June 2007 Net Worth Update (+1.54%)
It’s time again for my monthly net worth update – The June 2007 edition.
This past month has been brutal in terms of unplanned expenses. Let me list them down for you:
- Auto Insurance: $2450
- Auto Registration: $180
- Home Insurance $1250 (both houses)
- SUV Repair/Summer tires: $1000
- New Home Construction Deposit: $5,000 (not really an expense, but still needed to fork out the cash).
- Total Cash Paid Out: $9,880
- Expenses: $4,880
Mind you, since I pay out my auto/home insurance in lump sums every June, I should have counted that as a liability! Now my June 2007 net worth statement has to pay the price. Ah well, that’s what makes life exciting hey? Never know what you’re going to get.
Assets: $437,045 (+0.81%)
- Cash: $4,500 (+0.00%)
- Savings: $30,920 (-12.13%)
- Registered Investment: $48,600 (+2.32%)
- Pension: $19,200 (+11.63%)
- Non-Registered Investment Account: $47,150 (-0.63%)
- Real Estate: $ 264,500 (2 properties) (+0.00%)
- New Home Deposit: $5000 (+100%)
- Vehicles: $17,175 (2 vehicles) (-0.00%)
Liabilities: $182,350 (-0.18%)
- Mortgage Debt(from 2 properties): $174,350 (-0.19%)
- Other Liabilities: $8,000 (-0.00%)
Total Net Worth: ~$254,695 (+1.54%)
Started 2007 with Net Worth: $224,000
Year to Date Gain/Loss: +13.70%
I was expecting a negative net worth for June because of the major expenses that I incurred, but I lucked out! I’ll take the +1.54% gain! You might notice that I had a large pension gain in the assets column. We received the annual statement the other day for 2006, and as it turns out, I was under-stating my wifes pension assets.
Also, going forward, I will be including my car/home insurance as part of my “liabilities”.
That’s all for now, have a great weekend!
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In fact, when I left the rock, I had my rental property (previously my house I lived in) in Paradise insured with them. The house was a 3 bedroom with a 2 bedroom apartment and I believe the insurance was around $700 a year. I just sold the house in May.
The insurance went up a very small amount when I switched from owner-occupied to tenants, I was quite surprised, especially given what others have told me about rental insurance.
Jeff, have you insured any rental properties with Meloche Monnex? How have you found the rates? The companies that i’ve called around here double their rates for rentals.
I will also vouch for Meloche Monnex. I’ve used them in St. John’s and Yellowknife using their Halifax/Calgary offices and I’ve had nothing but superb service from them every time I’ve called. They’re great for adding/deleting homes/cars/rental units, as well as the unfortunate time or two I’ve had to call to report a claim.
All my experiences with other insurers have been that rates are higher and knowledge lacking. The only thing to watch with Meloche is that they’re not cheap for people under 25, especially those under 21. Now that I’m a few yrs past both ranges, I’m happy to have the better service and rates.
It’s great to see another Canadian blogger! 13% YTD is very good considering we’re not even in July yet. Also, while I’m sure you’re feeling the hit from that car insurance payment, it’s still less than mine (in Ontario).
Actually you can usually get out of an insurance policy without penalty after a certain number of months. When I canceled a condo insurance policy it kind of went like this.
$120 / year -> If you canceled on the first day you would only get $60. If you canceled after 6 months you would still just get the $60. After 7 months $50. I think you get the picture. This is obviously just my experience but maybe you have something similar.
I just did a quote online with Meloche, and it would cost me around $2k for the same coverage! That’s a 20% savings! Probably can’t do much about it now that I’ve already paid for my auto insurance in FULL.
I never checked local/other companies. They usually don’t compare. Friends who have checked with other insurers usually get the response “you’re with Meloche? we can’t beat them”.
They also have my condo insurance which lowers my car insurance by 10%, almost enough such that the condo insurance is ‘free’.
What’s the fee for paying monthly? Money has time value, if it’s only 10 or 20$ per year, then I’m sure you could gain that back by putting the money in a high yield savings account.
Same thing when it comes to income taxes – I would much rather have to pay extra at tax time than get a refund. A refund means the govt had my money, getting interest on it, and I did not.
+1 for Meloche. If you’re able to be insured through them (Professional Association, Alumni group, etc.) no other company comes even close.
Me: $475/yr 1 car 1 driver in PEI.
For me, there is an extra charge for paying monthly. I’m all about reducing fees, so I just pay in lump sums.
For you guys using Meloche Monnex, what was the price difference between them and a local company?
Yah, I just switched from AMA to Meloche (go APEGGA) and went from annual payments to monthly since Meloche didn’t penalize you for doing so which AMA did.