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!