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Saturday, December 30, 2023

Closing the year 2023 on my highest net worth EVER: $380,929.15

I closed the year 2023 with a very encouraging net worth of $380,929.15. The TSX concluded the year with a +7.56% gain. Considering my 380k for 2023, I am experiencing something like a +12.5% increase. I truly hope that 2024 will finally be the year when I reach my first $400,000. In my opinion, I should have achieved that goal a long time ago, but the years 2021 and 2022 haven't been easy for the TSX. In terms of net worth, here's how my numbers looked for the past 5 years:

2023: $380,929.15, +$43,053
2022: $337,875.65, -$1,558
2021: $339,434.39, +$79,773
2020: $259,661.24, +$68,652
2019: $191,009.83

If I had been able to generate at least 20k in 2022, I would have closed the year 2023 with a +400k. Some years are tougher than others. I have been through some difficult times, but overall, it has always turned out in my favor. Patience is key. For a more complete overview of my net worth history, you can check out my latest update page.

A mild recession has been announced for 2024; we'll have to see how the markets will react to that. However, since it has been in discussion for quite some time now, it could unfold smoothly. The news of a recession is not coming out of the blue. Anyway, now that I have reached a net worth of 380k for the past two weeks, I think I can recover back to 380k in the event of a market meltdown. One reason I like to keep track of my numbers is to provide clarity to my personal finances. There's no need to do it in the form of a blog; you can simply use an Excel sheet. I have an Excel document where I note my dividend income, margin account debt records, expenses, budget, etc.

It's quite enjoyable when you get the chance to increase your net worth by $43,000 (2023), $79,000 (2021), or $68,000 (2020) within a year. Good years compensate for the bad ones, which can happen with a high exposure to the stock market. It's never pleasant to see your net worth plummet, but those moments are not meant to last. Just keep in mind that once you have reached a good number, you can make it back to the same number for the simple and good reason that you have already been there once.

My projected dividend income from my non-registered and TFSA accounts for 2024 is set to be $10,800. If I include my RRSP in the calculation, we are talking about an annual dividend income of around $13,000.

I recently sold some stocks from my non-registered and TFSA portfolios. On January 2, I will have the money at my disposal from my TFSA portfolio. Following this, my margin debt will be reduced to a mere $13,000, which I will easily be able to pay off completely by the end of 2024. Once it's finally done and completed, I would like to build up my savings and have at least $30,000 in cash. Currently, I am essentially in a paycheck-to-paycheck situation, but that's only because all available funds go toward paying down my margin account debt.


Anonymous said...

What are buying with your Tfsa purchase this year?

Sunny said...

With this year 7k, I have close to 19k that I can invest in my TFSA. I want to do a contribution in kind and take all of my BNS shares that I hold in my non-registered and have them transferred over my TFSA portfolio.


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