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.
My net-worth
November was a great month for my net worth after the slow growth in October.
My net worth increased by $10 500 or 3.66% last month, thanks to the performance of my investments.
Assets
Due to the recent stock market rally, the value of my total assets climbed over $600K for the first time.
Hopefully, it will stay above $600K and continue moving higher from there.
Recently, in December, I had to sell two of my small positions in my Canadian portfolio due to the takeover offers. Thus, my asset values may go below $600K if there are any sudden market sell-offs.
Up until now, I don’t see any sign for slow-down any time soon (at least for the next few days).
So far, everything is going well, but nothing is predictable in the stock markets.
Debts
In my debts portion, I took advantage of a new offer from one of my credit cards and withdraw $15000 for a 0.99% rate for 12 months, and paid down some credit card and student loans debts using the money.
Actually, I don’t have any problem carrying debts as long as I use them for good purposes. I have never used debts to go on vacation or buy fancy stuff. I use them to buy assets, especially income-producing assets.
Maybe in the future – after I completed my financial goals, I may consider reduce or pay down my debts.
Until that, I will continue using them as a tool to build my income and net-worth. I know my limit with debts, and I always have a backup plan to handle if something goes against my plan.
2020
The 2019 year was an amazing year so far. Financially, I am in a much better position than a year ago.
And, I hope 2020 will bring more happiness and create more wealth for your life and my life as well. There are opportunities everywhere and in every field.
If you start searching for them, then you will find a lot of them. So, you should start thinking about what you want in your life and create a plan to get them.
Wishing you a safe, healthy and happy holiday, and a happy new year!
That’s it for now and see you in my next post.
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 than yours and blindly copy my ideas may not benefit for your life. Please do your own research or discuss with qualified financial advisors before may any decisions.
Let’s see the details in numbers:
Net worth update as of November 30, 2019 ()
Assets: $610 300 ()
- Cash: $700 ()
- Home: $286 100 (no changed) – Yearly adjustment with average inflation rate of 2% in every January
- Canadian Stocks: : $239 000 ( )
- U.S. Stocks: $44 400 ( )
- International Stocks: $11 400 ( )
- Employer’s Pension Plan: $28 700( )
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: $312 800 ( )
- Mortgage : $186 400 ( )
- Student loan: $6500 ( )
- Margin loan: $76 000 ()
- Credit card 1: $3 000 () (low interest credit card – 0.99% special rate for 12 months - will be expired in January 2020)
- Credit card 2: $4200 () (low interest credit card – 0.99% special rate for 12 months - will be expired in February 2020)
- Credit card 3: $0 (PAID-OFF) (low interest credit card – 0.99% special rate for 12 months - expired in November 2019)
- Credit card 4: $7600 () - a promotional offer at 1.99% special rate - expired in March 2020)
- Credit card 5: $0 ( PAID-OFF) (low interest credit card – 0.99% special rate for 12 months - expired in October 2019))
- Credit card 6: $15000 - (New - a new promotional offer at 0.99% special rate - expired in November 2020)
- Credit card 7: $500 () - (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 : $13 600 ( ) - (low interest credit card – 3.00% special rate for 12 months - will be expired in December 2019)
Net worth : $297 500 ( ) as of November 30, 2019
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 = 1.3294 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 following my finance journey and for your great support.
Nice blog, very similar to the million dollar journey blog I’ve been following for several years.
My only comment is, what if the market crashes, wouldn’t be good to have some dry powder around to buy up discounted stocks?
Also what interest rate do you pay on your margin? I paid mine off because my dividend yields are less than the margin interest rate. I also keep my margin as a back up to my emergency fund.
Geoff
Geoff
Thank you for stopping by,
I inspired by the Million Dollar Journey and started to this blog. Big thanks to Frugal Trader J
I have a couple of options if the markets crash. My home line of credit has available credits over $60 000, with prime + 0.5% interest rate. Plus, I have multiple credit cards they keep offering me a lower rate, but I stopped using them for now – at this market high.
Also, my margin usage is less than 35% of my available credits.
Currently, I use IB online brokerage and paying a 3.25% interest rate for the margin loan.
Cheers,
Nice stuff, good luck!
Thank you Joe 🙂
Hi there, I discovered your blog about 6 weeks ago. I really enjoy it and see that I can reach my goals as well. I did notice you listed a few books in one of your posts but cant seem to locate them now. Could you give me the names or provide me the blog post that included them. Thanks
Hello Paul,
Thank you for stopping by,
If you are planning to create your own dividend investment strategy, then I would strongly recommend you to read the following two books.
• Get Rich with Dividends: A Proven System for Earning Double-Digit Returns by Marc Lichtenfeld
• The Single Best Investment: Creating Wealth with Dividend Growth by Lowell Miller.
Above are Affiliated link. I may receive a small commission (at no extra cost for you) if you use the above link to purchase the books from Amazon.
Have you noticed the transfer fees on the promotional rates have increased? Previously there were always 1% transfer fees but now I am finding I am being offered 3% transfer fee.. Plus whatever the promotional interest rate is. Not sure if it is just me or not. I’m a huge fan and look forward to your updates every month. Merry Christmas.
Hello Justin,
Yes, sometimes they increase balance transfer fees or shorten the promotion periods. If I see increased fees, then I stop using them for a month or two and noticed they reduced to 1%… I have multiple cards from a couple of financial institutions. So, I use the lowest one when I need.
It works for me so far.
Best Regards,
Can you please make a detailed post on how you get cheap debt? Do you cash advance a credit card for 15k for example, and then do a balance transfer for the promotion? or is there another way to pull out money from a credit card?
With interest rates being 4-6% i cant match that rate of return comfortably, something like 0-3% sounds doable.
Thank you!
Hello Millionaireby30,
I can transfer money from credit cards to my checking accounts. Some institutions may not allow transferring money, but they allow transferring a balance. In this case, I use them when one of my promotions about to expire.
Recently, I receive two new offers – from 0% with a 2% balance transfer fee, and 1% with 1% balance transfer fee. I am not using them this time because I don’t see any deals in the market at this record high.
Please note leverage investing is very risky and it is not suitable for all investors. If you don’t use it correctly, then it will damage yours in a big way. Please do your research before making any financial decisions.
Best Regards