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.
June Net-worth Update – a milestone
My net worth increased by $10 100 or 1.80% in July.
Net-worth change in July 2021
Assets value
My assets value increased by $15200 last month and reached a new high of $991 800.
My asset value has been growing faster with appreciation in value, dividend reinvesting an new purchases. I believe the value of my asset could reach $1 million in the coming months.
If it happens, it would be the best achievement in 2021.
Liabilities
My debt increased by $5100.
I am not too worried about my debts now. I moved most of my debts into a fixed-long term mortgage. Thus, handling my debts is much easier than ever before.
I have so many credits available to use, but I will be using them to purchase assets. I won’t spend them on any unnecessary things.
Net-worth
Therefore, my net worth increased by $10100 and reached a new milestone of $570 300.
As I always say, leverage investing is very risky. If you don’t use it properly, it will destroy your wealth. Please do your research or discuss with qualified financial advisors before making any financial decisions.
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 from yours, and blindly copying my ideas may not benefit your life. Please do your research or discuss with qualified financial advisors before making any financial decisions.
July 2021 Net-worth Update
Net worth update as of July 31, 2021 ()
Assets: $991 800 ()
- Cash: $600 ()
- Home: $395 000 (no change) –conservative estimated value
- Canadian Stocks: : $466 900 ( )
- Small-cap Portfolio: $17500 ( )
- U.S. Stocks: $60 100 ( )
- International Stocks: $12 100 ( )
- Employer’s Pension Plan: $39 600( )
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: $421 500 ( )
- Mortgage -1:$175 900 ( )
- Mortgage -2: $133 200 ( )
- Student loan: $5000 ()
- Margin loan: $95 600 ()
- Credit card 3: $11 700 () (low interest credit card – 0.99% special rate for 12 months – expires in November 2021)
- Credit card 7: $100 () – (regular expenses)- high interest rate of 22.99%.
Net worth : $570 300 ( ) as of July 31, 2021
My net worth was 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 = 1.2469 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.
Been following your progress for the last few years. Congratulations on the success
The second mortgage you got for the consolidated LoCs, CC balance transfers, HELOC…etc. How did you go by doing this? What rate did you get? Are you still record keeping so you write off the interest?
I always thought banks are less likely now to do second mortgages and push clients to use a HELOC as it’s easier. Plus you can pay interest only.
Hello Jake,
Thank you for stopping by,
I got my second mortgage at Royalbank (RBC) for a 1.74% fixed rate. The process is straightforward at RBC. I just initiated the steps online; then, an RBC representative contacted me and walked me through the process. It was one of the sound financial decisions I made in my journey.
I don’t have many details about the current situation, but I did this not too long ago.
Best Regards,