Quarterly Net-Worth Update January 2014
Welcome to my first net-worth update on Million Endeavour!
If you are interested in my progress towards a million dollars, this is the place to be. The current plan is to post a quarterly net-worth update as my current financial situation won’t have enough material for a monthly report. However, it is my plan to eventually start posting monthly updates in the future. In the mean time, here are my starting numbers:
My Assets: $12,000
- Chequing: $1,500
- Savings: $500
- Tax-Free Savings Account (TFSA): $10,000
My Liabilities: $20,000
- Student Loans: $20,000
Total Net-Worth: -$8,000
Here are some side notes to my numbers:
Negative Net-Worth
As you can clearly see, I am off to a rough start in my endeavour to become a millionaire. My starting net-worth is in the negative! Some may even say that my goal to a million in 10 years is already very ambitious. I don’t necessarily agree but I will admit that this journey will be a very long one. In any case, the first priority over everything is balance out my finances and break even.
Tax-Free Savings Account
I have saved up $10,000 in my TFSA. Currently, I have invested this amount into a managed mutual funds growth portfolio with one of the major banks. However, I plan to buy out within the next week or two and to start creating my own portfolio through direct investing.
Student Loans
My hefty student loan is the sole reason why I am sitting in negative net-worth. The good news is that I do not have to pay any interest for 6 months. With that being said, once I find a new job with a higher income, I will be required to start paying interest. Even so, I have no intentions of paying off my student loans any time soon as the interest rate is quite low.
That’s it for now. Let’s see how I can improve my situation by the next quarterly net-worth update which is scheduled to be released in March.
