Fiscal Update – Oct 2012 – Bank Notes

Say hello to the new plastic $20 bill from the Bank of Canada. These will start to replace the current paper $20 bank notes starting from tomorrow, Nov 7th. I think they are quite nice to look at. I really appreciate how our currency is color coded, no offence to those who are color blind :S

Last month was pretty normal in terms of my finances. I sold some more stocks to try and get to at least $20,000 in liquid cash so I can take advantage of any good investment opportunities.  I need to update my dividend progress soon because haven’t done that in awhile.

——————————————————–
*Side Income:
  • Part-Time Work = $600
  • Dividends = $400

*Discretionary Spending:

  • Eating Out = $100
  • Others = $100

*Net Worth: (MoM)

  • Assets:
  • Cash = $19,100 (+$2,300)
  • Stocks = $67,900 (-$400)
  • RRSP = $30,200 (-$400)
  • Home  = $248,000
  • Liabilities:
  • Mortgage = $205,200 (-$400)
  • Margin Loan = $16,900 (Unch)
  • RRSP Loan = $6,900 (-$600)

*Total Net Worth = $136,200 (+1.9%

Started the year with about $102,000 in net worth. Still 2 months left until the end of 2012. Hope to make it to $140,000 by then if the stock market does well. Big election today for our neighbor to the south. There’s a lot of noise and speculation about what’s going to happen, but I think we all know who’s going to win today (^_^;)

* Numbers are rounded to the nearest $100.

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Matt
11/06/2012 1:07 am

Sorry to eb a dweeb, but am from the UK, what’s RRSP??

Liquid
Admin
11/06/2012 1:47 am
Reply to  Matt

It’s a type of saving and investment account used to legally defer income taxes. You can open as many RRSP accounts as you like with any bank. There’s a maximum you can deposit into RRSP each year but the money you put into it is subtracted from your annual taxable income for that year. Your investments can grow tax free in the account and then you pay income tax on any amount you withdraw from it later on. So it makes sense to put money into an RRSP when you’re in a higher tax bracket, and take money out when you have little or no income. Lots of people like to use it for their retirement for this reason. The acronym stands for Registered Retirement Savings Plan. There’s also some other benefits with it, but that’s the biggest one :0)

Not Working
Not Working
11/06/2012 4:28 am

Jesus the queen is so ugly, why do they have to put it twice on it…

Liquid
Admin
11/06/2012 4:39 am
Reply to  Not Working

Haha, you are a real stand up Canadian 😛 There always seems to be controversy when they try to design new images on bank notes (naked woman figure, racist generalization, etc) Maybe the Bank of Canada thought going with something more vanilla and familiar like the Queen would make people complain less. But I guess that didn’t work lol.

Matt
11/06/2012 6:33 am
Reply to  Not Working

She IS 86 you know, how many good looking 86 year old women do you know??

TB at BlueCollarWorkman
TB at BlueCollarWorkman
11/06/2012 6:21 am

Plastic? Does it feel plastic? Or does it feel like paper but actually is plastic? Or does it feel like a credit card or license or library card? Weird.

Liquid
Admin
11/06/2012 11:04 pm

They actually feel similar to the Australian bank notes, which is a bit slicker and smoother than traditional cotton based paper. The $50 and $100 bills are already circulating in the Canadian economy

Canadianbudgetbinder
11/06/2012 6:42 am

Way to go mate, I’m sure by the end of the year you can reach your goals. Ya the money, well I’ll just say it is what it is lol… I’m still trying to get used to Canadian money. Mr.CBB

Liquid
Admin
11/06/2012 11:06 pm

Only one goal that might be a bit of a stretch but I’m pretty optimistic about the other ones.

John S @ Frugal Rules
11/06/2012 8:27 am

Wow, plastic. That’s interesting. I am sure it has something to do with how long the bill would last in circulation, or something like that. Like TB asked, can you tell the difference, does it really feel like plastic?

Liquid
Admin
11/06/2012 11:11 pm

I think it’s becoming more of a trend now. I heard money in Mexico and China are using polymer (plastic) based materials now. The texture feels like that of thin sheets used for cell phone screen protectors (smooth yet slick static friction) but it’s much thinner so you can actually fold it like paper.

Not Working
Not Working
11/06/2012 5:48 pm

Auditions would have been betters, let’s elect the cutest 86 years old haha

Liquid
Admin
11/06/2012 11:15 pm
Reply to  Not Working

They can organize a beauty pageant called Miss Retirement Home 😀

Matt
11/08/2012 2:45 am
Reply to  Not Working

Sophia Loren is getting on a bit now, she must be about 80 odd, you got any ideas??

Harry Campbell (@PFPro1)
11/06/2012 10:22 pm

I think the bill looks kinda cool. Seems like you’re doing a good job saving/investing. Was the dividends and side income your only monthly income?

Liquid
Admin
11/06/2012 11:20 pm

Thanks. I have a full time job that is not related to my side income or dividends, but I don’t disclose how much money I make at my day job because just in case any of my co-workers read this blog, I don’t want to share my salary with them.

Vicky
Vicky
11/07/2012 8:58 am

Nice work! Hopefully you will hit the $140K mark by the end of the year!

I like the new bills; I think I’ll head to the bank and get a few. 🙂

Liquid
Admin
11/08/2012 3:47 am
Reply to  Vicky

I like them too. They are suppose to last over twice as long as the old ones and are greener, like for when they recycle them. Also cheaper to print, means more tax savings for every Canadian 😀

dividendearner
11/07/2012 10:14 pm

Congrats on growing your net worth!

Liquid
Admin
11/08/2012 3:49 am
Reply to  dividendearner

Thanks, it’s all part of the bigger plan to reach financial freedom :0)