A journey to become a self-made millionaire.
This is my first 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.
December was very expensive month due to the home purchase. The new home closing fees and new appliances purchases put a road bump in my finance journey; however, my investments and saving from our day job salaries helped us to post positive networth for this month once again. Also, I worked little extra hours at work, and my wife cash-out her vacation payments.
Now, let’s look at the December financial performance..
In December 2014, my net worth was increased by $5200 or 6.68% from my last update. The Canadian and U.S stocks were down at the early part of the month, but they performed well at the end.
Also, I received $435.56 dividends during the period.
Net worth update as of December 31, 2014 ()
Assets: 380 000 ()
- *Cash:$300 ()
- Home (new): $260 000
“Deposited to our new home: $15 000()- Canadian Stocks: $101 400 ( ) – gained + added few stocks
- U.S. Stocks: $18 300 () – Due to the gained in U.S stocks and U.S dollar appreciation
Liabilities: $297 000 ()
- Mortgage (new): $195 000 ()
- Student loan: $28 800 ()
- Margin loan:$30 300 ()
- Credit card 1: $7300 () (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: $2900 () (low interest credit card – 0.99% special rate for 6 months – will be expired in April 2015)
- Credit card 4: $9700 () (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)
- Credit card 5: $3200 () (low interest credit card – 2.9% special rate for 6 months – will be expired in May 2015
- Credit card 6: $9200 () (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7: $700 () – New home related expenses (bought washer & dryer, other purchases) – high interest rate of 19.99%.
Net worth :$83 000 () as of December 31, 2014
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
2014 was an amazing year for me in my personal and financial life as I achieved almost all my goals that I set to reach.
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
Hi,
I have been following net worth blogs for years, I finally started one of my own;
https://othalafehu.wordpress.com/
Please check it out, any advice/tips is appreciated
Hello OthalaFehu,
Thank you for stopping by,
Wish you all the best in your success.
Cheers,
Good to hear! Congrats! You’re on your way to becoming a millionaire in 10 years. Thanks for sharing your personal finance update. Very inspiring!
Thank you Nancy for stopping by.
Cheers,
Thanks for sharing your net worth up date with us. Though assets and liability figures tend to move up and down it’s the dividend income that should only move in one direction. After all, our dividend portfolios could take a real hit if the market tumbles but it’s the dividend that should still remain constant. Over $400 for a monthly dividend income is quite healthy. Keep it up.
Thank you DivHut for stopping by,
My main focus to collect steady growing dividend for life. As an investor, I should expect market fluctuation in our journey. I hope to break the $500 dividend income target in coming months.
Cheers,
Hi Finance Guy,
I wonder where you can get the credit card cash advance in such low rate. Can you provide me some information?
Cheers,
Timmy
Hello Timmy,
Thank you for stopping by,
I am using TD visa, RBC visa, MBNA mastercard and TD line of credits. When you have a good credit score, you will get those promotional offers every month.
Best Regards,
I am impressed that your portfolio increase more than 100% within a year. Can you let me know the name of those credit cards that you use that have promo low interest rate?
Thanks for sharing your journey.
Cheers,
Sam
Hello Sam,
Thank you for stopping by,
I am using TD visa, RBC visa, MBNA mastercard and TD line of credits. When you have a good credit score, you will get those promotional offers every month.
Best Regards,
Hi Finance Journey,
Just out of curiosity, are you leveraging credit cards to invest in stocks? If so, where do you find such low interest credit cards and isn’t there usually high interest in cash advancements?
Hello Jeff,
Thank you for stopping by,
I am using TD visa, RBC visa, MBNA mastercard and TD line of credits. When you have a good credit score, you will get those promotional offers every month.
Best Regards,
Hey there. I love a good net worth update from someone in the trenches like me. I just started my own journey recently. I’m taking the longer, less-leveraged road but it will be interesting to track your progress with the debt based investing.
Although I can’t agree with your methods, I know you are way ahead of everyone else, i.e. those who aren’t setting concrete goals and planning for the future. I bet most can’t even guess their net worth.
Good luck with your journey,
Robert
Thank you Robert for stopping by,
Leverage investing is not suitable for everyone. I love to take modest risk and speed-up my progress. At some point in the future, I will stop borrowing money and start to pay down debts.
Good luck your journey as well.
Cheers,
I am very happy I found your blog while I am searching for blue chip stocks in Canada.
Browsing a content like finance journey.com, is one way to stay motivated to keep on investing.
I will bookmark your site and I am happy to get updates about your financial goal and its progress.
Maybe one of this days, I will mention your blog as the best personal finance blog of the week. in my own blog. BTW, tracking a net worth is also one of my subject matter in my blog. I have learn that “what you track, increases” and what you focus on, expands.
I learned it from the Canadian author T Harv Eker author of the book secrets of the millionaires mind.
I admire the way you take risk. leverage investing is very risky. you know what, I am now confident to do the same. Good luck to your financial journey. God bless your financial goal. after 10 years we both celebrate our financial success. You and your family will soon be a multi millionaire through stock investing.
Cheers,
Grace and Gilbert
(Couple Investing in Stocks and Mutual Funds)
Thank you Grace for stopping by,
I am glad that you like my site and my finance journey. As you said, leverage investing is very risky and it is not suitable for all investors.
Thank you once again for your wishes and good luck in financial success.
Best Regards,