My Networth: May 2009
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 |
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