April Net Worth Update
By Matt - Thursday, May 3rd, 2007
One of the things that I’ve been doing on this site is giving a breakdown on my financial situation at the end of each month. The first time I did this I was a little surprised that my net worth was a positive number. To top everything off the number hasn’t had negative movement very often at least not significantly so.
My net worth is an accurate statement of my net worth but for me it’s a bit deceiving since it includes an RPP (registered pension plan), which is virtually inaccessible to me until I retire. Pretty much everything else around my financial situation has been a disaster – especially of late.
I haven’t been happy with my money planning and spending the past couple months and the impact to my net worth is pretty clear:
Net worth
| Assets | |
| Mutual Funds | $0 |
| Cash | $0 |
| Stocks | $750.90 |
| Car(approx value) | $9,000 |
| Boat(approx value) | $3,500 |
| Pension Fund | $39,742.13 |
| Total Assets: | $52,242.13 |
| Liabilities | |
| Credit Card #1 | $6,614.20 |
| Credit Card #2 | $4,976.73 |
| Line of Credit | $15,187.25 |
| Car Loan | $13,342.89 |
| Overdraft | $1,801.64 |
| Total Liabilities | $41,922.71 |
| Net Worth | $10,319.42 |
Now what this doesn’t show is that I’m behind on a couple of my bills and my cash flow situation is very tight. I think its time to buckle down a bit more and be more conscientious about my spending. Its time to get those bills caught up – they’re currently not very late but they are late. It’s frustrating seeing my net worth drop and to struggle with money because I put myself into debt. I think that once the wedding is over I won’t has as much money bleeding out.
This entry is filed under Financial Situation, Monthly Planning.
7 Responses to “April Net Worth Update”
1 Carolyn says:
May 5th, 2007
at 12:17 pm
I don’t see how a line of credit is an asset. You don’t own it, as if it were a savings account. If I’m misunderstanding, could you clarify? Thank you!
2 Matt says:
May 6th, 2007
at 7:15 pm
My Line of Credit is listed as a liability.
3 LAMoneyGuy says:
May 7th, 2007
at 3:05 pm
Is the boat a luxury or a necessity? It would seem like you could use $3500 to pay off the overdraft (which has to be killing you in fees and interest), and start chipping away at the credit cards.
4 Low Quotes says:
May 8th, 2007
at 9:59 am
I agree with LAMoneyGuy, the boat, unless its something you really need, is something you should consider getting rid of until you are better off, whether it is a year or 3 years or 5 years.
The credit cards and overdraft really eat away your money every month.
5 One Million and Beyond - to one million and beyond » My One Luxury: The Boat says:
May 11th, 2007
at 7:51 am
[...] Now before I get any further into this post, the idea for this topic came out of a couple comments on my April update post. Both LAMoneyguy and Low Quote suggested that I should consider selling my boat to help my get a better grip on my finances. And while I agree with them in principle it became clear to me that my boat is the one luxury that I really partake in and enjoy. Its my stress relief during the summers. Of course the boat costs me money when it comes to maintenance but there’s no loan costs and it doesn’t drag me down in my regular monthly finances. The costs for the boat are one time during the winter to pay for the marina fees and then during the summer while I spend time on her (a cost that would exist regardless). [...]
6 StockRake says:
May 12th, 2007
at 11:56 am
A boat is a burning hole in your pocket. Sail boats don’t burn as much as power boats, but still.
7 One Million and Beyond - to one million and beyond » My Current Net Worth says:
July 15th, 2007
at 1:50 pm
[...] Part of my goals for the month was to come up with a net worth statement and I’ve been somewhat procrastinating completing it in favour of continuing to fix assess my badly broken cash flow. Needless to say it was a bit of a pleasant surprise to see that my net worth had actually increased since I last calculated it back in April. Now a couple items of note on this are that I haven’t gotten my semi-annual statement for my pension so I’m using an old number (it should have gone up) and the value of the car remained the same but I think it might have gone down. [...]
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