A journey to become a self-made millionaire.
This is my 6th net worth updates report for this year (2015). 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.
I am posting this update little bit late (but dated as July).
Due to the recent stock market volatility, my net worth ended up with negative gain for the month June 2015.
This is the first post with negative gain as my stock investments are big enough to decide my net worth gain over my saving from day job. In other word, my forthcoming net worth updates will be more depended on my investment gains/lose than my saving rate.
In June 2015, my net worth was decreased by $300 or 0.03% from my last update.
The negative gain is very negligible. Thanks to my saving from day job and the dividend income.
Net worth update as of June 30, 2015 ()
Assets: $412400 ()
- Cash: $1100 ()
- Home: $260 000 (no change)
- Canadian Stocks: $122 300 ( ) – Recent purchases
- U.S. Stocks: $29 000() – dropped due to gained in Canadian dollar.
Liabilities: $311 700 ()
- Mortgage : $191900 ()
- Student loan: $27700 ()
- Margin loan: $38800 ()
- Credit card 1: $6800 () (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)
- Credit card 2: $9300 () (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- Credit card 3: $18 600 () (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)
- Credit card 4: $8700 () (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)
- Credit card 5: $0 (no change)
- Credit card 6: $3600 () (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7: $300 (no change) – (regular expenses) – high interest rate of 19.99%.
- HELOC : $6000 (no change) -(low interest – 3.35% – primte + 0.5%)
Net worth :$100 700 () as of June 30, 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 = 1.30 CAD
I have a huge credit card debts because I took advantage of low balance transfer promotion and invested in high quality dividend stocks. Taking modest risk and leveraging are the key to become wealth.
Net worth still above $100K despite summer sell off in the stock market.
Total increased in the year 2015 is $17 700 .
My debt level was increased in June due to some recent stock purchases using my margin loan. I should focus on reducing my debts to less than $300K – manageable level.
Thank you so much for being in my finance journey and for your support.
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