Net worth update – May 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.

May 2020 Net-worth Update

My net worth increased by $8300 or 2.9% in May 2020, but there is still a long way to reach my all-time high, set in January 2020.

My saving rate is now high, so that I can put my excess cash flow for investments and debt reductions.

I continue to work from home, so I don’t need to purchase the bus pass, and I don’t have any other expenses related to work (coffee or eating out, etc.).

Plus, our discretionary spending is almost zero due to the lockdown. We entertain at home and spending our free time with home gardening. And, We have been making delicious foods at home.

Our summer entertainment activities will be limited for this year – no beach or swimming or no water park.

We decided not to eat out until the situation is improved. And, no more vacation plan (short or long vacations) for the near future.

We have been slowly adapting to the new normal. Therefore, we will be able to save a decent amount of money for a short period.

Maybe we will learn to live like this for the next few years and continue to save until we reach our financial goals. Maybe not.

My portfolios continue improving from March sell-off. I am also repurchasing the shares I sold. Thus, the value of my assets keeps increasing.

On my debts side, I received a new low rate offer from one of my credit cards. Thus, I took advantage and withdrew $19200 from the card for a 0.99% rate for 12 months and paid-off my HELOC loans and transferred the rest of the money to my margin loan.

Thus, my buying power has improved a lot from a month ago. So, I can take advantage of any buying opportunities to come in my way.

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.

May 2020 Net-worth Update

Net worth update as of May 31, 2020 (+2.90%)

Assets: $564 300 (+$32500)

• Cash: $700 (+$300)


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


• Canadian Stocks: : $180 300 ( +$30100 )


• U.S. Stocks: $49 700 ( +$1300 )


• International Stocks: $9700 ( +$300 )


• Employer’s Pension Plan: $32 000( +$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: $270 000 (+$24200 )

• Mortgage : $183 200 ( -$500 )


• Student loan: $5800 ( no changed )


• Margin loan: $24600 (+$15400)


• 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: $9800 (-$100) (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: $19200 (+$19200) (low interest credit card – 0.99% special rate for 12 months - expire in May 2020)


• Credit card 6: $13900 - (-$200 - a promotional offer at 0.99% special rate - expired in November 2020)


• Credit card 7: $500 (+$300) - (regular expenses)- high interest rate of 19.99%.


• Line of Credit 1 : $13 000 (-$100 ) - (low interest credit card – 2.99% special rate for 12 months - will be expired in January 2021)


• Line of Credit 2 (HELOC) : $0 (-$9800 ) - (Interest rate – 2.95% )

Net worth : $294 300 ( +$8300) as of May 31, 2020

My net worth was up by +2.90% since my last update.

Note

• all amounts are rounded to the nearest $100;
• all numbers are in CAD; and
• Conversion rate 1.00 USD = 1.3914 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.