This is my first net-worth updates report for the year 2017. 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 by December 2024 (10 year plan) 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.
Also, I like to publicly track my progress and get valuable advice from like-minded people.
In January 2017, my net worth increased by $5900 (+3.78%), mainly due to the price adjustment of our home.
Every January, I adjust my home value with average inflation rate of 2%. Thus, I’ve increased my home by $5000.
As many of you know, Canadian housing market is very hot topic in the recent years. The home prices are extremely high.
There are very high demands for small homes in our area. We could easily sell our home for few hundreds thousands more than our purchase price. But, I have no idea to sell because we need somewhere to live.
I feel Canadian housing prices are too high because of supply – demand problem. There is more demand than supply.
For my understanding, home price in a city/area will depend on three factors – population growth, inflation rate and wage growth.
Certainly there are population growths in major Canadian cities, but it is not a double digit growth; and, inflation rate and wage growth are not too high either.
Home prices may cool down in the coming months or years, may be it is not going to happen any time soon. I really don’t know. So, I like to maintain very conservative approach with our home value (adjust with average inflation rate).
My investment assets performed well first three weeks of January and increased over $4000, and dropped over $3200 in last two or three trading days due to new U.S immigration policy announcements. 
.
It is the nature of stock market investment. Stock market is very sensitive and it move ups and downs with positive and negative news. If you are new to the investment world, then you should need to learn to live with it.
Now let’s talk about my net worth and financial numbers in January
Last month, my net worth increased by $5900 or +3.78 from my last update.
Net worth update as of January 31, 2017 ()
Assets:$484 700()
- Cash: $1100 ()
- Home: $275 000 () – Yearly adjustment with average inflation rate of 2%
- Canadian Stocks: : $160 400 ( )
- U.S. Stocks:$38 300 ()
- Employer’s Pension Plan: $9900()
Liabilities:$322 900 ()
- Mortgage :$183 000 ()
- Student loan: $24 200 ()
- Margin loan:$66 800 ()
- Credit card 1:$8400 () (low interest credit card – 0.99% special rate for 10 months – will be expired in September 2017)
- Credit card 2:$9000 () (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: $9000 ()(low interest balance transfer – 2.99% special rate for 12 months – will be expired in May 2017)
- Credit card 5: $3000 () – (low interest credit card – 1.99% special rate for 10 months – will be expired in November 2017)
- Credit card 6:$300() – (regular expenses)- high interest rate of 19.99%.
- Line of Credit 1 :$11 300 () – (low interest credit card – 2.99% special rate for 12 months – will be expired in April 2017)
- HELOC:$7900 () – (low interest of 3.30% – primte + 0.5%)
Net worth : $161 800 () as of January 31, 2017
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 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.
Thank you so much for being in my finance journey and for your support.
ADVERTISEMENT
The post Net worth update – February 2017 appeared first on Finance Journey.