Net Worth Update - May 2016 (+13%)

Assets
     Cash
          CIBC Chequing           $847.73
          CIBC Savings                    7.17
          Tangerine Saving          9084.00
          Tangerine TFSA                 0.63
                                             $9939.53
     Investments
          Tangerine Growth          2128.54
          CIBC IE                       3085.19
          CIBC RRSP                 4070.53
                                              $9284.26

Liabilities
     Credit Cards
          CIBC Dividend             $48.00
          CIBC Classic                    0.00

Net Worth                         $19175.79

Notes

Cash

• Large amount of cash was transferred to Tangerine Savings due to the promotional 3% interest rate offered on new deposits.
• Require sufficient cash reserve to cover tuition fees come fall.

Investments

• Tangerine mutual funds were purchased a few years ago, intending upon selling in order to put the money to better use in my self-directed portfolio
• Investors Edge porfolio mainly consists of blue chip Canadian equities.
• RRSP is held with CIBC in a savings account, which is not the best of ideas. Looking to transfer it to a brokerage in the near future.

Credit Cards

• No actual debt, use card for regular bill expenses and pay in full at end of month.

Net Worth Update - April 2016

Assets
     Cash
          CIBC Chequing          $1414.22
          CIBC Savings                    7.17
          Tangerine Saving           5064.42
          Tangerine TFSA           1208.55
                                             $7694.36
     Investments
          Tangerine Growth          2121.42
          CIBC IE                       3035.46
          CIBC RRSP                 4069.79
                                              $9226.67

Liabilities
     Credit Cards
          CIBC Dividend            $155.45
          CIBC Classic                    0.00
                                              $155.45

Net Worth                         $16765.58

Notes

Cash

• Large amount of cash was transferred to Tangerine Savings due to the promotional 3% interest rate offered on new deposits.
• Require sufficient cash reserve to cover tuition fees come fall.

Investments

• Tangerine mutual funds were purchased a few years ago, intending upon selling in order to put the money to better use in my self-directed portfolio
• Investors Edge porfolio mainly consists of blue chip Canadian equities.
• RRSP is held with CIBC in a savings account, which is not the best of ideas. Looking to transfer it to a brokerage in the near future.

Credit Cards

• No actual debt, use card for regular bill expenses and pay in full at end of month.

Managing Personal Finance as a Full-Time Student

Being a full-time student has a unique effect on my ability to build my net worth. The balance between work and education throughout the academic year, causes cash-flow to dramatically change between that time period, and that of the summer.

Since commencing my studies, I have been fortunate enough to have a job with the government, which provides part-time work throughout the academic year, and full-time employment outside of it. This is in contrast to the student jobs which the majority of my colleagues at school hold, which are not as accomodating or well paying.

This job, combined with the ability to stay at home while at school is what has allowed me to finance my own education without enduring debt, and has allowed me to slowly build my wealth.

Welcome to my Trail to Riches

Hello and thank you for visiting my site.

I am a twenty year old Canadian who was born and raised in southern Ontario. My passion for personal finance sparked at the ripe young age of eight when I opened my first bank account. When I first discovered the concept of interest (albeit a very small amount), my life consisted of me scrimping and scrounging any money I could find to build up my balance and consequently earn more compounding interest.

Slowly over time, I discovered the many investment options offered by the bank, such as GICs and mutual funds, and begun acquiring them and building my net worth at a young age. 

This frugality and smart saving carried on throughout my time at public school, and ultimately led to my ability to independently finance the majority of my education without placing a burden on my family, who quite frankly would not be able to afford it.

In this blog, I hope to share my personal journey in building my net worth, and also provide valuable information to fellow young Canadians as to what options are available to them as well as the power of starting at a young age.

If this is of interest to you, I welcome you to join me on this adventure.