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Monday, December 11, 2023

The Number games: Updating Net Worth, Navigating Crypto, and Tackling Debt

I was quite pleased to update my investment portfolio this weekend, only to find out that my net worth has now reached $371,540.77. It's an interesting number because, if the TSX cooperates in my favor, I could potentially reach $380k by the end of the year, which is now just 3 weeks away. Anything is possible in the stock market. I had reached my highest net worth ever back in April of this year, and the magic number was $373,150.19.

Lately, Bitcoins and Ethereum have gained in value, helping to boost the value of my TFSA portfolio. I still hold onto some ETFs in Bitcoins and Ethereum in my portfolio to this date. Several months ago, I used to buy and sell those ETFs to generate small gains. It was working well until it wasn't anymore, and I got stuck with them, unable to sell them at a profit. These ETFs include Bitcoin Fund The Class A units (QBTC), Purpose Bitcoin ETF CAD ETF non-currency hedged units (BTCC.B), and 3iQ CoinShares Ether ETF (ETHQ). My goal now is to sell them without experiencing any losses. I didn't play that much with crypto, but if I recover the money, it will make close to 4k that I will have at my disposal to pay down my margin account debt. That's the plan.

When I started trading crypto ETFs, it was important for me not to play with too large a sum of money. However, a +3.5k is still quite a significant amount, and I will be happy once I am able to recover it.

My margin debt is now at $25,913.03. My goal was to get it down to 25k by the end of the year. I have spent quite some money lately, so I don't know if I would be able to pay it down more in the time left this year. But one thing is for sure, it's something that I want to pursue next year. I could sell some of my stocks to accelerate the process. Paying down a $25k debt is quite a process and will take the time it has to. I have been working many hours, doing a lot of overtime, but income taxes are taking their part, so the extra I can "take home" is unfortunately not that much. However, it is still worth it to work overtime, but it's better not to think too much about the taxes.

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