It’s that time again or the good ol’ NW update. Enjoy.
July 2015 Net Worth: $115,800
Change from July 2014*: +$20,000 +21.1% NICE! I’d like to see this number every year.
Change from Jan 1 2015: +$12,400 +12% A sweet six month return indeed!
What is net worth? What does it mean? How do I calculate mine? Find that information here.
How did I increase my net worth by over 10K in just six months? Honestly, I didn’t do much, but there were two big asset increases that happened to come into play during this period. The first was our tax refund came in at about $4,000 combined, a large chunk of this return (about $1500) is from our RRSP contributions, I haven’t spoken much about investments and RRSPs yet…in good time I will. The “trick” for the tax return to reflect on your net worth is to apply it to any existing debt you may have or invest it and make it an asset, in other words, don’t just go blow it. The other big asset mover was the value of our home, I use our tax assessment for this number (yes, I know this is generally understated) this also went up a bit more than $4,000. Other than that, just our usual RRSP, TFSA and RESP contributions, we didn’t actually pay down much debt due to our ongoing home renovations. Remember, you can increase your net worth by either increasing your assets or decreasing your liabilities. I do a combination of both. Which is right for you? That depends on your situation.
As for the blog, I’m going to update a thing or two as follows.
For any post where I mention saving money on something, or maybe I should say spending less on things, I’ll add in a clac to show the savings compared to the dreaded Oblivious Consumer on said item/scenario over the course of a year. This will show how this can help your bottom line, and it should (hopefully) show how just putting a little effort into a few things can make a significant difference for you.
Also I’m going to update the About section. I’ll do this by adding on a new section to the existing text, since I’m not changing much, but want to expand it a bit more, mostly just adding a bit more about my long term goals.
I have a ton of great topics that I want to cover, I have over 70 drafts (and by draft I mean a paragraph or two) in waiting. It is just a matter to finding the time to pump those bad boys out.
*I’ve decided to publish my net worth to the blog in January and July only, so the May update cannot be found here.
Do you track your net worth? If so, do you do anything differently than I do? Let me know! Thanks for stopping by.