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Saturday, May 15, 2010

Getting rich and richer: stories about investment, laid off, and poor BMO Bank of Montreal banking system

This last Friday, I close the day with a non registered portfolio at 48 077.23$. This includes, of course, my new investment of today, 100 units of PGF.UN. The TSX loss a bit more than 100 points, so I won’t update my portfolio, it requires too much work for little results. A quick look at my investments let me think that the overall is quite stable. I was quite happy to make another investment this Friday. I really taught I would not be able to invest in anything for the month of May, but it appears that I was wrong. I hope to invest again in June and if possible, that time it will be 100 stocks of CDL.A and luckily, by that time, my investment portfolio will worth more than 90 000$. Until I reach the magic 100 000$, I will be working mostly exclusively at investment. I had wrote different things about what I will be doing with my money for the next couple of months, thinking about paying debt, margin, etc…. But once again I have chance my mind and I decide to exclusively invest until I reach my assets goal. Having more than 37 000$ in debts do not bother be at all actually. My debt never really bothers me too much actually.

As you can imagine, I am currently out of cash, I am waiting for my next 2 paychecks in order to be able to pay for my June expenses and even there, I may not have enough o cover all of June expenses. So some earnings of June will be use to pay the month of June itself… I am the one who decide to invest in 100 units of PGF.UN so I have to live with my decision, not that I regret it. It’s just I am imposing myself a very restricted budget. But I haven’t been saving as much money as I could lately, I did not control my expenses too much. For now am in good position anyhow. I just cannot wait to reach the 90 000$ in assets! Might be by the end of the summer if everything goes well.

Other project on the way for the Dividend Girl:

-Start a margin on my broker account to pay off 10 000$ in credit lines debt
I currently have a debt of 5 000$ at 8% at TD Canada Trust on a credit line. I also have a 5 000$ at 3.5% at BMO Bank of Montreal. I want to pay off my credit line at BMO Bank of Montreal for the simple and good reason that I got laid off from BMO Bank of Montreal and do no longer wants to give any of my business to BMO Bank of Montreal.. At the time they decide to layoff me from the Montreal call centre, shortly after giving a 5 000$ credit line and a 4 000$ value credit card, no one at BMO Bank of Montreal knew about my investments. By spilling on me, BMO Bank of Montreal has to say good bye to a future 100 000$ + dividend + interest rates and everything else.

Anyhow, just to come back on the center of my topic, 8% is kind of a huge interest rate for a credit line. I once call TD Canada Trust on how I could get a better interest rate. According to the representative I talked to before, I need to present myself at a TD branch with a copy of my credit score. Not enough for TD to have in their hands half of my fortune, TD is as bad as I am, they want always MORE. I know I should, but I don’t want to get a look at my credit score for now, but I want to be able to get a better interest rate. The margin at T D Waterhouse is at a real fantastic 3.5%. I post a couple of times about margin on my blog. At first, it came as a good solution. But after, I got scared of it and than after, I decide well, just to go ahead with it. Not only that I want to ruin BMO Bank of Montreal business, but I also want to get out of their silly banking system. Want to know what I am taking about? Last month, I came across this situation I pay my BMO Bank of Montreal on the first of the month or close by. But the payment had not be consider for the month of April, but as for the month of March because I had paid before my billing cycle date, which is the 5th of each month. So in result, I had been considered as being one month late in my payment and in result, I had to pay an extra 100$ on my minimum monthly payment. I never went to go through this again. I never had experiment such things at TD and with all the other institutions I had deal with. Do you really want to know why I am having this kind of problem with BMO Bank of Montreal only? Because BMO Bank of Montreal whole banking system suck. That’s why. I want to make sure I won’t get any problem anymore. I don’t want BMO Bank of Montreal to make money on the interest of the credit line anymore. I prefer to give ALL of my business to TD Canada Trust who had been there for me since 2005. I just need to get my margin approve at T D Waterhouse and, in the case I am being refused, I will close everything. Scary isn’t?

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