Celebrating a Financial Milestone: Reaching My Personal Best Net Worth of $364,399.48

With the help of yesterday's paycheck, I was able to jump right into the $364,000 net worth, bringing it to exactly $364,399.48. I sincerely believe in my chances of reaching a net worth of $400,000 by the end of 2023. Currently, I am only missing $35,600.52 to make it happen. Although this represents a significant sum, there are still 10 months left before the end of the year, so everything remains possible.

I like to build little scenarios to see how I can reach my goal, and here's one based on my current $364,000 net worth:

• I will add $15,000 to my savings by the end of the year;
• I will earn an equivalent of $1,013 per month in dividend income over the next 10 months, totaling $10,130;
• I will receive a 4% return on my current investment capital of $348,040.12 over the next 10 months, which would add up to $11,601.33.

When these amounts are added together, the total comes to $36,731.33, which is more than the $35,600.52 I need to reach my goal of a $400,000 net worth. However, the value of $348,040.12 is subject to fluctuations, and it is difficult to predict if I will be able to close with a 4% gain over the next 10 months. Nevertheless, I need to maintain my initial capital of $348,040.12, including a 4% annual gain, in order to reach my goal. We'll just have to wait and see how it all unfolds.

It seems like I keep writing this quite often these days, but I am not looking forward to investing in anything at this time. However, I closely monitor my investment portfolio, and I like to keep track of my stocks. This helps me stay focused and motivated. Obviously, I hold many of them, so it keeps me busy.

Recently, I have noticed that my investment in Goodfellow Inc. (GDL) has really begun to increase in value. Unfortunately, I only have a small position in GDL. In times like these, I wish I had invested more in the stock, but sometimes it's hard to predict success. Investing can sometimes be seen as a mini-gamble each time. The only way to protect myself from the risk is to reduce my exposure to the stock.

Recently, I opened a High Interest Savings Account with National Bank. The interest rate is only set at 1.50%, but I am willing to accept that. I don't want to lock down my money in a GIC, even though these days, locked GICs pay more in interest. I just never know when I might need the money. Right now, I only have slightly over $16,000 in savings. Even with $20,000 in savings, I wouldn't probably put any money in a GIC. Right now, building up my savings is my main priority, so I can be more financially secure. I am trying to build an emergency fund to cover unexpected expenses, or even expected ones. I have been living paycheck to paycheck for almost 15 years, using all my money to invest.

In the past, I made things difficult for myself, but I have always been quite resourceful. For example, my debit card is not linked to my checking account, as I have always had low savings. Instead, it is linked to my credit line. So, when I withdraw money from an ATM, it doesn't come from my savings or checking account, but from my credit line. This was a good plan when interest rates were lower, but it no longer makes sense to continue this way. 

Here in New Brunswick, I use cash payment more often than I do in Montreal. I need to make a change, especially now that I have more savings. I dislike calling customer service, but I won't have a choice if I want to make this change. Withdrawing money from my credit line, even if I put the funds back using my savings, incurs interest fees, and that's not necessary now that I have more than a couple of thousand in savings.