Net worth update – August 2015

A journey to become a self-made millionaire.

This is my 7th net worth updates report for this year (2015). For those new to my finance journey, a 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 in 10 years by saving and investing in stable dividend paying blue-chip stocks.

In July, my net worth has slightly improved from June’s drop, thanks to my day job saving and the dividend income I received for the month from my dividend investments.

Also, I made an important decision and joined with my employer pension plan to diversity my income in my retirement period. From now on, you could see a new assets class in my net worth update report.

I always like to handle my own money rather than letting someone to manage. That’s why I decided to purchase individual stocks instead of buying mutual funds and ETFs.

But, participating in employer’s pension plan is different story than investing in mutual funds. This retirement income is guaranteed, government-backed, and inflation-adjusted. In other word, I will get some worry free fixed-income during my retirement period.

Last month, my net worth increased by $2600 or 2.58% from my last update.

Also, I received $528.44 dividend income during the period

Net worth update as of July 31, 2015 (2.58%)

Assets:$415 200 (+$2800)

• Cash: $200 (-$900)


• Home: $260 000 (no change)


• Canadian Stocks: $124 000 ( $1700) – Recent purchases


• U.S. Stocks: $30 600 (+$1600)


• Employer’s Pension Plan: $400(+$400)

Liabilities: $311 900 (+$200)

• Mortgage :$191 300 (-$600)


• Student loan: $27500 (-$200)


• Margin loan: $38900 (+$100)


• Credit card 1: $6700 (-$100) (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)


• Credit card 2: $9200 (-$100) (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)


• Credit card 3: $18 600 (no change) (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)


• Credit card 4: $8600 (-$100) (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)


• Credit card 5: $0 (no change)


• Credit card 6: $0 (-$3600) (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)


• Credit card 7: $3100 (+$2800) – (regular expenses + started to do improvement work in our home) – high interest rate of 19.99%.


• HELOC : $8000 (+$2000

Net worth :$103 300 (+$2600) as of July 31, 2015

My net worth up by +2.58% since my last update.

Note

• all amounts are rounded to the nearest $100;
• all numbers are in CAD; and
• Conversion rate 1.00 USD = 1.31 CAD

I have a huge credit card debts because I took advantage of low balance transfer promotion rate and invested in high quality dividend stocks. Taking modest risk and leveraging are the keys to become wealth.

Total increased in the year 2015 is $20 300 .

My debt level was slightly increased in July due to some improvement works we are currently doing in our home.

Thank you so much for being in my finance journey and for your support.

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