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
The fifth straight month with a decent gain.
My net-worth inches up by $1200 or 0.47% in May 2019, thanks to my tax refunds and three paycheques months and partially offset by my property tax payment.
My investment portfolios performed well up until the third week of May then started to decline along with the overall market toward the end of the month and ended up with a negative gain.
I was hoping to post a massive net-worth gain, but it didn’t happen due to the poor portfolio performance in the later part of the month.
However, I received a decent tax refund, thanks to my RRSP contribution and lower salary bracket.
Moreover, I received 3 pay-cheques from my day job.
For those works for bi-weekly salary, know that we receive three paycheques in a month for two occasions in a year. My next big salary month will be in October.
I used the extra cash I received from tax-fund and salary to pay my bi-annual property tax and reduced my debt by $3100.
Actually, my bi-annual property tax due in June; however, I decided to pay it off last month as I had enough cash. Therefore, I don’t need to think about my property tax payments until March 2020. Cool!
In addition, I paid-down some debts; mainly I reduced my student loans debts by $1500, which helps to improve my cash flow so I can use them for future investment opportunities.
Due to the mini market corrections, there were some investment opportunities, especially in the financial sector; however, I decided to reduce my debts instead of making an investment in order to improve my buying power.
In June, my portfolios have been performing well. I hope that I will be able to post another positive net-worth gain in my next update – if the performance continues because nothing is predictable in the stock market.
Let’s see the details in numbers:
Net worth update as of May 31, 2019 ()
Assets: $573 900 ( )
- Cash: $800 ()
- Home: $286 100 (no changed) – Yearly adjustment with average inflation rate of 2% in every January
- Canadian Stocks: : $212 700 ( )
- U.S. Stocks: $38 600 ( )
- International Stocks: $10 300 ( )
- Employer’s Pension Plan: $25 400( )
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: $319 500 ( )
- Mortgage : $169 200 ( )
- Student loan: $13 500 ( )
- Margin loan: $71 300 ()
- Credit card 1: $13400 (no change) (low interest credit card – 0.99% special rate for 12 months – will be expired in January 2020)
- Credit card 2: $4600 (no change) (low interest credit card – 0.99% special rate for 12 months – will be expired in February 2020)
- Credit card 3: $17 300 ( ) (low interest credit card – 0.99% special rate for 12 months – will be expired in November 2019)
- Credit card 4: $8100 () – a new promotional offer at 1.99% special rate – expired in March 2020)
- Credit card 5: $2100 ( ) – (low interest credit card – 1.99% special rate for 12 months – will be expired in October 2019)
- Credit card 6: $5300 ( ) – (low interest credit card – 0.99% special rate for 12 months – will be expired in September 2019)
- Credit card 7: $500 ( ) – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 : $14200 ( ) – (low interest credit card – 3.00% special rate for 12 months – will be expired in December 2019)
Net worth : $254 400 ( ) as of May 31, 2019
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 = 1.3528 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.
Where can i get the same credit card at low rate as you do?
Why do you have so many credit cards?
Hello Jim,
Thank you for stopping by,
I borrow many at ultra lower interest and buy stocks. That is the main reason I have so many credit cards.
Cheers,
Why you use credit card to buy stocks?
I borrow money to invest.