Net Worth - December 2009 Update

Millionaire Mind Action Item - I focus on building my net worth!

November was pretty much a flat line month (we bought expensive furniture to fill in the new condo)... The biggest addition to our net worth basically came from adding my wife's work share purchase plan shares to the tabulation. See last month's update here.

December 8, 2009

Passive Income: $350
Total Income: $8,792.60
Total Expenses: $7,905.93
Monthly Cash Flow: $886.67

Total Assets: $145,521.88 (10% First Cash Holding Account, 10% First Accounts Payable Account, RRSP, TFSA Accounts, Gold & Silver, USD Account, Equity Fund, Wife's DCPP, Employee Share Plan (ESP), GIC) +9.91%
Total Liabilities: $21,455.20 (Student LOC, OSAP, Car Loan, Mastercard, VISA) -1.40%
Net Worth: $124,066.68 (+13,422.00 or +12.13% from last month)

Started combined Net Worth: $96,756.60

Year to Date Gain/Loss: +27,310.08 or 28.23%

Final Thoughts: As mentioned at the beginning, we pretty much flat lined this month considering that we added an amount that we didn't have access to verifying on the previous update. That being said ... We spent a fair amount of money in November to outfit our condo, renew our season's tickets, buy winter tires for the month, etc. I did get a lot more pay from leaving my previous company and starting a new job (double pay days for a month) plus my old company had to pay out everything that was owing which helped a great deal cover the bigger expenses in November.

I'm also very happy that I have a new job. Hopefully, I'll be able to bank a lot more money and put it towards more deals. My biggest enjoyment is watching the passive cash flow come in. It definitely helps build the 10% CASH holding account. I'll be rolling that little nest egg into more deals. Here's to passive cash flow!

Declaration: We focus on building my net worth! ... We have a millionaire mind!

Net Worth - November 2009 Update

Millionaire Mind Action Item - I focus on building my net worth!

October was a great month for net worth growth and now it's time to update my situation. See last month's update here.

November 3, 2009

Passive Income: $416.67
Total Income: $7,244.12
Total Expenses: $6,069.00
Monthly Cash Flow: $1,175.12

Total Assets: $131,589.19 (10% First Cash Holding Account, 10% First Accounts Payable Account, RRSP, TFSA Accounts, Gold & Silver, Our USD Wedding Account, Equity Fund, Wife's DCPP, Employee Share Plan (ESP), GIC)
Total Liabilities: $21,759.73 (Student LOC, OSAP, Car Loan, Mastercard, VISA)
Net Worth: $109,829.46 (+13,072.86 or +13.51% from last month)

Started combined Net Worth: $96,756.60

Year to Date Gain/Loss: +13,072.86 or 13.51%

Final Thoughts: Great month for Net Worth building ... I must admit, it has a lot to do with better consolidating our assets, but the biggest thing I'm proud of is our first bit of PASSIVE CASH FLOW! It's beautiful to finally see it on one of my Cash Flow Cards! It's a Start ... $417/month, but there's more of that to come! I love seeing it flow in!

A few big things happened in October. We paid off my Mastercard using funds from our Equity Account. It's great because it saves so much monthly payments going to debt servicing of 11.4% which ended up piling up from living off of credit cards in university (Bad Idea everyone). Now our biggest liability is my Student LOC which I'll start tackling this month.

Changes on my Income - I'm starting a new J.O.B. as of money with a higher base and a much better compensation plan so I'm looking forward to making more money and having greater disposable in put into small/big deals to create more and more passive income.

Declaration: We focus on building my net worth! ... We have a millionaire mind!

Net Worth - October 2009 Update

Millionaire Mind Action Item - I focus on building my net worth!

Finally finished consolidating my wife and my cash flow cards and we now have a good base line as a couple to work from and constantly work towards increasing our net worth month over month!

October 1, 2009

Passive Income: $0.00
Total Income: $7,888.42
Total Expenses: $6,069.00
Monthly Cash Flow: $1,819.42

Total Assets: $129,034.14 (10% First Cash Holding Account, 10% First Accounts Payable Account, RRSP, 2 x TFSA, Gold & 2 x Silver, Our Wedding Account USD and Canadian (now in RESERVE), Equity Fund (Sold Condo), Wife's DCPP, Employee Share Plan (ESP), GIC)
Total Liabilities: $32,277.54 (Student LOC, OSAP, Car Loan, Mastercard, Wife's VISA)
Net Worth: $96,756.60

Started combined Net Worth: $96,756.60

Year to Date Gain/Loss: To be determined ... Starting a new Baseline.

Final Thoughts: Marriage has it's benefits. Our wedding account added to both our net worth statements thanks to the generosity of family and friends. We now have a little more monthly cash flow thanks to combined pay and expenses.

Unfortunately, because of a technical issue at work, I didn't get any commissions this month, but luckily my wife got her bonus which helped fill the void. Especially with all those extra expenses that come with moving into a new place that's much bigger than what we had to work with before.

However, we now have a much bigger need to get a greater amount of passive cash flow to reach financial freedom. We now have to aim to achieve $6,500 in passive cash flow to be financially free. However, this month I managed to put together 2 lease-to-own car deals that will give our 10% first fund the added benefit of an extra $450/month. It'll be great to see that coming in month after month and will motivate me to get even more positive cash flow to come in. I'm wondering if we can trim our monthly expenses by $1,000. That will also help a fair bit.

Declaration: We focus on building my net worth! ... We have a millionaire mind!

Net Worth - September 2009 Update

Millionaire Mind Action Item - I focus on building my net worth!

March was a great month for net worth growth and now it's time to update my situation. See last month's update here.

September 1, 2009

Passive Income: $0.00
Total Income: $2,887.63
Total Expenses: $2,393.25
Monthly Cash Flow: $494.38

Total Assets: $34,116.99 (10% First Cash Holding Account, 10% First Accounts Payable Account, RRSP, TFSA, Gold & Silver) +2.33%
Total Liabilities: $30,237.37 (Student LOC, OSAP, Car Loan, Mastercard) -1.00%
Net Worth: $3,879.62 (+1079.37 or +38.59% from last month)

Started 2009 with Net Worth: -13,156.58

Year to Date Gain/Loss: +$17,036.20 or +129.49%

Final Thoughts: Did August ever fly by? No matter how busy I get and can't find my way to post additional info on the blog, I definitely won't forget this consistent post.

August was a fairly good month for Net Worth Growth. I decided to exit my USD CASH position and bought into Gold with a Silver Hedge in my 10% first fund. As for a couple look, I still need to physically sit down with my wife, consolidate our accounts and update our Net Worth together. There's a fair bit left in our wedding account. I want to make sure we have enough in RESERVE to cover the both of us and work out a plan where we can achieve financial freedom together. Let's see if we can finally get this done in September.

Declaration: We focus on building my net worth! ... We have a millionaire mind!

Net Worth - August 2009 Update

Millionaire Mind Action Item - I focus on building my net worth!

March was a great month for net worth growth and now it's time to update my situation. See last month's update here.

August 5, 2009

Passive Income: $0.00
Total Income: $2,887.63
Total Expenses: $2,440.66
Monthly Cashflow: $446.97

Total Assets: $33,341.81 (10% First Cash Holding Account, 10% First USD Cash Holding Account, 10% First Accounts Payable Account, RRSP, TFSA, Silver) +1.12%
Total Liabilities: $30,541.56 (Student LOC, OSAP, Car Loan, Mastercard) +1.74%
Net Worth: $2,800.25 (-152.00 or +5.15% from last month)

Started 2009 with Net Worth: -13,156.58

Year to Date Gain/Loss: +$15,956.83 or +121.28%

Final Thoughts: Talk about a rough last couple of days to the month. I ended up losing my USB key (again ... this is twice since I have been doing these updates). Again ... Thank Goodness for the Net Worth IQ website. I'm still trying to figure out where it ended up since we just moved over the long weekend to our new humble abode.

For a month where a lot of expenses popped up from the move, I'm quite glad that I pretty much flat lined and only lost $152.00 in Net Worth. I'm not happy that I had to dip into my RESERVE account and that my MC went up as well, but I guess that was to be expected with all the additional costs from the move and weddings.

Here's to August turning out to be a better month for Net Worth Growth! Let's see how the September 1st post turns out!

Declaration: We focus on building my net worth! ... We have a millionaire mind!