Hey folks how are you? Today I get to share with you my net worth for February. I saw another down month my second straight to start the year. I’m not to concerned with this I know it’s short term pain for long term gain. In fact I’m surprised my net worth wasn’t lower. Why do I say this?? Well my net worth is overwhelming tied to the stock market. In February we saw some volatility with the markets. I believe I took advantage of the situation as I bought stocks 8 times during the month.
With this post three numbers will stand out to you as you read it. They are my cash, investments and liabilities. As I mentioned above about all the purchases I made I needed cash to make it happen. Also last month on Twitter I put up a poll mentioning that I was seriously thinking about taking out a loan from a bank to put towards investing. The poll was my most popular to date and 85% of you voted that I shouldn’t borrow to invest. I received lots of advice on the poll as well. I will you now before you read it that I did borrow money I went against your advice. Why did I do it? Well you see someday I would like to retire and at the moment I don’t have a pension so I need to get my money working for me for as long as possible. I don’t mind paying the money back, especially the amount I borrowed. I borrowed a total of $3,000, instead of borrowing from a bank I asked my family if they had any cash lying around that they weren’t using. They gave me the money interest free and I pay them back every couple of weeks.
Let’s get to the numbers shall we.
All of the numbers below are as us February 28th, 2018
|Cash & Savings||$4,322.29||$10,738.13||-$6,415.84|
Cash & Savings ( -$6,415.84)
Reducing my cash just over $6,000 in one month is not a decision I made lightly, I believe my decision was the right one and I will see the results later down the road. At the time of the decision my cash was earning me between $4.00 and $4.50 in interest per month. By putting that money to work for me in the stock market I will be earning over $300 annually in dividends.
I will be easing up on my investing and will start to rebuild my cash pile in the future. The car account is close to $1,000 and once it hits that mark I will withdraw the money and make an extra payment on my car.
Investments ( +$7,134.35)
|Locked in RRSP||$3,818.94||$3,995.89||-$176.95|
Locked In RRSP
A slight decrease to the value of this account, during the month I took over full control and moved my money out of a mutual fund and invested in Enbridge Income Fund Holdings. I expect the value of this account to rise over time.
This account saw growth from the cash I put into it and through the buys I made.
This account grew the most as this is where I hold most of my blue chip stocks and a few of them came on sale in February 🙂
I currently own a 2015 Hyundai Elantra GLS, I check the value every three months. I will update this figure in my April update.
I owed $78.19 on my credit card at the end of the month.
I made two payments in the month of February reducing what I owe to $12,756.58.
As I mentioned above I borrowed $3,000 to invest with, I have been able to pay back $675.33.
Total Net Worth
Well as you can see I had another down month but I’m not worried, hopefully I will see a rebound in March.
Well folks that wraps up my February net worth report. How was your month? Did your net worth go up?
Thanks for reading