A journey to become a self-made millionaire.
This is my second net worth updates report for this new year. 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.
Another expensive month with some extra one time expenses; however, I manage to post a little higher net worth than last update.
In January 2015, my net worth was increased by $4500 or 5.42% from my last update. My Canadian and U.S dividend portfolios post a modest gain last month.
Also, I received $376.17 dividends during the period.
Net worth update as of January 31, 2015 ()
Assets: 391 000 ()
- *Cash: $800 ()
- Home: $260 000 (no change)
- Canadian Stocks: $109 900 ( ) – gained + purchased few stocks
- U.S. Stocks: $20300 () – Due to the gained + purchased new stocks
Liabilities: $303 500 ()
- Mortgage (new): $194 100 ()
- Student loan: $28 700 ()
- Margin loan:$17 300 ()
- Credit card 1: $7200 () (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)
- Credit card 2: $9800 () (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- (new) Credit card 3: $19300 () (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)
- Credit card 4: $9500 () (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)
- Credit card 5: $3200 (no change) (low interest credit card – 2.9% special rate for 6 months – will be expired in May 2015
- Credit card 6: $9100 () (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7: $300 () – New home related expenses (bought washer & dryer, other purchases) – high interest rate of 19.99%.
- (new) HELOC : $5000 () -(low interest – 3.35% – primte + 0.5%)
Net worth :$87 500 () as of January 31, 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 = 1.16 CAD
Another positive month in my Million dollar journey, and I feel happy as I am moving toward my goal.
My net worth increased from $40700 from my first update (March 10th update) to $83 000 to this December update, which is 103.93% higher – average increase of $4230 per month. It is much more higher than my after tax day job monthly salary.
I totally understand that my debts are building up without any control. This year, I will turn my focus on debts and bring them down to a manageable level.
Thank you for being in my finance journey
You are doing great FJ. Get rid of the credit cars ASAP. Keep up the good work.
Hi MD,
Thank you for stopping by.
Best Regards,
Holy smokes, that is a ton of credit cards! They must be absorbing your monthly cash flow quite significantly, otherwise the ‘balloons’ on them aren’t going to be fun when those promo periods end!
The dividend income looks great, but whew, those credit cards would stress me out!
Hi W2R,
Thank you for stopping by,
I am monitoring my debts situation very closely. I will take bold action if necessary.
Cheers,