Saturday 14 February 2015

$2,896,605 My Net Worth Update February 2015

My Net Worth Update Feburary 2015

    February 14 / 2015  : Updated every mid month


Home 2015 assessed value                                  total                 $1,253,000

-Equity Investments
Tax free saving account TFSA -                 $42,076
Retirement saving plan RSP -                  $145,343
Canadian margin account -                      $167,647
US margin account ( Ex Rate 1.2449)-    $204,848
margin available $212,649
                                                                   Equity   total:                 $559,914

-Commercial Rental Property
Warehouse 2300 sqft Income Property 2015 assessed value
                                                                               total:                 $319,000
 -Residential Rental Property
Rental Home 3200 sqft Income property 2015 assesed value
                                                                               total:                 $667,000
-Start Up Company
Brewery start up share value
                                                                               total:                   $85,000

Checking account                                        $2,559
Business account                                       $10,132
                                                                               total:                  $12,691


                         January 2015 Grand Total Net Worth:      $2,896,605

                                                Gain/loss from last month +$725,060

Jan.    2015  : $2,171,545 Details Link  +$44,214
Dec.   2014  : $2,127,331 Details Link  -$33,547
Nov.   2014  : $2,160,878 Details Link  + $49,867
Oct.     2014 : $2,111,011 Details Link  - $28,473
Sept.    2014 : $2,139,484 Details Link + $13,390
August 2014: $2,126,094 Details Link + $14,613
July    2014  : $2,111,481 Details Link  + $5,584
June    2014 : $2,105,897 Details Link   + $3,165
May    2014 : $2,102,732 Details Link

 In Summary-

 Big Month here with a huge increase to my Net Worth to a positive amount of $725,060. Wow!!!

Factors that have contributed to the increase:

The big one is plus $667,000 which is the the new home I purchased from my parents early inheritance. I am very grateful for the gift from them and will use it responsibility. I will not blow it on anything for myself like cars,  jewelry , presents  or vacations but rather to use it to further grow my investments.

The second big one is the strong 2015 so far in the markets and the weakening of the Canadian dollar compared to the US greenback. My account value in Canadian dollars surged from $505,508 last month to $559,914 this month for an increase of $54,406. My Reit stocks have rebounded greatly in this time as well as slight rebound in oil and a good run from my apple stock. Dividends and options premiums have also been strong this month which I likey.

In other news:
My brewery investment is starting to come together. We have our first big meeting tomorrow where all the investors are getting together for the first time and going to see the progress. Lots of the equipment have arrived and things are really moving. Spring is looking good for official launch.

I am also working on another house deal right now. I am just trying to figure out how much I can get financing for it before I move forward. I have a couple of options on it, ether just do small amount of work and flip it for a small gain or build a house on it for a larger payout. All depends on financing and rates at this point.

Also I have an update from my last POST where I have recently took in my nephew to come live with me full time. I got him a new look before school started. I got him a good haircut from my barber and for the first time he is using a bit of hair product in his 12 year old head. I also bought him a new wardrobe. I went into a youthful skater, surfer store and the girls working there helped us tremendously and transformed him into a hip looking young dude. He now has skinny jeans, joggers ( which I dont understand lol) Some kool t-shirts , hoodies , couple sweaters and a fresh pair of DC shoes. He was so excited he wore one whole outfit out of the store.

That night the school close to me called and said they had room for him and to start the next day in grade 7. The next day as we were walking to the school to get him all sorted a bunch of kids came up to him and said "Hey are you new? "Ya" "Awesome my name is Josh and these are my friends" After school when we picked him up he said he had the best day ever. He was beaming. He said he made lots of new friends and everyone was so incredibly nice to him. He was also in a bit of culture shock from being a minority in his old school where the kids would not speak English (90% Asian) to all the kids speaking English. I looked up the school rating from his old school and they were in the bottom 5% in the province ouch! This new public school is in the top 10% ranking of all schools which is great. I hope the next week he enjoys it as much as the first day.

I also made inquires to get him into Tae Kwon Doe and also Air Cadets. I think both are strong options for him to help mold him into a responsible, caring, self aware , confident man. I am really digging this cadet course as its free paid for by the government. What kid doesn't like learning how to use a rifle, go skiing and fly in small aircraft and gliders.

Stay tuned for more updates. Til then Grind On and Good Day!

Tuesday 10 February 2015

Well I am a new father! But the kid is not mine!

Wow, so much going on in my life right now. I will start with the elephant in the room.

I am a new father of a twelve year old boy that is not my own. My wife's sister has struggled with drug addiction since she was 14. She has recently become quite withdrawn and our worst fears have come true. She is using heroin again daily and resorting to prostitution for money. She had an overdose recently and social services took away her child and allowed the child into our care.

Its a tough pill to swallow. The sister does not want help with her addiction and I personally think its her last ride. I feel bad for the kid. He is kind hearted and so far a week in listens to what we say. He has no confidence, no friends, socially awkward and no self worth. His mom lives hours away and he is getting homesick.

We are trying to do our best to make him feel comfortable, we gave him a big room to stay in he can call his own, we are trying to get him more physically active as he is a bit pudgy , we are cutting out his 3 cans a coke day habit and getting him on track by eating healthy whole foods and home cooked meals instead of fast food. I am going to take him shopping for some new clothes and a haircut before we get him in a new school. I was thinking of getting him into karate or tae kwon doe to teach him some respect for others, self respect and confidence. Scouts and cadets is also a possibility since he needs strong male support since his dad has never been in the picture.

I really think this is going to be a forever type of thing and I have to adjust for the future. I have the wife looking into financial assistance for this type of situation and programs like counseling and tutoring for the kid which he desperately needs.

I could have easily told the wifey I did not want him here at the house and send him off to his grandma , her other sisters family or even foster care but I believe this is the right thing to do since we are able too. Its hard for me to process everything right now but I will keep doing what I think is right and give this kid a chance at a good life.

I have always believed in saving for a rainy day and lucky I did. Being financially independent has provided me the opportunity to help many others. This just cements my long term outlook in grinding forward and living within our means. Yes I like the finer things in life like a shiny new Ferrari but it would be financially irresponsible and just selfish.

If anyone has some advice on this matter please suggest something to make the transition easier. My life has been turned upside down since.

In business news .

 I have my new rental sorted out to a family of five for $3600 a month which I am quite happy about. Also I have been looking into another house. Its basically a tear down home and the place is just lot value. I plan on building a home and flipping it for some good profits. Details will come soon in a post.