This is my fifth net worth updates report for the year 2016. For those new to my finance journey, 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.
In May 2016, my net worth increased by $6900 or 5.39%, thanks to the positive gain in stock market.
A few years ago (when I had a no real job and with a mountain of bad debts), I accidently saw an account balance of one of my cousin brother.
He had over $5000 in his bank account. Honestly, I didn’t want to see his account balance. He showed me something in his bank receipt, and I saw the remaining balance accidently.
I felt like wow! I felt like he is very rich. He could buy anything he wants.
I started to compare my account balance with his account. I had only few dollars left on my account.
I hate compare one person with other. I strongly believe that each person on this earth has a unique skill. So, comparing one person with other one is a fooling idea at least for me.
But for some reasons, I compared my financial situation with other person. I was little stressed. But, I knew I will be rich one day.
Fast forward five years, my total accounts balance is well over $100K, and I my net worth increased over $5000 in a single month.
I still have a mountain of debts, but I consider them as good debts because they generate cash for me.
I brought this story here because whenever I see $5000 number, I see a quick flashback of my cousin’s bank receipts with over $5000 balance.
Also, if you don’t have lot of money know, don’t give up your hope. Just think that you will be a rich one day.
Again, I am not in the rich status now, I will be rich one day.
I am posting all my financial information in this website because I love to inspire and motivate people to start their own journey to reach their financial freedom.
Financial freedom doesn’t necessary mean investing in stock market and collect dividend income for a life. It means different things to different people.
Someone wants to travel the world without worrying about job or money and other one wants to work from home so he/she could be able to see their family more often.
Thus, find the meaning for your financial freedom and start doing something to achieve it. It could be anything such as work in your own business, create an online passive income, travel, etc.
I hope you get some values from here.
Now, let’s look at my net worth in numbers.
Last month, my net worth increased by $6900 or 5.39% from my last update.
Year-to-day gain is $25 900.
Net worth update as of May 31, 2016 ()
Assets:$469 600 )
- Cash: $500 (no change)
- Home: $270 000 (no change) – Yearly adjustment with inflation
- Canadian Stocks: :$156 900( )
- U.S. Stocks:$36900 ()
- Employer’s Pension Plan: $5300()
Liabilities:$334 800 ()
- Mortgage :$186 900 ()
- Student loan: $25 700 ()
- Margin loan:$48600 ()
- Credit card 1:$8500 () (low interest credit card â€“ 0.99% special rate for 10 months – will be expired in September 2016)
- Credit card 2:$9800 () (low interest credit card â€“ 0.99% special rate for 12 months – will be expired in March 2017)
- Credit card 3: $24 300 (no change) (low interest credit card â€“ 0.99% special rate for 10 months – will be expired in November 2016)
- Line of Credit 4: $9900 ()(low interest balance transfer â€“ 2.99% special rate for 12 months – will be expired in May 2017)
- Credit card 5: $0 (no change)
- Credit card 6: $0 (no change) (paid-off)
- Credit card 7:$2000 () – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 : $12 000() – (low interest credit card â€“ 2.99% special rate for 12 months – will be expired in April 2017)
- HELOC:$7100 () – (low interest of 3.35% – primte + 0.5%)
Net worth :$134 800 () as of May 31, 2016
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 = 1.28 CAD
I have a huge credit card debts because I take advantage of low balance transfer promotion rate and invest in high quality dividend stocks. Learn, earn, save,invest and leverage your skills are the keys to become wealth.
Thank you so much for being in my finance journey and for your support.