A journey to become a self-made millionaire.
This is my last net worth updates report for the year 2015. 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 financial goal is to become a self-made millionaire in 10 years by saving and investing in stable dividend paying blue-chip companies.
I was little bit disappointed with the year end stock market performance. As widely expected by market experts, there was no Santa Claus rally in 2015.
The uncertainties in global economy (specially in China market) and declines in energy sector dragged down entire market. My dividend portfolios didn’t escape from the drop.
Also, we spent over $1500 during the holiday session for gifts and parties.
Luckily I received 3 paycheques from my work in December which helped me to maintain my net worth above six figures from huge market drop. Everybody who works for full-time and gets bi-weekly salary will get 3 paycheques at least twice a year 😀 .
Also, I received $707.73 dividend income during the period.
Now, let’s look at my net worth changes in numbers.
Last month, my net worth decreased by $1800 or 1.63% from my last update.
Net worth update as of December 31, 2015 ()
Assets:$426 400 ()
- Cash: $1000 ()
- Home: $265 000 (no change)
- Canadian Stocks: :$123 100 ( ) – Recent purchases
- U.S. Stocks:$34 500 ()
- Employer’s Pension Plan: $2800()
Liabilities:$318 100 ()
- Mortgage :$188 900 ()
- Student loan: $26 600 ()
- Margin loan:$54850 ()
- Credit card 1:$7400 () (low interest credit card – 0.99% special rate for 15 months – will be expired in September 2016)
- Credit card 2: $9500 () (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- Credit card 3: $0 (no change) (Paid-off)
- Credit card 4:$0 (no change) (paid-off)
- Credit card 5: $0 (no change)
- Credit card 6: $4700 () (low interest credit card – 1.99% special rate for 6 months – will be expired in April 2016)
- Credit card 7:$14 100 () (low interest rate of 1.99% on balance transfer for 6 months – will be expired in March 2016).
- Credit card 8:$1700 () – (regular expenses) – high interest rate of 19.99%.
- HELOC : $10 300() -(low interest – 3.35% – primte + 0.5%)
Net worth :108 300 () as of December 31, 2015
My net worth down by since my last update.
- all amounts are rounded to the nearest $100;
- all numbers are in CAD; and
- Conversion rate 1.00 USD = 1.40 CAD
I have a huge credit card debts because I took advantage of low balance transfer promotion rate and invested in high quality dividend stocks. Taking modest risk and leveraging are the keys to become wealth.
My net worth increased from $83 000 in December 2014 to $108 300 to December 2015, which is 30.48% higher – average increased of $2108 per month.
Thank you so much for being in my finance journey and for your support.