, and lots of stock investments 🙂 It’s because of the success of other people that has given me the motivation to work hard.
Today I still do not have a $400K net worth. But I have however broken $700K in assets for the first time ever 😀 I am now in the same boat as many of my online friends and acquaintances like the P.O.Ps. I feel like I fit in more now.
- Part-Time Work = $400
- Dividends = $400
- Eating Out = $100
- Others = $2,000 (closing costs on farm)
*Net Worth: (MoM)
- Assets: = $738,800 total (+156,700)
- Cash = $1200 (-5100)
- Stocks CDN =$76,900 (–800)
- Stocks US = $45,000 (+1600)
- RRSP = $38,700 (+5800)
- Home = $252,000 (same)
- Farms = $325,000 (Farm 1 old value of 152,500, plus Farm 2 purchase price of 172,500)
- Debts: = $534,600 total (+155,500)
- Mortgage = $200,700 (-400)
- Farm Loans = $209,300 (+99,800)
- Margin Loan CDN = $26,100 (Same)
- Margin Loan US = $23,600 (+100)
- TD Line of Credit = $35,900 (+17,000) $9,000 of this account was used for investment purposes.
- CIBC Line of Credit = $15,000 (new)
- HELOC = $18,000 (new)
- RRSP Loan = $6,000 (new)
*Total Net Worth = $204,200 (+0.6%)
All numbers above are in CAD. Conversion rate used: 1.00 USD = 1.05 CAD
Managed to squeeze in a small net worth increase despite some pretty big expenses in November. The legal fees were $1,700 to buy the farm, plus $300 for notarization so I didn’t have to be in Saskatchewan to sign the papers. Most of my debt is used to leverage against financial assets but I still have about $59,900 of consumer debt which I spent on living expenses and luxuries because #YOLO 😉
Cash – I used most of my reserve cash funds to complete the farm purchase. This would be the second farm I bought 🙂
RRSP – I borrowed $6,000 to invest in my retirement account. The borrowing cost is at 4% interest rate, not bad. I haven’t bought anything yet, but I’m looking at Cisco, Coke, Pepsi, Comcast, IBM, and Lockheed Martin 😀
Farms – In my previous Fiscal Update I listed my 1st farm with a value of $152,500, and a 10% deposit on my 2nd farm. From now on they will be combined.
Farm loans – I got a $100,000 loan from the bank to buy my 2nd farm. I’ve combined the value with my existing loan for the 1st farm.