A journey to become a self-made millionaire.
This is my second net worth updates report for this new year. 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.
Another expensive month with new home and new born baby; however, my net worth stays positive, big thanks to my dividend stocks 😀 .
In February 2015, my net worth was increased by $4900 or 5.60% from my last update. My Canadian and U.S dividend portfolios post a modest gain last month. Thus, first two month of gain is $9400.
Also, I received $233.23 dividends during the period.
Net worth update as of February 28, 2015 ()
Assets: 402 000 ()
- *Cash: $700 ()
- Home: $260 000 (no change)
- Canadian Stocks: $111 200 ( ) – gained + purchased few stocks
- U.S. Stocks: $30 100 () – Due to the gained + purchased few stocks
Liabilities: $309 600 ()
- Mortgage :$193600 ()
- Student loan: $28 500 ()
- Margin loan: $24 800 ()
- Credit card 1: $7100 () (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)
- Credit card 2: $9800 ($0 – no change) (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- Credit card 3: $18 800 () (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)
- Credit card 4: $9400 () (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)
- Credit card 5: $3100 () (low interest credit card – 2.9% special rate for 6 months – will be expired in May 2015
- Credit card 6: $9000 () (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7: $500 () – New home related expenses (bought washer & dryer, other purchases) – high interest rate of 19.99%.
- (new) HELOC : $5000 (no change) -(low interest – 3.35% – primte + 0.5%)
Net worth :$92 400 () as of February 28, 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 = 1.24 CAD
Another positive month in my Million dollar journey, and I feel happy as I am moving toward my goal.
My net worth increased from $40700 from my first update (March 10th update) to $92 400 to February 2015 which is 127.03% higher – average increase of $4308 per month. It is much more higher than my after tax day job monthly salary.
I totally understand that my debts are building up without any control. This year, I will turn my focus on debts and bring them down to a manageable level.
Thank you for being in my finance journey
Thanks for sharing your knowledge and experience of stock market trading.
I am curious to find out with your dividend stock portfolio do you tend to purchase ex-dividend and sell as soon as you can make a small profit on top of the cash dividend payments? Also do you do DRIP?
Thanks,
Mike
Hi Mike,
Thank you for stopping by.
I glad that you like the information in this site.
I am a buy and hold investors. I don’t trade often. I tried your strategy, but it didn’t work out for me. I don’t do DRIP. I usually collect dividends as cash and buy selective stocks at reasonable price.
Cheers,
Congratulation, you look well on your way to reach the 100k$ milestone this year !
Thank you TED,
Yes, I am almost close to 100K net worth.
Cheers,
Great numbers this month. 🙂 Your mortgage balance is even lower than mine now. Going into margin to buy dividend paying stocks should be a winning strategy in the long run. 😀
By the way, I forgot if I mentioned it already or not but I’m conducting a poll for a future blog post idea. If you know your Myers-Briggs personality type would you mind sharing it with my readers? I’ll link your results back to your site. You can take the test here if you don’t yet know your type. http://www.humanmetrics.com/cgi-win/jtypes2.asp
I’m an INTJ by the way. 🙂
Thank you Liquid for stopping by, I may not pay down my mortgage faster. I love to stay in debts.
I just read your April fool post (Tesla car) in your site. Great!
Also, I just completed the Myers-Briggs personality test – I am ISFP 😀 .
Cheers,
Thanks for getting back to me with your results. 🙂 That’s a little surprising. You’re the only person I’ve asked so far who got ISFP. There are 16 types in all and I’ve asked over 100 people, lol.
I thought I’d do something fun for April Fools. Hopefully people got the joke. I wouldn’t buy a $100,000 depreciating asset unless I had a really good reason haha. I like your idea about using passive income to pay for gas. Even $25,000 can buy a pretty sweet car.
Hi Liquid,
I check your blog posts everyday for more than 3 years, and I totally understand your financial move. I know you wouldn’t buy car for $100 000 😀 .
Cheers,