This is my eighth 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. 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 August 2017, my net worth increased slightly higher after two consecutive months of modest declines.
Therefore, my net worth increased by $1500 or 0.86% in August, thanks to modest gain in my Canadian investments.
Stock market analysts are expecting that Canadian economy will improve and perform well in the coming months.
Thus, my Canadian holdings perform well in the coming months, especially my financial holdings. At the same, my REITs and utilities stocks may take hit due to the rising interest rate. But, I am not making any major changes in my Canadian stocks.
Now let’s talk about my net worth and finacial details in numbers
Last month, my net worth decreased by $1500 or 0.86% from my last update.
Net worth update as of August 31, 2017 ()
Assets: $508 900 ()
- Cash: $800 ()
- Home: $275 000 (no change) – Yearly adjustment with average inflation rate of 2%
- Canadian Stocks: :$180 100 ( )
- U.S. Stocks: $39 300 ()
- Employer’s Pension Plan: $13 700()
Liabilities: $332 400 ()
- Mortgage : $179 600 ()
- Student loan: $22 800 ()
- Margin loan: $68 200 ()
- Credit card 1:0 (no change) (paid-off)
- Credit card 2:$18 200 () (low interest credit card – 1.99% special rate for 12 months – will be expired in March 2018)
- Credit card 2:$11 400 () (low interest credit card – 0.99% special rate for 12 months – will be expired in March 2018)
- Line of Credit 3: $4700 (no change) (low interest credit card – 0% special rate for 12 months – will be expired in June 2018)
- 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:$200 ( ) – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 :$12 600 (no change) – (low interest credit card – 2.99% special rate for 12 months – will be expired in February 2018)
- HELOC: $11 700 () – (low interest of 3.45% – primte + 0.5%)
Net worth :$176 500 () as of August 31, 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 = 1.2516 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.