Found my 2007 net worth!

Yesterday, I let you know that I’ve been tracking my net worth monthly since April, with some good results to date.

As I was hunting for an entirely different file on my computer, I found a net worth statement from February 28, 2007. What an interesting look back!

This one was prepared by a lawyer, which was necessary for the purchase of the house I love and still live in here in Toronto. In February of 2007, my net worth was $325.9K. Yesterday, I let you know that my net worth, as of the end of September, is about $328.5K. At first blush it looks like I haven’t made much progress.

A lot has changed since February 28, 2007.

Here’s some then and now quick hits:

  • At that moment in time, I owned three properties: my principle residence (which had a firm offer to purchase on it), my rental, and the Toronto home I currently live in. Assets up my ying yang – and mortgages to match. By end of March, my principal residence at that time sold, and I had the same two properties I have now.
  • In 2007, my ownership in my Toronto home was less than 50%. I now own 100%. Like the note above, I have the mortgage to match  🙂
  • My net worth statement then took into account an estimate of the value of my public service pension as of that date. I worked in the public service for a number of years, leaving in 2008. At that time, the estimate was $68K based on a 2006 statement. I have not made any considerations for the value of that pension in my current net worth statement. This tells me that I’m better off than I think I am. I like good surprises.
  • I owed $4,100 on my line of credit in 2007. Wow. In my statement ending September 30, 2010, I owed $4,732. This tells me in three and a half years I managed to rack up my line of credit to over $13,000, and in nine months I’ve managed to turn back the clock to almost the same amount. Seems totally fitting to me that I aim to have it paid off in February 2011. Pardon me while I pause to give myself a huge pat on the back.
  • In 2007, the valuation on my rental property was $181K, with a mortgage of $161K. Today, the property is evaluated at $200K with a mortgage of $141K. That’s a net change from $20K to $59K. Not bad. Remind me never to complain if the rental costs me a couple hundred bucks a year.
  • I had a credit card debt to Sears for my lovely new four poster bed and new mattress and box spring. It was one of those “no interest, due in six months” deals. I paid it all on time with no interest but it was still a liability. Jacq at Single Mom, Rich Mom was pondering her new bed options this week. She’s smart enough to pay for hers. In 2007 I put mine on credit. Today, I have no credit card debt.

It was a total accident that I  came upon this statement from 2007. So cool to look back at where things were then, and where they are now. What a difference three and a half years make. In that time I’d started a new phase of a relationship, and now it’s been over for more than a year. I changed careers. I bought out my ex of a house I wasn’t sure I could carry on my own. Both my daughters now reside with me, instead of one. I’m up from one fur baby to three.

Life is good. Having this little snapshot of how things were in 2007 compared to today help to give me the confidence that I’m on the right track. I think I’ll try and stay there!

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5 responses to this post.

  1. It’s sooo important to look at our progress and see how “just plugging away” makes such a big difference! Sometimes it feels like we’re just running in place – or uphill (because the cashflow is the same), but we’re actually doing great at whittling stuff down or building balances up.

    Oh, re. the bed thing – at least you’ve enjoyed yours the last few years! Earlier this year, I bought some of my renovation supplies on a do not pay for a year plan through Home Depot. I knew it wasn’t due until February next year, but every month I’ve just been transferring ‘the change’ (anything under $100 – I like to see my accounts with even numbers in them – lol) in my chequing account to pay it off. The thought that debt is out there just freaks me out.

    I bet when the girls are independent, you’ll be rolling in clover. Or you can just take all your cash, lay it on your 4 poster bed and roll in it – it’s got to be good for something besides sleep!

    Reply

    • Jacq, I’m a visual learner. I love the idea of rolling around on my four-poster bed in savings! I’ll try and keep that image in my mind. Great for goal setting! (Hopefully, the kittens will be more well behaved by then, and they won’t be scooting away with a $50 dollar bill to play with!)

      Reply

  2. I wish I had started tracking earlier…. at any rate, I only need to look back 3 years to see how far I’ve come.

    Reply

  3. I love the idea of a comparison between past and present – even though your final numbers were similar what a story they tell! That gives me the encouragement I need to keep plugging away, one day at a time!

    Reply

  4. You’re right Jane. I wouldn’t have had that perspective at all had I not seen it on paper. I’m hoping that online tool will allow me to do the same thing in the years to come. Have you tried it out?

    Reply

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