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!