This is my sixth 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 publicly track my progress and get valuable advice from like-minded people.
In June 2017, my net worth decreased by $3100 ().
It is the first drop after 13 months of gains. And, it is the largest drop after I started to track my net worth in this website. I should expect more like this in the coming months and years as my investment portfolios getting bigger and bigger.
There were four contributors for my net worth drop in June, among two of them are major and other two are very minor. I take everything as positive.
First reason was increasing Canadian dollar value against U.S dollar. I have more than $41K worth of U.S stocks; thus, a minor change in currency will cause a big impact in my net worth. In positive side, increasing Canadian dollar is a good news for me as I can start diversifying my investment by purchasing more U.S stocks. I am waiting for this for a long period of time.
Second reason was my 2nd property tax due. I pay property tax as two lump sum payments instead of paying monthly. The first one was due in March and second one is in June. I paid around $1700 in June. The good news is that I don’t need to worry about my property tax payments for until March 2018.
Third reason was my expenses were little high due to the summer activities. I am not too worried about this because this is the time to enjoy our live.
Final reason was my investment portfolios drop a bit, but this was well covered by the high dividend income I received in June.
Canadian dollar continues gaining value against USD. I may start moving some money and purchasing some U.S dividend paying stocks in the coming months.
I just wanted to diversify my portfolios by adding stocks from few more sectors such as consumer stables, health care, technologies, etc. Currently, my portfolio is highly concentrated by financial, pipelines and utilities stocks.
Now let’s talk about my net worth and finacial details in numbers
Last month, my net worth decreased by $3100 or -1.73% from my last update.
Net worth update as of June 30, 2017 ()
Assets: $505 000 ()
- Cash: $1200 ()
- Home: $275 000 (no change) – Yearly adjustment with average inflation rate of 2%
- Canadian Stocks: :$176 000 ( )
- U.S. Stocks: $40 100 ()
- Employer’s Pension Plan: $12 700()
Liabilities: $329 100 ()
- Mortgage : $180 600 ()
- Student loan: $23 200 ()
- Margin loan: $55 300 ()
- Credit card 1:$7900 () (low interest credit card – 0.99% special rate for 10 months – will be expired in September 2017)
- Credit card 2:$18 900 () (low interest credit card – 1.99% special rate for 12 months – will be expired in March 2018)
- Credit card 2:$11 700 () (low interest credit card – 0.99% special rate for 12 months – will be expired in March 2018)
- Line of Credit 3: $4900 () (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:$500 ( ) – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 :$12 000 (no changed) – (low interest credit card – 2.99% special rate for 12 months – will be expired in February 2018)
- HELOC: $11 100 () – (low interest of 3.45% – primte + 0.5%)
Net worth :$175 900 () as of June 30, 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.