A journey to become a self-made millionaire.
This is my 8th net worth updates report for the year 2015. 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 financial goal is to become a self-made millionaire in 10 years by saving and investing in stable dividend paying blue-chip companies.
August was one of the expensive month due to an one-time expensive.
In August, we spent more than $8000 to do few upgrades our home. We were waiting to do these upgrade for long-time. It cost us a lot, but it is done now.
The first we replaced our bedroom carpet with Engineering hardwood floor. Our home came with engineering floor in the living area and carpet in our bedrooms.
As you know, carpets collect dust, smell and other dirt very easily. Vacuum the entire area is very time consuming.
I was tired of it as we spend few hours in our weekend to vacuum our home.
Also, our little guy started to crawl. It is not a good idea to let him play in a dusty environment. As a good parents, we have to provide him a health environment to grow.
So, we decided to spend some money to upgrade our Bedrooms and other surrounding areas with engineering hardwood floor.
It cost us more than $6500. But, it is one of our best investment decisions we made. Now our home looks very clean and healthy. And, I have enough time to spend with my family in the weekends.
Second, we decided to install shutters for the windows in our living room, dining area and kitchen. So, no more curtains in our first floor. It costs us more than $1600 for 4 big windows.
I really hope that both upgrades will increase the home resale value and our standard of living. I consider them as investment because they really add value in our life and home.
As usual, we also had few discretionary expenses last month. These type of expenses are widely expected in a family with small kid.
Now, let’s look at my net worth changes in numbers.
Last month, my net worth decreased by $600 or 0.58% from my last update.
Also, I received $262.35 dividend income during the period
Net worth update as of August 31, 2015 ()
Assets:$418 400 ()
- Cash: $500 ()
- Home: $265 000 () – hardwood floor $ window shutter upgrade
- Canadian Stocks: $122 900 ( ) – Recent purchases
- U.S. Stocks:$29 200 ()
- Employer’s Pension Plan: $800()
Liabilities:$315 700 ()
- Mortgage :$190 900 ()
- Student loan: $27000 ()
- Margin loan:$42 900 ()
- Credit card 1:$7500 () (low interest credit card – 0.99% special rate for 12 months – will be expired in December 2015)
- Credit card 2: $10 000 () (low interest credit card – 0.99% special rate for 15 months – will be expired in March 2016)
- Credit card 3: $18 600 (no change) (low interest credit card – 0.99% special rate for 6 months – will be expired in November 2015)
- Credit card 4:$4400 () (low interest credit card – 1.99% special rate for 9 months – will be expired in August 2015)
- Credit card 5: $0 (no change)
- Credit card 6: $0 (no change) (low interest credit card – 0.99% special rate for 12 months – will be expired in August, 2015)
- Credit card 7:$5900 () – (regular expenses + home improvement work ) – low interest rate of 1.99% on balance transfer.
- Credit card 8:$500 () – (regular expenses) – high interest rate of 19.99%.
- HELOC : $8000 (no change) -(low interest – 3.35% – primte + 0.5%)
Net worth :$102 700 () as of August 31, 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 = 1.31 CAD
I have a huge credit card debts because I took advantage of low balance transfer promotion rate and invested in high quality dividend stocks. Taking modest risk and leveraging are the keys to become wealth.
Total increased in the year 2015 is $19 700 .
My debt level was slightly increased in August due to some improvement works that we did in our home.
Thank you so much for being in my finance journey and for your support.
ADVERTISEMENT
Leave a Reply