Net Worth and Income Update Overview
As mentioned previously, I am in the cleaning up process. In this first series of updates, I am going to report on my net worth and income update. The income will be from both dividends and investing accounts.
If you’d like to read how this all began, feel free to open my About page.
To know how the income increased to the current net worth in 2 years read A Mind Blowing $300K Wealth Increase of a Poor Immigrant
Current No Chequing Accounts Balance
I am slowly moving funds from Robo accounts to Trade accounts. My goal is to only have Mrs. Dreamer’s TFSA and Girl A & B’s RESP in Robo account in Questrade.
GIC accounts are all over the place but I have good interest rates in 2.75% to 3.75% range. However, I am not renewing any GIC anymore and instead moving them to Trade account in WealthSimple. Hopefully WealthSimple will offer LIRA in Trading accounts by the time my LIRA GIC matures in April 2023.
| Bank | Type | Account | Value | Owner |
| Questrade | Robo | TFSA | $74,716.09 | Mrs. Dreamer |
| Questrade | Robo | RESP | $33,194.11 | Girl A & B |
| Questrade | Robo | RRSP | $31,274.48 | Mr. Dreamer |
| Questrade | Robo | TFSA | $7,091.55 | Mr. Dreamer |
| EQ Bank | HISA | HISA | $50,405.00 | Mr. Dreamer |
| Meridian | GIC | RRSP | $14,601.82 | Mr. Dreamer |
| Meridian | GIC | TFSA | $6,459.08 | Mr. Dreamer |
| Oaken | GIC | LIRA | $21,588.51 | Mr. Dreamer |
| Oaken | GIC | RRSP | $21,319.32 | Mr. Dreamer |
| Oaken | GIC | TFSA | $56,578.36 | Mr. Dreamer |
| WealthSimple | Robo | RESP | $6,940.45 | Girl A & B |
| WealthSimple | Trade | Personal | $3,009.91 | Mr. Dreamer |
Current Net Worth & 2.394% Net Worth Increase
Our Net Worth grew to $327,988.94 by March 1st, 2021. This is a $7,669.61 in 2 months. I am happy with this 2.394% net worth increase during January and February 2021.
January & February Income (Dividends & Savings Accounts)
I never recorded the income from investments as I only cared about the total accumulative number. However, thanks to other personal financial bloggers who have been motivating.
Proudly, since January, I started calculating the actual income from dividends and savings accounts. I will not report detailed income till it becomes more meaningful which will be Q3 2021.
I just do not want to do a sudden move of all the funds. Here are the numbers for Jan and Feb 2021:
| Dividends | Savings Accounts | Total | Total Net | Yield |
| $571.03 | $206.14 | $777.17 | $320,319.33 | 0.2426% |
| $40.28 | $295.02 | $335.30 | $324,120.83 | 0.1034% |
As shown, the numbers aren’t too impressive but hopefully they will get better month over month. Yearly yield is 0.3461% for the first 2 months of 2021. My goal is to generate 4.5% total income by the end of 2022 when I am more financially organized.
I have other incomes from Credit Cards cash back and Surveys which I am not counting in these updates, unless the numbers become significant which I doubt considering our monthly expenses.
Thank you for reading and let me know if you have any questions or feedbacks.
Good job on the RESP! Our $1000 just hit our RESP account recently. Nothing brings me more joy than seeing that CESG grant deposit 🙂
Thank you, GYM! In addition to CESG, we have a 10% Quebec Education Savings Incentive (QESI), regardless of family income up to $250 per year per child. You have BCTESG in BC, right?
Excellent job on RESP contribution. When we also moved to Canada, kids were 10 & 11 and we’re catching up. We made it our priority to contribute $2,500 each child every first week of January to receive the max 20% match from the government .
Although , it wasn’t a huge amount when they turn 18 but it help a lot with their post secondary education.