A journey to become a self-made millionaire.
This is my second 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.
Another expensive month with some extra one time expenses; however, I manage to post a little higer net worth than last update.
In January 2015, my net worth was increased by $4500 or 5.42% from my last update. My Canadian and U.S dividend portfolios post a modest gain last month.
Also, I received $376.17 dividends during the period.
Net worth update as of January 31, 2015 ()
Assets: 391 000 ()
- *Cash: $800 ()
- Home: $260 000 (no change)
- Canadian Stocks: $109 900 ( ) – gained + purchased few stocks
- U.S. Stocks: $20300 () – Due to the gained + purchased new stocks
Liabilities: $303 500 ()
- Mortgage (new): $194 100 ()
- Student loan: $28 700 ()
- Margin loan:$17 300 ()
- Credit card 1: $7200 () (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)
- Credit card 2: $9800 () (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- (new) Credit card 3: $19300 () (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)
- Credit card 4: $9500 () (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)
- Credit card 5: $3200 (no change) (low interest credit card – 2.9% special rate for 6 months – will be expired in May 2015
- Credit card 6: $9100 () (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7: $300 () – New home related expenses (bought washer & dryer, other purchases) – high interest rate of 19.99%.
- (new) HELOC : $5000 () -(low interest – 3.35% – primte + 0.5%)
Net worth :$87 500 () as of January 31, 2015
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
Another post month in my Million dollar journey. I feel so happy as I am moving toward my goal.
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 in my finance journey