A journey to become a self-made millionaire.
This is my 10th net worth updates report. 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 goal is to become a self-made millionaire in 10 years by saving and investing in stable dividend paying blue-chip stocks.
Finally, I moved into my new home on December 01, 2014.
I was very busy in all the closing process, moving and unpacking all the items, etc. Aslo, December is going to be very expensive month as we paid almost $4500 for the home-closing fees and bought couple of furniture and appliances for our new home. These expenses will reflect in my next net worth update report.
Now, let’s look at the November financial performance..
In November 2014, my net worth was increased by $4100 or 5.56% from my last update. As you know, November was an another roller coaster month for stock market. I took advantage the downturns and added few dividends stocks at bargain price.
Also, I received $176.12 dividends during the period.
Net worth update as of November 30, 2014 ()
Let’s look at my net worth in numbers (as of November 30, 2014):Assets: $173 100()
- *Cash : $50 000 ()
- Deposited to our new home: $15 000 (no change)
- Canadian Stocks $90 600 ( )
- U.S. Stocks: $17 500 () – Due to the gained in U.S stocks and U.S dollar appreciation
Liabilities: $95 300 ()
- Student loan: $28900 ()
- Margin loan: $38 900 ()
- Credit card 1: $7500 () (low interest credit card – 0.99% special rate for 12 months – Expired on December 2015)
- Credit card 2: $0 (Paid off) () (low interest credit card – 0.99% special rate for 12 months) – expired
- Credit card 3: $3000 () (low interest credit card – 0.99% special rate for 6 months – will be expired on April 2015)
- Credit card 4: $4600 () (low interest credit card – 1.99% special rate for 9 months – will be expired on August 2015)
- Credit card 5: $0 (low interest credit card – 2.9% special rate for 6 months)
- Credit card 6: $9400 () (low interest credit card – 0.99% special rate for 12 months – will be expired on August 20, 2015)
- Credit card 7: $3000 () – New home related expenses (bought washer & dryer, other purchases)
Net worth : $77 800 ()
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 = 1.13 CAD
*I usually don’t keep cash in my bank accounts, but I keeped $50 000 in my chequing account for the new home down payment (above report as of November 30, 2014).
I have a huge credit card debt because I took advantage of “low balance transfer promotion and invested in high quality dividend stocks. Taking modest risk and leveraging are the keys to become wealth.
Hi ..
Thanks for your site!
I love your site, always with good information.
I’m very motivated.
I’d like to ask you one question. How can you find a credit card with 0.99%, 1.99à%.
I have not found a credit card with this interest (only Scotia Bank)
Thanks,
Bruno
Hello Bruno,
Thank you for stopping by.
I am using MBNA, Royal Visa, Scotia Amex and TD visa.
Credit cards company usually don’t offer such as low rate at the beginning. If you have a good credit history, you will start receiving the special rates when you use their cards for a while. If you like to receive the low rate immediately, try MBNA mastercards.
Hope this help.
Best Regards,
I love this blog and am interested to learn how you used credit cards to buy stocks? The credit cards I see all have a high APR for cash advances, and brokers dont let you fund accounts with credit cards. How did you get around this?
Thanks!
Justin
Hello Justin,
Thank you for stopping by,
What I do, I call the credit card company and transfer the money into my bank account, then fund the money to the brokerage accounts.
There are always a way to work around 😀 .
Cheers,
I am pretty boring when it comes to how I invest, can you please explain to me what a margin loan is? You mention that you have huge credit card debt because of the low interest you receive for the first year or so but does the credit card stay low interest even on cash advances if that is what you are doing? Are you somehow able to get a credit card, and take the money from the card to invest it?
Just curious, good job on another positive NW month, I am down two months in a row.
Hi Jeff,
Thank you for stopping by,
Margin loan is the loan I borrow on my stocks. Usually brokerage farms offer this.
I always get new special rate when one gets expired. Thus, I could able to roll back the special rate for another period. I totally understand that borrow money to invest is risky, but I would like to build up a decent portfolio in the low interest rate environment.
Cheers,