[Forebiz]

Any thoughts around how you'll be using your Whole Life policy? Is it just for estate planning or do you have plans to do something out of the box like leveraging it as collateral for an investment loan or some other business venture?

So the whole life policies are worth $600K as a death benefit. My thoughts would be to eventually leverage it if money is needed late in life but I would guess the kids will be getting it. When I called to ensure I was fully paid up for the policy the agent confirmed I did and encouraged me to cash out. I suspect many people don't fully pay into the policy and it is in their advantage for me to cash out.

 

[Forebiz]

Jan 1st 2020 Quarterly Update
It was my top billable year for work and it looks like this year will continue to be good. Not sure if I can exceed last years work profits as I am more or less capped out. Last year of my current work visa but client has just extended the contract I work through for another 5 years so hopefully my renewal works out when I apply late 2020. Market was pretty good to us this year as well although I'm not happy with my Canadian returns but I guess the US made up for it. Unfortunately I am finding our spending is creeping higher then I'd like, I wish I had the ambition to track it so I could see where we have gone off but I suspect it's not worth the anguish at this point. Maybe as I approach pulling the plug on work and continuing on after I'm no longer working I'll track spending.

Assets:
House - $577.9K
Vehicles - $50.2K
NRSP - $296.1K
RRSPs - $632K
TFSAs - $140.8K
RESPs - $117.4K
Whole Life Cash Value - $38.4
Cash - $43.5K
Business - $1520.1K

Total Assets - $3,416,400

Liabilities:
Credit Cards - $10.5K (credit cards are payed off every month)

Net Worth: $3,405,900

 

[Forebiz]

April 1st 2020 Quarterly Update
My work year has started off strong but likely will be worse in the long run because of project cutbacks both due to Covid-19 and oil prices. Although I know markets will eventually bounce back it hurts to see that although I had my best year ever my net-worth went up $9300 this year and with investments falling over $300K in the quarter. This hurts but it could be a lot worse, I still have a job and everyone I know is healthy. I've moved some available cash into investment accounts and I expect my adviser will deploy it shortly. I plan to max my RRSPs for 2020 shortly as well to hopefully take advantage of a weakened market.

Assets:
House - $562K
Vehicles - $52.7K
NRSP - $243.2K
RRSPs - $587.8K
TFSAs - $131.3K
RESPs - $103.4K
Whole Life Cash Value - $42K
Cash - $37.7K
Business - $1332.7K

Total Assets - $3,088,800

Liabilities:
Credit Cards - $10.2K (credit cards are payed off every month)

Net Worth: $3,078,600
Down $327.3K Previous Quarter
Up $9.3K Previous Year

 

[Forebiz]

July 1st 2020 Quarterly Update
I've been one of the lucky in so far that Covid hasn't negatively affected my work. In fact even though I've been working from home this is the best first 6 month stretch I've ever had. I'm a pessimist so I am still expecting some downside. This quarter I will be looking to get an extension of 3 years on my work visa, this is getting harder to do with the current US administration. If I have issues I'm hoping Covid has proven that I don't need to be there physically to be an effective member of the team.
Thankfully markets mostly recovered but I expect volatility for the rest of the year. I did put some cash into the markets when they dipped (RRSPs and Business Investing Accounts). Wish I had done more but my advisor took a cautious approach and left some cash to take advantage of more potential dips.

Assets:
House - $588.5K
Vehicles - $48.7K
NRSP - $271.2K
RRSPs - $691.1K
TFSAs - $148.7K
RESPs - $110.2K
Whole Life Cash Value - $42K
Cash - $33.3K
Business - $1649K

Total Assets - $3,582,700

Liabilities:
Credit Cards - $6K (credit cards are payed off every month)

Net Worth: $3,576,700
Up $498.1K Previous Quarter
Up $386.5K Previous Year