My Money Journey

[marina628]

Glad to see you stuck with this and have updated it.Always good to have some cash on hand

[Daryl-Manitoba]

Y&A, Spudd has it right, just a heading for my House and Car.

I've been at this for almost a year and a half now, its a slow process but with each passing month, things get a little easier, even in the rough months. Not sure what it is but it seems like every few months we have something new come up that sinks some of our savings, not enough to concern us now, however I can't imagine how screwed we would have been at this point if I didn't change things up a year and a half ago.

[Daryl-Manitoba]

May 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $3.80 (+68.1%)

Assets - $106,500 (0.0%)

->Possessions - $97,700 (-0.2%)
--->House - $86,000 (0.0%)
--->Vehicles - $11,600 (-2.5%)

->Registered - $1,900 (0.0%)
--->TFSA - $600 (+20.0%)
--->RRSP - $1,400 (0.0%)

->Non Registered - $6,900 (+3.0%)
--->Bank Acc. - $5,700 (+3.6%)
--->Invest Acc. - $1,200 (0.0%)

Liabilities - $35,600 (-2.2%)
->Mortgage - $25,200 (-1.6%)
->Investment LoC - $1,000 (0.0%)
->Consumer Debt - $9,400 (-4.1%)

Net Worth - $70,900 (+1.1%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $2983.62 paid onto $5,561.20 = 54% Complete (+15% to Goal)
Pay off other Loan – $1000.00 paid onto $3,800.00 = 26% Complete (+5% to Goal)
Fund Pension Buy Back 2265.95 paid onto ~$4,000.00 = 57% (+0% to Goal)
Invest $4,000 into RESP

This was a little bit of a slower month, but still positive so good overall. I’ve slowed down my house growth from 0.16%/month (~2%/year) to 0.08%/month (~1%/year). This should help cover me if the house is not worth as much in the future, and should also help cover some fees if we sell it.

This month I received a dividend for $4.00. This is the first time I’ve received a dividend for more than just my single starter share. My debt payoff goal is on target as it stands right now.

I went in and got the account opened for my son’s RESP and sent in the paperwork to get it converted to an e-series account.

[jet powder]

Hi Daryl

I have a lot of respect for people like you that take responsibility & examine thier plan & develope one for being financialy independent.

Not everyone considers a house an asset (asset put money into pocket, liability takes it out) insurance, taxes, maintenance etc takes money out of your pocket. Of course having a place to live will most likely be a liability. The smaller the liability the better. The problem with putting the house as an asset it can fool people if they do not undestand it might be a bigger liability then they realize. Not realy sure of the best way to put it dowm maybe list under assets but also put monthly or yearly liability in brackets next to it & perhaps also the % amount it is increasing or decreasing monthly. One could even do a chart for their home showing expenses a red line & blue line showing increase or decrease in value.

[Daryl-Manitoba]

June 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $4.89 (+28.7%)

Assets - $110,900 (+4.1%)

->Possessions - $97,500 (-0.2%)
--->House - $86,100 (+0.1%)
--->Vehicles - $11,400 (-1.7%)

->Registered - $2,000 (+5.3%)
--->TFSA - $700 (+16.7%)
--->RRSP - $1,400 (0.0%)

->Non Registered - $11,400 (+65.2%)
--->Bank Acc. - $10,200 (+78.9%)
--->Invest Acc. - $1,200 (0.0%)

Liabilities - $36,900 (+3.7%)
->Mortgage - $24,800 (-1.6%)
->Investment LoC - $3,000 (+200.0%)
->Consumer Debt - $9,000 (-4.3%)

Net Worth - $74,000 (+4.4%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $3278.99 paid onto $5,561.20 = 59% Complete (+5% to Goal)
Pay off other Loan – $1000.00 paid onto $3,800.00 = 26% Complete (+0% to Goal)
Fund Pension Buy Back 2265.95 paid onto $3,913.90 = 58% (+1% to Goal)
RESP – $100.00 of $4,000.00 Invested = 3% (+3% to Goal)

Overall this was a very good month with a fair bit of growth. Unregistered investment income was up a fair bit as well. Our mortgage has one year left on it until renewal so hopefully we can do some real damage to that in the next 12 months (I sense a goal for the first half of 2013).

I got the RESP opened up for my son and it is now converted to an E-series account. Besides one little hiccup the process was pretty smooth. I’ve put $100 into this account and I’m going to wait for the Education Savings Grant to show up before I put more in there just to make sure everything is working right.

My Investment LoC rose this month as I have a bunch of optional cash purchases pending on my unregistered shares. These should be purchased at quite a discount as most of the prices are quite depressed from a few months ago.

[Daryl-Manitoba]

July 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $9.54 (+95.1%)

Assets - $111,700 (+0.7%)

->Possessions - $97,300 (-0.2%)
--->House - $86,200 (+0.1%)
--->Vehicles - $11,100 (-2.6%)

->Registered - $2,300 (+15.0%)
--->TFSA - $900 (+28.6%)
--->RRSP - $1,400 (0.0%)

->Non Registered - $12,100 (+6.1%)
--->Bank Acc. - $9,500 (-6.9%)
--->Invest Acc. - $2,700 (+125.0%)

Liabilities - $36,000 (-2.4%)
->Mortgage - $24,500 (-1.2%)
->Investment LoC - $3,000 (0.0%)
->Consumer Debt - $8,600 (-4.4%)

Net Worth - $75,600 (+2.2%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $5471.90 paid onto $5,561.20 = 98% Complete (+39% to Goal)
Pay off other Loan – $2800.00 paid onto $3,800.00 = 74% Complete (+48% to Goal)
Fund Pension Buy Back 2265.95 paid onto $3,913.90 = 58% (+0% to Goal)
RESP – $100.00 of $4,000.00 Invested = 3% (+0% to Goal)

This was another good month for the year. There were a lot of dividends this month, so a big increase in the unregistered department this month. We also got a lot closer to our debt payoff goals with being able to put some of the gas and daycare money on them. My wife is a teacher so in the summer work expenses go down and we don’t have daycare anymore.

The RESP still hasn’t been funded anymore than the $100. I’m going to wait a few more days and five them a call if the CESG grant doesn’t show up.

Since things never go as planned, I’m expecting that the second half of this year will definitely slow down in the networth growth department. My wife and I will both be taking leaves from work and will be living off a very small percentage of what we currently make. I’m hopeful that I can keep the networth growing positively however, even if we don’t, I’m not expecting to get too far into the red.

[Daryl-Manitoba]

August 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $12.64 (+32.5%)

Assets - $111,600 (-0.1%)

->Possessions - $97,000 (-0.3%)
--->House - $86,200 (0.0%)
--->Vehicles - $10,800 (-2.7%)

->Registered - $2,800 (+21.7%)
--->TFSA - $1,400 (+55.6%)
--->RRSP - $1,400 (0.0%)

->Non Registered - $11,800 (-2.5%)
--->Bank Acc. - $8,800 (-7.4%)
--->Invest Acc. - $3,000 (+11.1%)

Liabilities - $35,300 (-1.9%)
->Mortgage - $24,100 (-1.6%)
->Investment LoC - $3,000 (0.0%)
->Consumer Debt - $8,200 (-4.7%)

Net Worth - $76,200 (+0.8%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $5561.20 paid onto $5,561.20 = 100% Complete (+2% to Goal)
Pay off other Loan – $3000.00 paid onto $3,800.00 = 79% Complete (+5% to Goal)
Fund Pension Buy Back 2265.95 paid onto $3,913.90 = 58% (+0% to Goal)
RESP – $1600.00 of $4,000.00 Invested = 40% (+37% to Goal)

This was another decent month. We cleared away one payment off our balance sheet due to the fact that we made our last car payment this month (hopefully forever). Our unregistered investment income continues to grow which is nice to see, also helps that our investments in Canadian banks also all rewarded us with a dividend increases this quarter.

I confirmed that we got the CESG grant in the RESP account and I finally got another $1500 put into that account. I’m planning to put another large payment into that shortly.

Finally we are just tuning down our expenses to meet our income levels for the next few months. It is going to be tight but overall looks like we won’t be going into the red if my projections are on track.

[Daryl-Manitoba]

September 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $13.60 (+7.5%)

Assets - $114,400 (+2.5%)

->Possessions - $96,800 (-0.2%)
--->House - $86,300 (+0.1%)
--->Vehicles - $10,500 (-2.8%)

->Registered - $2,900 (+3.6%)
--->TFSA - $1,400 (0.0%)
--->RRSP - $1,500 (+7.1%)

->Non Registered - $14,700 (+24.6%)
--->Bank Acc. - $11,700 (+33.0%)
--->Invest Acc. - $3,000 (+0.0%)

Liabilities - $35,800 (+1.4%)
->Mortgage - $23,700 (-1.7%)
->Investment LoC - $4,000 (+33.3%)
->Consumer Debt - $8,000 (-2.4%)

Net Worth - $78,600 (+3.1%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $5561.20 paid onto $5,561.20 = 100% Complete (+2% to Goal)
Pay off other Loan – $3800.00 paid onto $3,800.00 = 100% Complete (+21% to Goal)
Fund Pension Buy Back 3265.95 paid onto $3,913.90 = 83% (+25% to Goal)
RESP – $3100.00 of $4,000.00 Invested = 78% (+38% to Goal)

Overall a very good month for knocking down some goals. Amazing what you can do when you get rid of the daily commuting even on a very reduced income. All debts have been paid off, and Pension Buy Back and RESP only have a little left on them.

Good Net Worth gain this month overall as well. I increase my investment LoC by another $1,000 although the purchases have not been processed yet.

As a result of the leaves from work, life is in a bit of turmoil but I think we are going to make it through this alright from the looks of it.

[Daryl-Manitoba]

October 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $18.66 (+7.5%)

Assets - $116,500 (+1.8%)

->Possessions - $96,600 (-0.2%)
--->House - $86,400 (+0.1%)
--->Vehicles - $10,300 (-1.9%)

->Registered - $2,900 (0.0%)
--->TFSA - $1,400 (0.0%)
--->RRSP - $1,400 (-6.7%)

->Non Registered - $16,900 (+15.0%)
--->Bank Acc. - $12,700 (+8.5%)
--->Invest Acc. - $4,200 (+40.0%)

Liabilities - $35,200 (-1.7%)
->Mortgage - $23,200 (-2.1%)
->Investment LoC - $4,000 (0.0%)
->Consumer Debt - $8,000 (0.0%)

Net Worth - $81,300 (+3.4%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $5561.20 paid onto $5,561.20 = 100% Complete (+0% to Goal)
Pay off other Loan – $3800.00 paid onto $3,800.00 = 100% Complete (+0% to Goal)
Fund Pension Buy Back 3913.90 paid onto $3,913.90 = 100% (+17% to Goal)
RESP – $3400.00 of $4,000.00 Invested = 85% (+7% to Goal)

A little late on this one but once again a good month, especially considering we are on a reduced income. Apparently most of what we make just goes to working expenses. We knocked another goal off this list this month, so there is one remaining for the year.

Liabilities are at a new low now and assets are at an all-time high. Consumer debt is essentially level at this point and will remain that way until my 0% interest balance transfer offer expires in May.

Time to start thinking about goals for 2013.

[Daryl-Manitoba]

November 2012

Income
2009 Total Household Income - $74,000
2010 Total Household Income - $88,700 (+19.9%)
2011 Total Household Income - $89,600 (+1.0%)

Unregistered Investment Income - $20.57 (+10.2%)

Assets - $117,500 (+0.9%)

->Possessions - $96,500 (-0.1%)
--->House - $86,500 (+0.1%)
--->Vehicles - $10,000 (-2.9%)

->Registered - $2,900 (0.0%)
--->TFSA - $1,500 (+7.1%)
--->RRSP - $1,400 (0.0%)

->Non Registered - $18,100 (+7.1%)
--->Bank Acc. - $13,900 (+9.4%)
--->Invest Acc. - $4,200 (+0.0%)

Liabilities - $34,900 (-0.9%)
->Mortgage - $23,000 (-0.9%)
->Investment LoC - $4,100 (+2.5%)
->Consumer Debt - $7,800 (-2.5%)

Net Worth - $82,600 (+1.6%)

2012 Financial Goals
Don’t acquire any other debt beside Mortgage and possible a tax deductible investment loan.
Pay off LoC – $5561.20 paid onto $5,561.20 = 100% Complete (+0% to Goal)
Pay off other Loan – $3800.00 paid onto $3,800.00 = 100% Complete (+0% to Goal)
Fund Pension Buy Back 3913.90 paid onto $3,913.90 = 100% (+0% to Goal)
RESP – $3700.00 of $4,000.00 Invested = 93% (+8% to Goal)

This again was another good month with some decent growth. Our assets are once again up to a new record level and our liabilities are now down to a new record level. We inched our one remaining goal closer to being done and should have no problems getting that done for the end of the year.

This coming month will see another group of investments into my unregistered DRIPs and so that will once again increase my liabilities.

Still impressed that this is what we can do with such a shattered income.