Net worth update – January 2020

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

My net-worth ended up with a minor increase of $100 or 0.03% last month.

My investment performance slowed down in December after a massive rally for the last couple of months.

Anyway, 2019 was an amazing year as an investor. Most of the stock markets around the world rally to record high from 2018 dip.

Those who feared and sold their investments at the end of 2018 might have missed the gain, and now they have to pay more money to get back to the market.

In reality, it is very hard to watch when our investments go down by thousands of dollars, but we have to understand that it is the nature of the market. And we all have to learn to stay and go with a longer-term approach.

The markets continue hitting a new high in 2020, but many analysts think there will be a market correction in the next few weeks or months.

From time to time, the markets provide opportunities for patient investors, especially for those with a longer-term approach. I hope that I am in a good position to take advantage of those opportunities.

My Net-worth changes – December 2019

Assets

My Canadian dividend portfolio value dropped by $4000 due to the sale of my two holdings (PWF & CGX). I was unable to invest the proceeds raised from the sale.

As a result, the value of my total assets dropped by $3300 last month.

Liabilities

The good news is that my debt value dropped by $3400 last month because I paid down some loans using the money raised from the assets sales above.

Thus, my total liabilities value dropped to $309 400.

One of my 2019 goals is to reduce my debts to $310 000 or below. Therefore, I successfully achieved my goal.

My net-worth changes for the Year 2019

Without a doubt, based on my net-worth results, 2019 was the best year so far in my journey.

My assets value jumped from $527 300 to $607 000, which is $79 700 or 15.11% gain in a single year.

My debts value dropped from $322 700 to $309 400, which is $13 300 or a 4.12% drop in a single year.

Overall, my net-worth increased from $204 600 to $297 600, which is $93 000 or 45.45% gain in a single year.

It may be hard to repeat similar success; however, the value of my investment continues to grow in 2020. Thus, I may able to break my own records once again.

2019 financial goals

I successfully achieved all my 2019 financial goals. Oh, yes. I did it :).

I will post my 2020 financial goals in the next few days. Nothing is going to be new. Only three things I continue to do:

• Keep buying income-producing assets
• Keep building my income streams (result from the first one)
• Keep maintain or reduce my debts level; however, it is not my top priority.

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 December 31, 2020 (+0.03%)

Assets: $607 000 (-$3300)

• Cash: $900 (+$200)


• Home: $286 100 (no changed) – Yearly adjustment with average inflation rate of 2% in every January


• Canadian Stocks: : $235 000 ( -$4000 )


• U.S. Stocks: $44 300 ( -$100 )


• International Stocks: $11 500 ( +$100 )


• Employer’s Pension Plan: $29 200( +$500 )

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: $309 400 (-$3400 )

• Mortgage : $185 900 ( -$500 )


• Student loan: $6000 ( -$500 )


• Margin loan: $76 700 (+$700)


• Credit card 1: $500 (-$2500) (low interest credit card – 0.99% special rate for 12 months - will be expired in January 2020)


• Credit card 2: $4200 (no changed) (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: $7500 (-$100) - 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: $14800 - (New -$200 - a new promotional offer at 0.99% special rate - expired in November 2020)


• Credit card 7: $300 (-$200) - (regular expenses)- high interest rate of 19.99%.


• Line of Credit 1 : $13 500 (-$100 ) - (low interest credit card – 2.99% special rate for 12 months - will be expired in January 2021)

Net worth : $297 600 ( +$100) as of December 31, 2019

My net worth was up by +0.03% since my last update.

Note

• all amounts are rounded to the nearest $100;
• all numbers are in CAD; and
• Conversion rate 1.00 USD = 1.299 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.