Net Worth Update January 2015: $12,753
Welcome to my official first monthly net worth update!
As promised, I will now be posting a monthly update of my financial progress on Million Endeavour.
To sum it up real quickly, I am slightly behind on my financial progress thus far but I am hoping to have an excellent 2015. Here is how my numbers look for the month of January:
Assets: $31,161
Cash: $1044
- Personally, I don’t like to keep much cash and I would allocate most of my income towards my investments.
TFSA: $29,083
- $9,000 of contribution room left.
- My energy and financial stocks which holds roughly 40% of my portfolio has taken quite a hit recently.
- I have also decided to make my TFSA a dividend growth portfolio.
- Targeted portfolio value by the end of 2015 is $44,500.
RRSP: $1,034
- My RRSP is configured to a TD E-series Mutual Fund account.
- The focus right now is to maximize my TFSA before making any more contributions toward my RRSP.
- I am also unsure of my contribution room for 2015 now that I have a defined pension plan.
- Contribution room remaining for 2014 is $7,000.
Liabilities: $18,408
Student Loan: $18,185
- Interest rate at 5.5%
- I am currently repaying $300 a month but I am considering lowering that amount to $200 in order to save more money.
- The goal is to get most if not all of this loan repaid by the end of 2015.
Credit Cards: $223
- This is my credit card expense for the month.
- Aside from eating out A LOT, I don’t really have many expenses especially since I am still living with my parents.
18 Responses to “Net Worth Update January 2015: $12,753”
Oh, thanks for sharing your net worth. Once you get those student loans paid off then you’re net worth will definitely sky rocket!
Hi Henry, I plan on getting most of student loans paid off this year. : )
You’re heads and shoulders above me over there!
Hey Jeff – I don’t understand how you can pay 300 per month (3600 per year) against your student loan of 18000, yet say you your goal is to pay most of it off in 2015, while at the same time you say you are thinking of lowering your payment to 200 per month. You can’t have it both ways my friend – either you put your money toward investments or against debt, but you can’t allocate more than you have. You are an optimistic guy, which is good – just don’t set goals that set you up for failure or you’ll end up being a bitter old guy, and we have too many of those already. Take care.
Hey Chris! I’m just lowering my payments temporarily so that I can max out my tfsa and rrsp sooner. Once they are both maxed, I will aggressively pay off my student loans putting in about 4k a month in. Have a good week!
Thanks for clearing that up, I was getting confused too!
Yup. Maybe I should have mentioned it in my post more clearly. : )
Get those student loan paid off as quickly as you can, next maximize your TFSA contribution room.
Seeing that you have so much money in TFSA I’d use that money to pay off your student loan so you’re not paying the 5.5% interest. Putting money in TFSA rather than paying off your student loan only makes sense if you’re getting higher than 5.5% return in your TFSA investments.
Thanks Tawcan! Will seriously look into that.
Hi Jeff
Those energy stocks you are holding might give youthe required return when oil bounces back. Dont worry about it too much if you are holding them for the long term which I know you are.
Keep on going stretching your goal.
Thank you for the encouragement B! You’re doing very awesome on your end!
Jeff,
That’s a strong net worth. I also live with my parents so it helps me save a lot of money as well, if I had to pay rent each month it would total out to about 10k a year. So it’s a lot to save living at home. That’s also a good plan to try and get the loan out of the way as soon as possible. I’m sure you’ll be able to reach your net worth goals as soon as possible!
D2R
Thank you D2R! Indeed, I thought about getting a place of my out and start paying rent but then I realized if I started paying rent, I would take forever to reach my financial goals.
You’re now on our Net Worth Tracker – woo!
http://rockstarfinance.com/blogger-net-worths/
Awesome, J!
Thanks for the add! I’ll definitely be following along. : )
Hey I like the look of what you are doing here. It will be nice to follow someone’s journey right from square one. Good luck with the goals you have set, I think it would be cool to see you hit 1M in just a few short years, very optimistic and I wish you the best of luck.
Hi Jeff!
Thanks for dropping by and the words of encouragement. You are doing awesome on your end and you’ll probably hit 1 million net worth very soon. I will be checking in on your blog from time to time!
Hey I was thumbing through your page and I thought of something that might be neat to see. Since you have such a date oriented goal, it would be really cool to see a 7 year graph set out with monthly increments, on one line you could have your target net worth, and on the other you could start tracking your actual net worth. It might seem kind of boring at the start but if you are able to keep it running for 7 years it could get very interesting at the end. What do you think?
Hey Jeff, that is an awesome idea! I will look to implement that on my next worth update!! Thanks a lot for the suggestion.