Net Worth Update Feb 2015: $17,480 (+37.1%)
I hope everyone had an awesome Family Day!
I know it is kind of unconventional to release my net-worth in the middle of the month but I thought it would keep things more interesting. Instead of reading all your net worth updates at the month’s end you will now have one to read in the middle.
With that being said, when I mention “this month” from now on, it actually means the latter half of last month and most likely the first two of the current. In any case, this is how I stand in February:
Summary
For this month’s update, my net worth had seen an increase of 37.1% (+$4,727). At first, I thought that this percentage was way too high but after doing a recalculation, it appears that my math had been correct.
I must also remind you that I live at home and have very few expenses. I expect my percentage to decrease as I slowly build my net worth. Even so, I am still way behind on my financial time line and I will need to put more effort in to get back on track.
Assets: $35,615 (+14.3%)
Cash: $1,397 (+33.8%)
- I see my cash position as completely irrelevant for now. I use my credit card for all my purchases. I will only need to maintain $300 in it as my student loan is automatically deducted from my chequing account. Whatever is left over will be automatically used to max out my TFSA.
TFSA: $33,142 (+13.9%)
- I have made $1,000 in contribution to my TFSA.
- The energy and financial sector had also made a decent recovery resulting in such a dramatic increase from last month.
- My Apple stocks have returned 40% of my original investment. (more on this in my Q1 Portfolio update)
- I still have $6,000 in contribution room.
RRSP: $1,076 (+4.1%)
- Not much progress on my RRSP this month and account is still configured to the TD E-series.
- I am considering whether to transfer $1,000 from my chequing account now that the deadline to contribute for this year is nearing.
Liabilities: $18,135 (-1.5%)
Student Loan: $17,968
- I have mentioned previously that I thought about using my parent’s home equity line of credit to refinance my loans. However, I have decided to put that strategy on hold for now. (More on this later on)
- My TFSA portfolio is out performing my student loan interest. At the present moment, there is no rush in paying off my loans but it would be nice to still get it repaid by the end of 2015.
Credit Card: $167
- Most of my expenses come from EATING OUT again. Perhaps one of these days, I may try a no eating out challenge for a month.
- I am currently in the process of collecting data on my spending. I plan on releasing an analysis in March in an effort to budget my finances.
Thanks for sharing, Jeff. That is a HUGE jump in net worth in one month. Congrats on the achievement.
Interesting to see that you hold AAPL in a TFSA account. Not that there is anything wrong with it, but I prefer holding all US equities in RRSP account to avoid withholding taxes on the dividends.
cheers
R2R
Hi R2R!
Thanks for the encouragement. Apple was one of my original investments I have made when I first started investing. That was when I didn’t know US equities are subjected to with-holding taxes.
I decided to end up holding my Apple stocks because to me it seems like more of a growth stock than a dividend stock. I don’t mind holding US growth equities in my TFSA but if I had to do it all over again, I would definitely buy AAPL in my RRSP now. 🙂
Haha, usually my numbers aren’t done until mid month! Half a month + half a month is definitely a novel way to trakc things!
Great jump in NW this month!
Lol! That is an awesome way of doing net worth crunching! Mid month should be the new way of doing net worth in my opinion. hehe
Excellence networth increase! As the market perform well, more debt paid off, you’re off to a great start.
I’m glad you put off getting the “elderly” involve in the student loan process, it’s only a few months away.
I’m think of putting some money aside for the Greece situation, what’s your take on this?
Lol! The “elderly” involvement may not be the best idea but it was a good strategy.
I’ve always wanted to go to Santorini! The beaches are to die for. I’d definitely save up for that trip.
Update: Oh… I just re-read your comment. You meant the Greece investment and not the trip. Doh.
I thought about it as well. Should the EU face a meltdown, I definitely see a good opportunity there. Not too big on international investing though.
At this rate you’ll be a millionaire in no time! That is an impressive growth in the net worth. Keep at it! Cheers.
I think it’s just a one month growth, don’t think I can sustain the growth percentage but we’ll see!
Wow that’s a HUGE jump in your net worth. Good job. It’s nice to see the energy and financial sectors recover. Your TFSA is doing quite well.
Hi Tawcan! The energy and financial sector isn’t very stable right now. It might drop big again for this month but indeed it is always nice to see them recover.
Impressive Net Worth Growth, Jeff.
With solid financials, I’m wondering if you enjoy friendly leverage privileges from your bank? Decent credit card aside, are you considering utilizing a Personal Line of Credit for Leverage now that you’ve decided to pass on the HELOC?
Thank you. The idea of using a personal line of credit to leverage in stocks have crossed my mind but I would have to look into that further. Interest rates for a personal line of credit is quite and I am unsure whether I can out perform the interest at the current moment. It is definitely something to look into the future though!
Jeff,
Wow! Awesome job on increasing your net worth. Apple has been doing really well, I wish I would have pulled the trigger and bought the stock back when it was about 95 dollars a few months back. It must have made you tons of money. Most of my expenses also comes from eating out…but you gotta have fun sometimes right? 🙂
D2R
When I purchased AAPL, it was around the 100 mark. Although the return on investment is quite nice, unfortunately my position in it isn’t quite large. Had I known AAPL would sky rocket, I would have went all in on it but I guess one can’t exactly predict the market. 🙂
Excellent growth this month Jeff. Your aggressive investing strategy is working very well so far. Considering you started this pretty early as oppose to your peers, you have whole advantage of achieving your goals within 6-7 years. Good luck!
BeSmartRich
Thanks for the encouragement Besmartrich! I am actually thinking about going full Index and ETFs moving forward. However, I would love to have a dividend portfolio too. I might make my TFSA into a dividend portfolio since I have lots of dividends stocks there and passive index my RRSP.
Thanks for sharing your net worth in the middle of the month. Eating out really is one of the killers in someone else budget especially if it is not controlled, but it looks like you are keeping things at bay.
I did this month but normally it is quite ridiculous! I have a passion for eating out though and trying new restaurants. I’ll see how I do next month!