DiscoveryFinance.Com » Networth Updates

My Networth: August 2009

Ryan A. Smith — Mon, 31 Aug 2009 04:21:44 +0000

Am I excited to calculate my networth again, since last month’s financial statement?

No!

I don’t think it will get better. As you can see, my income tax and CPP tax combined are already $52,000 as of today (not even counting the income for Sept to Dec). Is this normal??? [Compare to the national average.]

Overall

Assets: +8.5% (down from +11%)
Liabilities: +8.7% (up from +2%)
Equity: +8.4% (down from +19%)

Goals Accomplished To Date

1. My max RRSP contribution for year 2009 is reached.
2. Set aside $5000 for year 2010 TFSA.

Financial Statement

Financial goal: first million networth in 7 years
Time lapse: 2 years 4 month
Time remaining: 4 years 8 months

Assets	$161,400
RRSP (mainly GICs)	$19,600
RRSP for First HBP	$21,000
TFSA Year 2009	$5,000
TFSA Year 2010	$5,000
High Interest Savings	$89,400
Cash	$2,300
Car Worth (minus 30% depreciation rate for year 2008 & 2009)	$19,100

Liabilities	($74,800)
Income Tax & CPP Tax (estimated for tax year 2009)	($52,000)
Car Loan	($22,800)

Equity
Networth	$86,600

Others (not included above)
Money to parents each month	$5,000

What Others Are Reading…

My Networth: July 2009

Ryan A. Smith — Fri, 31 Jul 2009 05:00:06 +0000

I got my cheque for July. After finishing my accounting, the result does NOT look very good.

Overall

Assets: +11% (down from +21% )
Liabilities: +2% (up from -1% )
Equity: +19% (down from +55% )

Being single is so hard. Aside from loneliness, it takes too long to build weath by myself. I only have one-person work force; I only have 24 hours at maximum. In contrast, married couples can have as high as 48 working hours per day in combined.

In addition, being single is not tax-friendly. I cannot claim income splitting, spouse amount, dependent amount, “pooled” medical expenses, and several other tax advantages geared toward couples and families. Even though I give $5000 to my parents each month, I’m not eligible to claim caregiver amount because I don’t live with them.

Worst comes worst. Starting this month, my income tax will increase monthly, depending on my income. By the end of this July, I already have to pay $45,200 income tax!!! That’s 3x the average household income tax!!! See this article to find out why my income tax is 3x as high. This is insane!!! I’m not very happy today.

Financial Statement

Financial goal: first million networth in 7 years
Time lapse: 2 years 3 month
Time remaining: 4 years 9 months

Assets	$148,700
RRSP (mainly GICs)	$19,600
RRSP for First HBP	$21,000
TFSA Year 2009	$5,000
TFSA Year 2010	$1,000
High Interest Savings	$80,300
Cash	$2,700
Car Worth (minus 30% depreciation rate for year 2008 & 2009)	$19,100

Liabilities	($68,800)
Income Tax & CPP Tax (estimated for tax year 2009)	($45,200)
Car Loan	($23,600)

Equity
Networth	$79,900

What Others Are Reading…

My Networth: June 2009

Ryan A. Smith — Tue, 30 Jun 2009 22:25:52 +0000

I just got my cheque today. Let’s see what’s been changed during the month June.

Overall

Assets: +21%
Liabilities: -1%
Equity: +55%

In terms of assets, I’ve contributed my maximum RRSP limit for year 2009 which is $21,000. As such, I put the remaining money in high interest savings accounts. I don’t have any plan yet to invest in mutual funds and/or stocks, because I need to save some “liquid” cash for the down payment of my first home. I figure the first home will probably cost me around $300k-$400k range.

I still need to set aside $5000 for TFSA for year 2010—six more months to work on that. And of course, $5000 for my parents which I give every month and have deducted in the cash portion.

Financial Statement

Financial goal: first million networth in 7 years
Time lapse: 2 years 2 month
Time remaining: 4 years 10 months

Assets	$134,500
RRSP (mainly GICs)	$19,600
RRSP for First HBP	$21,000
TFSA	$5,000
High Interest Savings	$68,200
Cash	$1,600
Car minus 30% depreciation rate for year 2008 & 2009	$19,100

Liabilities	($67,600)
Income Tax & CPP Tax(estimated for tax year 2009)	($43,200)
Car Loan	($24,400)

Equity
Networth	$66,900

What Others Are Reading…

My Networth: May 2009

Ryan A. Smith — Sun, 31 May 2009 00:14:35 +0000

It’s the end of May. Time to update my networth. My goal is to reach my first million dollar networth in 7 years after university study, which means I have 5 more years to accomplish it since I graduated in April, year 2007.

Like I said in my previous networth report, I want to put aside 20 grands in RRSP savings account so that I can withdraw it towards my first home purchase in the near future. I’m almost there. Just $100 more deposit which I will make in two weeks. Based on my income tax return, the notice of assessment indicates I can contribute up to $21,000 for the Year 2009 RRSP (vs the median national annual RRSP contribution for Year 2007). I’ll reach that maximum contribution room next month, so I have to start thinking where to invest my money after next month. Any suggestion?

My networth is still far from million dollar mark, because I had $160,000 education-related debts to pay after graduation two years ago. I’m glad I completely eliminated them last month. Now I can start building towards my financial growth.

Financial Statement

Financial goal: first million networth in 7 years
Time lapse: 2 years 1 month
Time remaining: 4 years 11 months

Assets	$111,500
RRSP	$19,600
RRSP for First Home Buyers’ Plan (HBP)	$19,900
TFSA	$5,000
High Interest Savings	$47,900
Car minus 30% depreciation rate for year 2008 & 2009	$19,100

Liabilities	($68,400)
Income Tax & CPP Tax (estimated for tax year 2009)	($43,200)
Car Loan	($25,200)

Equity
Networth	$43,100

What Others Are Reading…

My Networth: April 2009

Ryan A. Smith — Sun, 19 Apr 2009 05:22:14 +0000

This is my first networth report. Beware, it can be quite lengthy but it should be very interesting to see just how much has changed since I embarked on my first real occupation starting in June 2007 after my university training.

After two years of working, I finally bring the whopping $160,000 education debts down to $0 on April 30, 2009!!! This includes both Canadian and provincial student loans, as well as living expenses incurred during my university years. This is a great accomplishment for myself; I should pad on my shoulder….hehee.

I also managed to buy a new car in December 2007—a Hyundai SUV, 2008 Tucson V6 4WD fully loaded. I bought a new car, because I was living with myself and my family was living very far from me (at least 4 hours by flight). Additionally, I didn’t know anyone in town when I moved here for work. It could be quite inconvenient if a used car broke down, so I decided to buy a new car lest my parent worried. Why 4WD? Because I’m living in the northern part of Canada. 4WD can be useful during winter in case the car gets stuck in snow. I can still remember those few painful months (from June 2007 to December 2007) where I walked to work everyday even during snow days!!! With this new car, I end up with a car loan which is not a big deal, because it is 0% down and 0% interest rate for 4 years.

Here is my networth as of the end of April 2009.

Assets	$89,700
RRSP	$19,600
TFSA	$5,000
High Interest Savings	$46,000
Car minus 30% depreciation rate for year 2008 and 2009	$19,100

Liabilities	($69,200)
Income Tax & CPP Tax (estimated for tax year 2009)	($43,200)
Car Loan	($26,000)

Equity
Networth	$20,500