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
Total Net-Worth: -$8,000
Here are some side notes to my numbers:
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.
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.
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