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:
- Personally, I don’t like to keep much cash and I would allocate most of my income towards my investments.
- $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.
- 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.
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.
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