Happy Friday & Pay Day!
Well, as you can tell by my NetworthIQ, I’ve dropped a few thousand dollars this month. Which hurts a bit, because I worked my butt off to earn a lot of extra money this month. But I adjusted the value of my 2 vehicles (BF is buying my old Golf off me, so I adjusted for the amount still owing), and my Retirement Portfolio took a beating this month.
That being said, I was able to hit all of my savings targets that I set for myself in my February Goals. But I’ll have a re-cap of that sometime next week.
I’m also anxiously awaiting my tax papers. I made last-minute RRSP contributions since January 1, totaling about $2,000. I’m still really thinking about maxing out my TFSA this year instead of pouring all my money into my RRSPs – just to get a bit of diversity. I have less than 5% of my Retirement Portfolio in TFSA.
11 Responses to “Happy Friday & Pay Day!”
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a few ups and downs are reasonable as long as your trending up….my RRSP's are all in very safe GIC-type vehicles…so mine go up, but very, very slowly….
I'm not sure why you would take money owing to you off your net worth (if I understood the part about J buying your car correctly). As an accountant-type, I can tell you that money receivable is part of the balance sheet as an asset – unless you think J is likely to default on the loan:)
Or did you mean that you had your car valued at higher than what you're selling it to J for, so you had to adjust downward for that reason?
Chickinvic
@Jessie – I'm the same way when it comes to my RRSPs – I just dump them into GIAs or guaranteed type vehicles. Over the past years, I watched my RRSP values roller coaster their way on a highway to hell because they were in bogus mutual funds charging high MERs and simply not performing.
@krystalatworkd – I really like the TFSAs. At least you can draw on dividends or interest earned tax free. For example, I bought Fortis shares for my TFSA in 2009, and when the dividend payment arrives, I take my wife out for supper!
Happy Friday! Yes it's payday for me too. I'm happy about that! Sorry to hear about your net worth. I think mine will be somewhat good this month from the winnings in Las Vegas to my DH big bonus and company profit sharing money hitting our accounts.
Chickinvic: Well what I wanted to do was reduce the value of the car each time he made a payment – until it gets down to zero and he's made the last payment and I no longer have any financial ties to the car. I hadn't been reducing it, so I just did it in one lump sum, and then deduct his payments off the asset on a bi-weekly basis. Did I do it right?
I'm still not quite sure what you did? For example, if the car is worth $3,000 on your net worth, and he's paying you $3,000 for it (in installments), then your net worth doesn't change. If you had the car being worth $3,000, and you are only charging J $1,000 for it, then you would adjust your net worth downwards to more accurately reflect what the car sold for.
I think that what you're saying is that you still have the car on your "books" and are decreasing it in increments based on what he's paid for. This wouldn't be how it works in business, but since it is your own personal finances you can do it however it works for you. However, that shouldn't decrease your net worth ($500 coming off the value of your car, but also $500 coming into your bank account = no change in position). If you're saying that he's been paying you and you weren't taking it off the value of your car, and now you're taking several payments off the value of your car in one lump sum, then your net worth position hasn't changed – you just weren't calculating it accurately before (previous months were overstated).
Hopefully that answered your question!
From an accounting nerd:)
Chickinvic
Pay day is always a good day. I know I look forward to it, favorite day of the week next to sunday.
Pay day is always a good day. I know I look forward to it, favorite day of the week next to sunday.
I'm giving up on goals for each month
It's too unpredictable without a set salary each week.. so I'm just taking it easy and hoping to spend less than I earn :)
I'm giving up on goals for each month
It's too unpredictable without a set salary each week.. so I'm just taking it easy and hoping to spend less than I earn :)
Hey seems like everyone took a bit of a dip in February =) so you're not alone!
I like the TFSA's too, because for RRSP's you'll get taxed anyways when you withdraw it (though the premise of it is that you'll withdraw it when you have little income). With the TFSA's I like how it's very "equal" everyone gets their pot of 5 G's and can decide what they want to do with it. It doesn't matter if you're a multi-millionaire (though they likely not need to save in a TFSA) or someone with a strict budget.