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.
September 2020 Net-worth Update
In September, my net-worth increased by $6100 or 1.9% from my last update.
It was a decent increase despite the stock market volatilities. This time the main contributor was my paychecks.
Due to the time, I received three payments in September.
As I said before, our spending is down sharply due to the health crises. Mostly we stay home and spend less money on entertainment and other non-essential spending.
Therefore, we can continue saving a significant portion of our income after all our essential needs.
Last month’s saving rate was even higher because of the three paychecks from my day job.
The market volatilities continue in October, and my portfolios are down a bit. Thus, my net worth is going to be in the red (most likely).
As long as my dividends are safe, then I am okay to go through these uncertainties.
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.
September 2020 Net-worth Update
Net worth update as of September 30, 2020 ()
Assets: $655 200 ()
- Cash: $1200 ()
- Home: $291 900 (no changed) – Yearly adjustment with average inflation rate of 2% in every January
- Canadian Stocks: : $266 400 ( )
- U.S. Stocks: $51 800 ( )
- International Stocks: $9600 ( )
- Employer’s Pension Plan: $34 300( )
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: $330 500 ( )
- Mortgage :$181 100 ( )
- Student loan: $5800 ( no changed )
- Margin loan: $78200 ()
- Credit card 1: $1900 () (low interest credit card – 0% special rate for 10 months – expired in June 2021)
- Credit card 2: $9500 () (low interest credit card – 0.99% special rate for 12 months – will be expired in February 2021)
- Credit card 3: $0 (no changed) (low interest credit card – 0.99% special rate for 12 months – expired in November 2019)
- Credit card 4: $0 (no changed ) – a promotional offer at 1.99% special rate – expired in March 2020)
- Credit card 5: $18100 () (low interest credit card – 0.99% special rate for 12 months – expire in May 2021))
- Credit card 6: $13200 – ( – a promotional offer at 0.99% special rate – expired in November 2020)
- Credit card 7: $200 () – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 : $12 600 ( ) – (low interest credit card – 2.99% special rate for 12 months – will be expired in January 2021)
- Line of Credit 2 : $9900 ( ) – (low interest credit card – 2.99% special rate for 12 months – will be expired in January 2021)
- Line of Credit 2 (HELOC) : $0 (no changed ) – (Interest rate – 2.95% )
Net worth : $324 700 ( ) as of September 30, 2020
My net worth was 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 = 1.33326 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.
Since you started reporting — you are averaging 36K increase in net worth over a 12 month period. At this rate you will never reach your goal of 1M by 2024. In fact, if inflation hits badly in next 4 years — you will essentially be “poor”. The monthly “% gain/loss” that you report is mostly irrelevant except for it making some nice green/red contrast color on your page.
HW
Hello Harvey,
Thank you for stopping by and your comments,
First, I have been trying! I made a decision, set a goal, and am making progress toward my goal. It is my first success. Reaching my goal or not is the second. Even if I fail to reach my goal, I will be in a much better position than I was a few years ago because I have been making progress. And, I will learn a lot and correct my mistakes and keep making progress.
Second, I didn’t do the calculation as you did in numbers. Even increasing 36k in a year is an outstanding achievement for a person with a single-family income of around $40K after-tax income. Actually, I calculate the increment in percentage than numbers. Therefore, I believe I am on the right track.
I can’t control inflation, and I can’t predict the future as well. Whether I am reporting or not, inflation will do its job. As you can see, I carry significant debt. If we think the other way, my assets’ value gets a boost, and debt value decreases in the hyperinflation scenario. Therefore, high inflation will essentially make my life easier.
I value your comments. I love to get ideas and comments from a different point of view. If you have any ideas to boost my net-worth, please share it with us. It helps other readers and me to improve their financial situations.
Best Regards,
I believe you’re right, after all, you multiplied your net worth 8 fold (from $40K to ~$320K) within 6 years (from 2014 to 2020), you need to multiply that a little more than 3 fold within 4 years and according to your past performance you can do that.
You can set a goal to reach $450K by the end of 2021, $600K by the end of 2022, $790K by the end of 2023 and $1M by the end of 2024 and get there.
Thank you Alan for stopping by and your comments.
I still believe that I can reach my financial goals by December 2024. Predicting short-term net-worth gains is impossible. There are so many unknown problems will come between now and 2024; however, we should face them and move forward!
Cheers,