This is my seventh net-worth updates report for the year 2017. 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 by December 2024 (10 year plan) by saving and investing in stable dividend paying blue-chip companies.
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.
You could learn from my successes and failures (experience) and improve your financial IQ.
Along the way, I make financial mistakes and will share my experience here with you. So, you could learn something, avoid those mistakes and save money.
Also, I like to publickly track my progress and get valuable advice from like-minded people.
In July 2017, my net worth decreased by $900 (), the second consecutive month of decline.
It is widely expected decline in summer months as most of my investment dropped slightly due to seasonal trading and expectation of rate hikes.
I believe this will get improve by latter part of the year, but correction in U.S market may bring down other markets including Canadian.
Thus, stock market is unpredictable in short-term, so does my net-worth. In long-term, everything will be fine.
As I always do, I keep buying quality companies while they are on sale. I borrowed some money to fund new purchases, but planning to pay some debts in the coming months.
Now let’s talk about my net worth and finacial details in numbers
Last month, my net worth decreased by $900 or -0.5% from my last update.
Net worth update as of July 31, 2017 ()
Assets: $508 100 ()
- Cash: $2700 ()
- Home: $275 000 (no change) – Yearly adjustment with average inflation rate of 2%
- Canadian Stocks: :$178 000 ( )
- U.S. Stocks: $39 200 ()
- Employer’s Pension Plan: $13 200()
Liabilities: $333 100 ()
- Mortgage : $180 100 ()
- Student loan: $23 000 ()
- Margin loan: $67 800 ()
- Credit card 1:0 () (paid-off)
- Credit card 2:$18 800 () (low interest credit card – 1.99% special rate for 12 months – will be expired in March 2018)
- Credit card 2:$11 600 () (low interest credit card – 0.99% special rate for 12 months – will be expired in March 2018)
- Line of Credit 3: $4700 () (low interest credit card – 0% special rate for 12 months – will be expired in June 2018)
- Credit card 5: $3000 (no changed) – (low interest credit card – 1.99% special rate for 10 months – will be expired in November 2017)
- Credit card 6:$400 ( ) – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 :$12 600 () – (low interest credit card – 2.99% special rate for 12 months – will be expired in February 2018)
- HELOC: $11 100 (no-change) – (low interest of 3.45% – primte + 0.5%)
Net worth :$175 000 () as of July 31, 2017
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 = 1.2893 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.