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Financial Nudity: Looking at Others’ Bare Budgets and Net Worth

I have been following Million Dollar Journey for some time now.  He had started his blog in 2006 with a net worth of $198,000 and a goal of having a net worth of $1 million by age 35 (end of 2014).  In June, the “FrugalTrader’s” goal of achieving a net worth of $1 million was accomplished.  His last net worth update before reaching his goal was posted in May.

His numbers:

Assets$1,197,685 (+0.78%)

  • Cash: $4,500 (+0.00%)
  • Savings: $20,000 (+0.00%)
  • Registered/Retirement Investment Accounts (RRSP): $182,500 (+1.00%)
  • Tax Free Savings Accounts (TFSA):  $65,000 (+1.56%)
  • Defined Benefit Pension: $48,800 (+0.83%)
  • Non-Registered Investment Accounts: $199,500 (+1.27%)
  • Smith Manoeuvre Investment Account: $158,600 (+2.32%)
  • Corporate Investment Account: $200,000 (+0.00%)
  • Principal Residence: $318,785 (+0.00%) (purchase price adjusted for inflation annually)

Liabilities$227,350 (+0.66%)

  • Principal Residence Mortgage (readvanceable): $0 (0.00%) (Paid off in 2010!)
  • Investment LOC balance: $118,600 (+0.25%)
  • Future Tax Liability: $108,750 (+1.12%)

Total Net Worth: ~$970,335 (+0.81%)

More amazing is the chronology of his achievement:

million-dollar-journey-net-worth-chart1

Why have these posts?  I think these folks provide a great service to many of us.  The financial topic is a faux pas to discuss socially.  The  – “Hey John, how’s it going?  Oh and by the way, how much do you make, I need an excel file of your budget, and need to you net worth figures – thanks!” – conversation doesn’t work out well.

These posts provide insight into others’ finances and also can provide insight into your.  If you visit over there, please provide them some encouragement!

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