Hello and welcome to my second net worth update!
To start off, I would like to mention that you may notice that there hasn’t been any drastic change in the numbers itself since the last report. However, there has been some progress that I would like to document.
In the first net worth update, I have made the goal of achieving positive net-worth. This goal will still remain as my main priority. Here are my numbers for this quarter:
Total Assets: $12,900
- Chequing: $2,000
- Savings: $600
- TFSA (Discount Brokerage): $10,300
Total Liabilities: $19,100
- Student Loans: $19,100 ($300 for 3 months)
Total Net-Worth: -$6,200
Here are some side notes to my numbers:
TFSA (Discount Brokerage)
Since the last net-worth update, I have opened up a discount brokerage account under my TFSA. I have also been looking into trading stocks and have made a few purchases. Over the last couple of months, I have made just over $300 on various experimental stocks and indexes. I will post more on this as I begin to gain more knowledge and momentum in trading stocks.
I am currently repaying my student loan at a rate of $300 per month without interest. Unfortunately, this interest free loan is subjected to review every 6 months. As soon as I being to start making more money, they will start to charge me interest.
Increasing Active Income
The most common way to increasing net worth would be to find a job that pays more. In terms of increasing active income, I have landed a full time job in the public service that will increase my annual salary by more than half. I have been told that I will be starting this job within the next month.
My new job will be stressful but with the increased salary, I will have a bigger chip stack in the financial game. The plan is that once I have returned to positive net worth, I will begin to optimize my TFSA and RRSP contributions.
That’s all I have for now! If you are interested in how I progress from here, be sure to read up on my next net-worth update scheduled to come out in June.
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