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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