I truly believe that my listing your goals and tracking your goals it is much easier to make progress. Here is the usual update!
Every time I get paid (every two weeks), I update my net worth. The idea behind this is that my goals are that my liabilities drop every two weeks, and by tracking them in this way, I am able to get a nice picture of where I stand financially. Its not a perfect balance sheet that I have (because of student loans I have a negative net worth), but the progress is what I am looking for.
- up $233.61 from October 9th, 2009
- up $7652.85 from October 23rd, 2008(one year ago)
These assets include my house (I give it 1% appreciation each year in my appreciation), my RRSP and my TFSA. Even with the markets slipping a bit, my regular contirbutions continue to push me to an all-time high in assets each update.
- better $677.13 from October 9th, 2009
- better $12,949.91 from October 23rd, 2008(one year ago)
These liabilities include my mortgage, student loans and a consolidation loan (mainly for my Masters Degree for teaching). I am now up to five tutoring jobs, where the extra money that I earn goes to paying off my liabilities. I am quite happy with this number each week. We'll see how this continues as Christmas creeps up, although I am saving some money on the side for that as well.
- better $910.73 from October 9th, 2009
- better $20,602.76 from October 23rd, 2008 (one year ago!)
The numbers aren't as good as the previous week, but let's face facts...improving by upwards of $20,000 in a single year I think is still phenomenal. I've also had nine straight updates (even before this blog started) when my liabilities dropped, which is all I can ask! In the calendar 2009, I have improved by assets by around $7000 and my liabilities by about $12,000!
The last thing I am going to track is the value of the TSX. I have some asset allocation goals that are dependent on the value of the TSX.
Current Value: 11,382.13
Highest Value in Last 2 Years: 15073.13 June 18th, 2008