Net worth update – July 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.

July 2020 Net-worth Update

In July 2020, my net worth increased by $11 200 or 3.81%.

Compare to the U.S stock market performance, and the increment is very low.

The high growth tech stocks drive most of the stock market indexes to the record territories. My dividend portfolio did well, but its performance is deficient in recent months compared to the tech stocks.

As a dividend investor, I built my portfolio with stable dividend-paying companies. I purposely avoided stocks that don’t pay dividends.

Of course, I missed fantastic opportunities I could have reaped investing in U.S and Canadian tech stocks. Still, at the same time, I have avoided lots of speculative investments by chasing the trends, such as weeds, bitcoins, etcs.

A few of my friends have been making good profits by investing in high flying stocks such as Tesla and other tech stocks.

They keep advising me to put a portion of my money into the sector, but I am not comfortable investing in those areas.

I feel like their valuations are too high, and it is somewhat similar to what we had in the tech bubble.

Maybe I could be wrong. And, I may continue missing opportunities.

Only time will tell if the ‘hope’ investors put into the extreme growth stocks were worth it or not. We will know in a few months or a few years.

Meanwhile, I would prefer to stick with my boring dividend stocks and collect dividends.

Let’s see my net-worth in numbers.

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.

July 2020 Net-worth Update

Net worth update as of July 31, 2020 (+3.81%)

Assets: $611 500 (+$37400)

• Cash: $400 (-$400)


• Home: $291 900 (no changed) – Yearly adjustment with average inflation rate of 2% in every January


• Canadian Stocks: : $225 300 ( +$35700 )


• U.S. Stocks: $51200 ( +$1800 )


• International Stocks: $9700 ( -$200 )


• Employer’s Pension Plan: $33 000( +$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: $306 000 (+$27900 )

• Mortgage :$182 300 ( -$500 )


• Student loan: $5800 ( no changed )


• Margin loan: $61200 (+$28000)


• Credit card 1: $0 (paid-off - no changed) (low interest credit card – 0.99% special rate for 12 months - expired in January 2020)


• Credit card 2: $9700 (no change) (low interest credit card – 0.99% special rate for 12 months - will be expired in February 2021)


• Credit card 3: $0 (paid-off) (low interest credit card – 0.99% special rate for 12 months - expired in November 2019)


• Credit card 4: $0 (paid-off ) - a promotional offer at 1.99% special rate - expired in March 2020)


• Credit card 5: $18700 (-$200) (low interest credit card – 0.99% special rate for 12 months - expire in May 2021))


• Credit card 6: $13600 - (-$200 - a promotional offer at 0.99% special rate - expired in November 2020)


• Credit card 7: $400 (+$200) - (regular expenses)- high interest rate of 19.99%.


• Line of Credit 1 : $12 800 (-$100 ) - (low interest credit card – 2.99% special rate for 12 months - will be expired in January 2021)


• Line of Credit 2 (HELOC) : $1500 (+$700 ) - (Interest rate – 2.95% )

Net worth : $305 500 ( +$11200) as of July 31, 2020

My net worth was up by +3.81% since my last update.

Note

• all amounts are rounded to the nearest $100;
• all numbers are in CAD; and
• Conversion rate 1.00 USD = 1.3618 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.

Thank you so much for following my finance journey and for your great support.