This is my fourth net-worth updates report for the year 2017. For those new to my finance journey, 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 financial goal is to become a self-made millionaire by December 2024 (10 year plan) by saving and investing in stable dividend paying blue-chip companies.
I am posting all my financial information in 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 IQ.
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 valuable advice from like-minded people.
In April 2017, my net worth increased by $5100 (+2.97%), thanks to my tax refund and the performance of my dividend portfolios.
It was another costly month as I had chance the all-season tires for our car. It cost over $800.
Thankfully, I received my tax refund. It covered up well my expenses.
Also, I didn’t make any stock purchases in April, thus, my debt level down a bit from my previous update.
I am not a big fan of reducing my debts. I am just focusing to build my assets for now, and planning deal with debts when I have a significant amount of assets.
But I always keep looking for options to reduce debts serving’s fees (interest rates), so I could have more cashflow this leads me to accumulate more assets.
Currently debt is a huge portion of my finance. It is like a monster now. Once I have a significant amount of assets, this debt will become a tiny portion, so I could wipe-it-out in a short period of time by selling some assets.
Last month, my assets value jumped to over $500K, and it keeps growing in May with new purchases and appreciations.
If this trend continues, my assets value will hit $1 million milestone in the next couple years.
It is bit of risky plan, but I am willing to handle any headwinds along the way.
Now let’s talk about my net worth and financial details in numbers
Last month, my net worth increased by $5100 or +2.97% from my last update.
Net worth update as of April 30, 2017 ()
Assets: $501 200 ()
- Cash: $1300 ()
- Home: $275 000 (no change) – Yearly adjustment with average inflation rate of 2%
- Canadian Stocks: :$171 800 ( )
- U.S. Stocks:$41 700 ()
- Employer’s Pension Plan: $11 400 ()
Liabilities:$324 600 ()
- Mortgage :$181 600 ()
- Student loan: $23 600 ()
- Margin loan:$55 300 ()
- Credit card 1:$8100 () (low interest credit card – 0.99% special rate for 10 months – will be expired in September 2017)
- Credit card 2:$23 900 () (low interest credit card – 1.99% special rate for 12 months – will be expired in March 2018)
- Credit card 2:$12 000 () (low interest credit card – 0.99% special rate for 12 months – will be expired in March 2018)
- Line of Credit 4: 0 (paid-off )(low interest balance transfer – 2.99% special rate for 12 months – will be expired in May 2017)
- Credit card 5: $3000 (no change) – (low interest credit card – 1.99% special rate for 10 months – will be expired in November 2017)
- Credit card 6:$600() – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 :$11 000 (no changed) – (low interest credit card – 2.99% special rate for 12 months – will be expired in February 2018)
- HELOC:$5500 () – (low interest of 3.20% – primte + 0.5%)
Net worth :$176 600 () as of April 30, 2017
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 = 1.36 CAD
I really excited to see these numbers as my total assets value is over half a million dollar 😀
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 being in my finance journey and for your support.
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If your assets’ value would increase to $1M in 2 years then you could reach your goal much earlier than you originally planned to and reaching a net worth of $1M in 7 years will no longer be a challenge, how would you update your goal in that case? what would your challenge be then?
Hello,
Thank you for stopping by,
Increasing my assets value to $1M in 2 years is not an easy task, unless I heavily leverage my investment. My plan is maintaining debts at this level and keep building assets by reinvesting dividends and using new capital.
Best Regards,