A journey to become a self-made millionaire.
This is my 9th net worth updates report for the 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 companies.
Our networth hit again in September due to the market decline and our home property tax due.
In September, we received our property tax estimate and were required to make the payment by end of the month.
Our property tax is bit lower than we expected. We expected around $3000 or $250 per month for our home, but the actual estimate is around $2400 or $200.
We are asked to pay around $2700 because of the one-time administration fee plus the last month 2014 tax.
I used my saving and borrowed some money to pay all the amount.
As usual, we also had few discretionary expenses last month for toys and cloths for our little one. These type of expenses are widely expected in a family with small kids.
Now, let’s look at my net worth changes in numbers.
Last month, my net worth decreased by by $1600 or 1.56% from my last update.
Also, I received $588.43 dividend income during the period
Net worth update as of September 30, 2015 ()
Assets:$418 600 ()
- Cash: $500 (no change)
- Home: $265 000 (no change)
- Canadian Stocks: $122 200 ( ) – Recent purchases
- U.S. Stocks:$29 500 ()
- Employer’s Pension Plan: $1400()
Liabilities:$317 500 ()
- Mortgage :$190 200 ()
- Student loan: $26 900 ()
- Margin loan:$44300 ()
- Credit card 1:$7400 () (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)
- Credit card 2: $9900 () (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- Credit card 3: $18 500 () (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)
- Credit card 4:$4400 (no change) (low interest credit card – 1.99% special rate for 9 months – will be expired in November 2015)
- Credit card 5: $0 (no change)
- Credit card 6: $0 (no change) (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7:$5900 (no change) – (regular expenses + home improvement work ) – low interest rate of 1.99% on balance transfer.
- Credit card 8:$1000 () – (regular expenses) – high interest rate of 19.99%.
- HELOC : $9000 () -(low interest – 3.35% – primte + 0.5%)
Net worth :$101 100 () as of September 30, 2015
My net worth 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 = 1.31 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 $18 100 .
My debt level was slightly increased in September due to property tax payment of $2700.
Thank you so much for being in my finance journey and for your support.
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