A journey to become a self-made millionaire.
This is my first net worth updates report for this new year. For those new to my finance journey, a net worth update is a simple report I post every month which tracks the progress of my journey to reach my financial goals. My ultimate goal is to become a self-made millionaire in 10 years by saving and investing in stable dividend paying blue-chip stocks.
December was very expensive month due to the home purchase. The new home closing fees and new appliances purchases put a road bump in my finance journey; however, my investments and saving from our day job salaries helped us to post positive networth for this month once again. Also, I worked little extra hours at work, and my wife cash-out her vacation payments.
Now, let’s look at the December financial performance..
In December 2014, my net worth was increased by $5200 or 6.68% from my last update. The Canadian and U.S stocks were down at the early part of the month, but they performed well at the end.
Also, I received $435.56 dividends during the period.
Net worth update as of December 31, 2014 ()
Assets: 380 000 ()
- *Cash:$300 $50 000 ()
- Home (new): $260 000
“Deposited to our new home: $15 000()
- Canadian Stocks: $101 400 ( ) – gained + added few stocks
- U.S. Stocks: $18 300 () – Due to the gained in U.S stocks and U.S dollar appreciation
Liabilities: $297 000 ()
- Mortgage (new): $195 000 ()
- Student loan: $28 800 ()
- Margin loan:$30 300 ()
- Credit card 1: $7300 () (low interest credit card – 0.99% special rate for 12 months – will be expired on December 2015)
- Credit card 2: $9900 () (low interest credit card – 0.99% special rate for 15 months – will be expired on March 2016)
- Credit card 3: $2900 () (low interest credit card – 0.99% special rate for 6 months – will be expired on April 2015)
- Credit card 4: $9700 () (low interest credit card – 1.99% special rate for 9 months – will be expired on August 2015)
- Credit card 5: $3200 () (low interest credit card – 2.9% special rate for 6 months – will be expired on May 2015
- Credit card 6: $9200 () (low interest credit card – 0.99% special rate for 12 months – will be expired on August, 2015)
- Credit card 7: $700 () – New home related expenses (bought washer & dryer, other purchases) – high interest rate of 19.99%.
Net worth :$83 000 () as of December 31, 2014
My net worth up by since my last update.
- all amounts are rounded to the nearest $100;
- all numbers are in CAD; and
- Conversion rate 1.00 USD = 1.16 CAD
2014 was an amazing year for me in my personal and financial life as I achieved almost all my goals that I set to reach.
My net worth increased from $40700 from my first update (March 10th update) to $83 000 to this December update, which is 103.93% higher – average increase of $4230 per month. It is much more higher than my after tax day job monthly salary.
I totally understand that my debts are building up without any control. This year, I will turn my focus on debts and bring them down to a manageable level.
Thank you for being my finance journey