My Networth: July 2009
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 |
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