On Friday, I had the day off, and one of the things I did was calculate my net worth. I know – do I know how to live it up or what?! 
. I’ve been feeling a bit antsy about money lately, and when I get that way, it helps to sit down and figure out just how we’re (that’d be Mr. Canuck Buck and I – Kelsey the cat does not contribute to the financial picture at all, the lazy thing) doing.
The good news is that we’re doing fine. Our net worth has gone up since August, and our investments are doing reasonably well. It’s so awesome to be able to check out most of your information online – makes things so much easier and faster!
While I was reviewing this, I went through all the paperwork, and did some tidying there to (just extra papers that I’d hung on to, but no longer needed). I also made a “to do” starting for next year. I determined I need to.
1. Make sure my financial advisor (yes, I have one, and yes, I regret investing with him) moves some funds around. To make a long story short, I was an idiot when I invested with this guy. The investments themselves are okay, but I didn’t check carefully enough about fees, and I can move X amount each year without getting into deferred service charged. A few more years, and I won’t have to worry about them at all and I will be taking all my money into something with must less in the way of fees!
2. Also see about changing how much TFSA money is invested – it’s been suggested (not by advisor guy) that I look into dividend stocks for my TFSA.
3. Do something with the RRSP money I just have sitting in the money market. I got a bonus last year, and dumped it into an RRSP I had to open in a hurry. I just put everything into a money market, and it’s been sitting there ever since. That’s one of my flaws – I get so worried about making the wrong choice, I just don’t do anything.
Do you ever calculate your net worth? Does it help you make goals for the next months or year?
We use Quicken to track all our financials and it tells us what our net worth is. I track it in the sense that I watch to see if it goes up consistently. We don’t want it going down that is for sure.
Investing isn’t really my thing either. I also find it stressful. I tend to leave things to my hubby since he has much more of knack for it than me.
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I’ve never used Quicken – I should look into it. It’s nice at least one of you has a knack for it!
I track it to a certain extent, but don’t go all out with it. I probably should, but I keep good track of what our investments are doing, so I generally have a good idea of where we stand.
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Hey John – it’s better than nothing.
I don’t go all out with mine either.
I’m a bit of a nerd I guess and I track it every month and post it on the blog. I, like you am still coming to terms with the financial advisor and fees thingy. I’m learning and coming to Canada has been overwhelming so I don’t get upset that I mess up here and there I just learn and move on. Great to see you are setting some goals for yourselves and that you are on track. Mr.CBB
Canadianbudgetbinder recently posted..A Beginners Guide to Early Retirement
Hey Mr. CBB. You are so a nerd!
I have thought about posting it, but I just don’t feel super comfortable with it..I may get there in time.
I track my net worth a bit, but don’t focus on it too heavily! I definitely review my finances every couple of weeks to ensure that we are on track and to create a ‘to-do’ list!
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Cool! I should probably review my finances more often – does reviewing my credit card statement count?
I make sure to do this every once in awhile. On one hand it’s depressing because it’s not where I want to be, but on the other hand I know I’m covered in emergency situations…and then some. But hopefully I never have to use it for that.
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I know – it’s hard not to see the numbers where you want them to be, but it is good to have an idea of where you stand.
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