A short intro for new readers
If you are not new here, then you can simply skip to the next section.
For those new to my finance journey, this net-worth update is a simple report I publish 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 years plan). I have a strong belief that I can achieve this goal by saving and investing in high-quality dividend-paying blue-chip companies. I am also a strong believer of ‘compounding’ power, and I believe if I can push myself now and build a decent net-worth, then the ‘ compounding effect’ will give a heavy lifting in my later part of this journey.
I am posting all my financial information on 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 knowledge.
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 feedback from like-minded people.
August Net-worth Update – A Million Dollar Assets (a milestone)
My net worth increased by $10 700 or 1.88% in August, and the value of my assets hit a new milestone of $1 million.
It is one of the best achievements in my journey. Honestly, I struggled to enter seven digits when I updated this page because this is the first time I reached this high. Amazing feeling!
Many Canadians are now living in $1 million homes, especially in Toronto and Vancouver areas. House prices in my area are at a record high.
But I think the prices are not sustainable in the long run. I believe there will be a steep correction in the housing market sooner.
That’s the reason I keep my house value at $395K; even so, many similar size homes have been selling more than double the price in our areas.
Net-worth change in August 2021
Assets value
My assets value increased by $8300 last month and reached a new milestone of $1 000 100.
My asset value has been growing faster with appreciation in value, dividend reinvesting and new purchases. I believe the value of my asset will continue to grow over the long run.
Liabilities
My debt decreased by $2400. My debts are down because I didn’t make any significant assets purchases in August.
My debts are high, but I am not too worried about it now. I moved most of my debts into a fixed-long term mortgage. Therefore, debts related costs and payments are more predictable and easy to handle.
I have over $200 k available credits from margin loans and a line of credits. I won’t spend them on any unnecessary things.
I will only use my debts for assets purchases. If the market gives me opportunities, I will be happy to scoop up some assets.
Net-worth
Therefore, my net worth increased by $10700 and reached a new high of $580 000.
As I always say, leverage investing is very risky. If you don’t use it properly, it will destroy your wealth. Please do your research or discuss with qualified financial advisors before making any financial decisions.
Let’s see my net-worth in numbers.
As I always say, I am here to share my financial freedom journey with this site’s readers. My financial goals, financial situations, and risk tolerances are much different from yours, and blindly copying my ideas may not benefit your life. Please do your research or discuss with qualified financial advisors before making any financial decisions.
August 2021 Net-worth Update
Net worth update as of August 31, 2021 ()
Assets: $1000 100 ()
- Cash: $600 (no change)
- Home: $395 000 (no change) –conservative estimated value
- Canadian Stocks: : $477 300 ( )
- Small-cap Portfolio: $16500 ( )
- U.S. Stocks: $58 500 ( )
- International Stocks: $12 100 ( no change )
- Employer’s Pension Plan: $40 100( )
Disclaimer..
Please note the information posted on this website is the opinion of my own and should not be considered as professional financial advice. I am not a financial professional, and I can buy, sell, or hold any investment at any time.
Any transactions I publish on this website are not recommendations to buy or sell any securities or investments.
My financial situations, goals and risk tolerances will be much different than you. Therefore, please do your own research or consult with a qualified financial professional before even considering using the information obtained from this website.
Liabilities: $419 100 ( )
- Mortgage -1:$175 400 ( )
- Mortgage -2: $132 900 ( )
- Student loan: $4900 ()
- Margin loan: $95 300 ()
- Credit card 3: $10 500 () (low interest credit card – 0.99% special rate for 12 months – expires in November 2021)
- Credit card 7: $100 (no change) – (regular expenses)- high interest rate of 22.99%.)
Net worth : $581 000 ( ) as of August 31, 2021
My net worth was up by since my last update.
Note
- all amounts are rounded to the nearest $100;
- all numbers are in CAD; and
- Conversion rate 1.00 USD = 1.2633 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.
Thank you so much for following my finance journey and for your great support.
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