Net worth update 2010

In terms of overall financial health, your net worth is a great indicator of overall success. To calculate your net worth, add up all of your assets (things that are worth money) and subtract your debts (loans, etc).

2010 was the first complete year that both CF and I kept track of our net worth on a monthly basis. At first, adding up all of my assets and debts seemed like a big task. Now, I enjoy calculating my net worth each month. More than anything, it is our barometer of financial health. It is where we see our hard work pay off in real terms. The Outlier Model is not a personal finance blog, but personal finance is an important part of reaching our goals.


Historical data

At the beginning of 2010, my net worth was -$14, 978 and CF’s was below -$20,000. Personally, my goal for the year was to have a net worth of $1 or greater. I succeeded and finished the year with a net worth of $3, 079.  Having finally reached a positive number, there was much celebrating! CF returned to school and focused on not taking on further debt to pay for her schooling. She succeeded and increased her net worth, by $4,000.

At the end of 2010, our net worth broke down as follows:


Brian CF
Cash $5,042.60 $1,174.64
RRSP $5,677.05 $9,431.51
TFSA $1,389.98 $1,850.00
Condo $250,000.00
Personal Assets $1,000
Total Assets $263,109.63 $12,456.15



Brian CF
Credit Cards $136.34 $0.00
Family Loan $14,853.57 $0.00
Federal Student Loan $5,900.91 $22,404.46
BC Student Loan $0.00 $6,392.68
Mortgage $239,138.9
Total Liabilities $260,029.72 $28,797.14


Total Net Worth – Brian:$3,079.91, CF: -$16,340.99

CF and I combine our finances for many things (she provided half the down-payment on the condo), but we keep our net worth separate. Since the condo is in my name, I put the mortgage and value of the property on my net worth. When we buy our second property, she will include it in her net worth.  This is how we do it, but many couples prefer to combine their net worth. Check out Couple Money for a look combing your net worth.

Goals for 2011

By the end of 2011, my goal is a net worth of $25,000 or greater. I will achieve this by increasing my emergency fund by $2,000, eliminating my government student loan and continuing to invest in my RRSP and TFSA investments. CF will have a net worth of -$10,000 or greater. She will achieve this by increasing her passive income through dividend investing, before returning to school in the summer.

Posted in: Money

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