Sunday, September 3, 2017

Neighbour Joe - September 2017 Net Worth

Hi everyone, it's time for another monthly update of my net worth. This month I finalized the sale of my old house and got about $93,000 in cash. I immediately paid off my bridge loan, my line of credit, as well as put the maximum annual pre-payment amount into my mortgage ($26,880). I then invested about $1500 into MasterCard and put the remainder of the money into a savings account.  


Asset 
Chequing: $1,834.96

Savings: $21,890.73
TFSA Investment: $36,296.53
TFSA Mutual Fund: $3,532.67
Real Estate: $224,000 (Purchase Price of my new house)

Work Pension: ~$153,000 (I checked in Jul 2017 but I can't remember the exact amount)

*Automobile is not included 
**Link to my investment portfolio as of 13 August 2017

Liabilities 

Mortgage: $151,064.89

*Credit Card is paid in full every month
Current Net Worth: $289,490 (+1.4%)

The cash in my savings are only staying there till January 2018 where I will then put it into my mortgage. I have also recently doubled my mortgage payment and is now at $1,735.64 per months. As you can see my current strategy is to get my mortgage down as fast as possible to minimize my exposure to interest rate hike. If you have been following the news lately, there has been a lot of speculation that Bank of Canada will once again increase their interest rate. 


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