This is my last net-worth updates report for the year 2016. 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 in 10 years 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.
In December 2016, my net worth increased by $5100 (+3.38%), thanks to the positive momentum in stocks market around the world.
Even though I didn’t make any major investments, my debts increased by $600 during the period. Therefore, I have spent around $600 more than what I earned from my day-job and dividend income. I should watch this habit carefully.
I wouldn’t mind if I use the debts to purchase assets or to get great experiences (vacation, travel, etc). Long-term readers know that I purchase stocks using margin loans and ultra-low interest credit card debts. But, this is not that case; most of the debts are due to the discretionary holiday related spending.
Hopefully, I will try my best avoid these types of expenses in the coming months. But, sometimes it is little hard if you have a little kid at your home.
Anyways, my dividend portfolio along with high dividend income during the period gave me a big release and helped me to post positive net worth for the month.
Now let’s talk about my net worth and financial numbers in December
Last month, my net worth increased by $5100 or 3.38 from my last update.
Year-to-day gain is $47 600 ().
The good news is that my overall net worth gain in 2016 is much higher than my post-tax income from my day-job.
Net worth update as of December 31, 2016 ()
Assets:$479 300 ()
- Cash: $1000 ()
- Home: $270 000 (no changed) – Yearly adjustment with inflation
- Canadian Stocks: : $159 400 ( )
- U.S. Stocks:$39 500 ()
- Employer’s Pension Plan: $9400()
Liabilities: $323 400 ()
- Mortgage :$183 400 ()
- Student loan: $24 400 ()
- Margin loan:$69 400 ()
- Credit card 1:$8500 () (low interest credit card – 0.99% special rate for 10 months – will be expired in September 2017)
- Credit card 2:$9100 () (low interest credit card – 0.99% special rate for 12 months – will be expired in March 2017)
- Credit card 3:$0 (paid-off)
- Line of Credit 4: $9100 ()(low interest balance transfer – 2.99% special rate for 12 months – will be expired in May 2017)
- Credit card 5: $0 (paid-off)
- Credit card 6: $0 (paid-off)
- Credit card 7:$700 () – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 : $10 600 () – (low interest credit card – 2.99% special rate for 12 months – will be expired in April 2017)
- HELOC:$8200 () – (low interest of 3.30% – primte + 0.5%)
Net worth :$155 900 () as of December 31, 2016
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 = 1.33 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. Learn, earn, save,invest and leverage your skills are the keys to become wealth.
Missed my 2016 Financial Goal: As expected, I wasn’t able to achieve my financial goal for the 2016. I was aiming for $175 000 net worth by end of 2016, but I could reach up to $155 900. I missed my short-term goal by around $19K. But, it was a good try.
Thank you so much for being in my finance journey and for your support.
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