This is my second 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 February 2017, my net worth increased by $4500 (+2.78%), mainly due to the performance of my Canadian dividend portfolio.
As many of you know, my net worth is more depending on the performance of my investment assets than my saving/spending rate.
Saving a few dollars here and there won’t make a big different in my net worth, but a small percentage changes in my investment assets will give big impact in my net worth.
Therefore, my net worth is not easily predictable. But it is moving in a positive direction. Hopefully, the trend will continue.
I didn’t have any major expenses last month, but I will have a big expensive next month – my property tax.
It will affect my net worth for the month of March 2017; however, I will be getting record high dividend income in March (hopefully).
So, everything will get balanced-out well.
I don’t make monthly payments for my property tax. I make first payment in March and the second one in June, and forget about property tax bill for a year.
I don’t like recurring expenses, but I love recurring income, especially recurring passive income 🙂 .
Now let’s talk about my net worth and financial numbers in February
Last month, my net worth increased by $4500 or +2.78 from my last update.
Net worth update as of February 28, 2017 ()
Assets: $489 500 ()
- Cash: $400 ()
- Home: $275 000 (no change) – Yearly adjustment with average inflation rate of 2%
- Canadian Stocks: : $163 500 ( )
- U.S. Stocks: $40 200 ()
- Employer’s Pension Plan: $10 400()
Liabilities: $323 200 ()
- Mortgage :$182 500 ()
- Student loan: $24 000 ()
- Margin loan: $78 000 ()
- Credit card 1: $8300 () (low interest credit card – 0.99% special rate for 10 months – will be expired in September 2017)
- Credit card 2:$0 () (paid-off)
- Credit card 3:$0 (paid-off)
- Line of Credit 4: $8900 () (low interest balance transfer – 2.99% special rate for 12 months – will be expired in May 2017)
- Credit card 5: $3000 (no change) – (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 :$10 100 () – (low interest credit card – 2.99% special rate for 12 months – will be expired in April 2017)
- HELOC:$7900 (no change) – (low interest of 3.20% – prime + 0.5%)
Net worth :$166 300 () as of February 28, 2017
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 = 1.34 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.