Last updated: November 12, 2014
A journey to become a self-made millionaire.
This is my ninth net worth updates report. 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.
I have been quite busy these days doing lots of preparation to move into our new home – from arranging mortgage to packing things up.
Our new home closing will be on Monday, December 1st. There are bunch of things to do such as move internet connection, arrange utilities, change addresses, etc. Also, we will have few one-time expenses such as closing cost, land transfer fees, etc, etc.. i feel overwhelmed :D. Theses expenses will reflect in my next net worth update.
Now, let’s look at my last month financial performance..
In October 2014, my net worth was increased by $3900 or 5.59% from my last update. As you know, October was a roller coaster month for stock market. I took advantage the downturns and added 5 high quality dividend stocks at bargain price. This aggressive move helped me to post a big gain in this net worth update report.
Also, I received $301.08 dividends during the period.
Net worth update – November 12, 2014 ()
Let’s look at my net worth in numbers:Assets: $125 800 ()
- *Cash : $5800 ()
- Deposited to our new home: $15000 (no change)
- Canadian Stocks:&88 800 ( ) – 5 dividend growth Canadian stocks I bought for long term
- U.S. Stocks: $16200 () – Due to the gained in U.S stocks and U.S dollar appreciation
Liabilities: $52 100 ()
- Student loan: $29100 ()
- Margin loan: $300 ()
- Credit card 1: $0 (Paid off)
(low interest credit card – 0.99% special rate for 8 months) - Credit card 2: $8300 () (low interest credit card – 0.99% special rate for 12 months) – will be expired on December 15, 2014
- Credit card 3: $0 (Paid off)
(low interest credit card – 1.99% special rate for 6 months) - Credit card 4: $4600 () (low interest credit card – 1.99% special rate for 9 months – will be expired on August 2015)
- Credit card 5: $0
(low interest credit card – 2.9% special rate for 6 months) - (New) Credit card 6: $9600 () (low interest credit card – 0.99% special rate for 12 months – will be expired on August 20, 2015)
- (Temporary) Credit card 7: $0 (Paid off) – Vacation and summer activities expenses
Net worth : $73 700 ()
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 = 1.12 CAD
*I usually don’t keep cash in my bank accounts, but I keep $5800 in my chequing account for the new home deposit.
I have a huge credit card debt because I took advantage of “low balance transfer promotion and invested in high quality dividend stocks. Taking modest risk and leveraging are the keys to become wealth.
Nice increase from the previous month. I’m curious to see how your November stacked up. I love seeing all those credits cards crossed off your list. That’s inspirational. Thanks for sharing.
Thank you DivHut for stopping by and thank you for your interest.
Cheers,
I see you purchase dividend stocks, but I was curious about your strategy. How do you decide which ones to purchase? Are you following an index? Is there a specific number of stocks you’d like to have?
Also, you seem to favour high-dividend-yield stocks, some of which are not great from a value perspective (ex. NPI, GEI and THI, which you sold). By purchasing higher-yield stocks, are you giving up lesser-yield stocks with more potential for capital gains?
Finally, I see you like leveraging. When calculating your returns, do you factor in interest charges and inflation?
Thank you for stopping by,
Honestly, I am not a financial expert to estimate the value for the stocks. I am currently in my early learning stage. Actually, I buy stocks with strong fundamental and long dividend history.
You are absolutely correct with my high-dividend-yield stocks. At the early investment stage, I bought some high-yield stocks (ex: NPI, COS, etc), but they didn’t work well as I thought. I am planning to do a gradual portfolio clean-up in upcoming months.
Cheers,