Last updated: September 15, 2014
A journey to become a self-made millionaire.
This is my seventh net worth updates report. 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.
My investment portfolios gained around $3300 in August, thank you for the Timhortants and Burgerking deals.
In August 2014, my net worth was increased by $2600 or 3.96% from my last update. My dividend portfolio organically gained 3.39% or $3300 (no new stocks or cash transfers into the accounts) in August 2014 and my Also, I received $180.65 dividends during the period.
In August 2014, I spent around $2500 for vacation and summer road trips.
Net worth update – September 15, 2014 ()Let’s look at my net worth in numbers:
Assets: $120 700 ()
- *Cash : $5000 (no change)
- Deposited to our new home: $15000 (no change)
- Canadian Stocks:$85100 ( )
- U.S. Stocks: $15600 ()
Liabilities: $52 500 ()
- Student loan: $29400 ()
- Margin loan: $0 ()
- Credit card 1: $0 (Paid off)
(low interest credit card – 0.99% special rate for 8 months)
- Credit card 2: $8800 () (low interest credit card – 0.99% special rate for 12 months) – will be expired on December 15, 2014
- Credit card 3: $0 Paid off
(low interest credit card – 1.99% special rate for 6 months)
- Credit card 4: $1900 () (low interest credit card – 0% special rate for 6 months – will be expired on September 15, 2014)
- Credit card 5: $0
(low interest credit card – 2.9% special rate for 6 months)
- (New) Credit card 6: $9900 () (low interest credit card – 0.99% special rate for 12 months – will be expired on August 20, 2015)
- (Temporary) Credit card 7: $2500 () – Vacation and summer activities expenses
Net worth : $68 200 ()
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 = 1.09 CAD
*I usually don’t keep cash in my bank accounts, but I keep $5000 in my chequing account for the new home deposit.
I have a huge credit card debt because I took advantage of “low balance transfer promotion and invested in high quality dividend stocks. Taking modest risk and leveraging are the keys to become wealth.