Personal Finance

What I have now and my plans to CRUSH IT!

Here are what I currently have as assets:

  • $18,000 TFSA and cash
  • $35,000 RRSP
  • $9,200 worth of TD bank stock

I also have a total of $19,000 of my personal line of credit from two banks to pay off. One has about $2,800 and the other has about $16,200.

See! I don’t have that much….

But I bought a pre-constructed condo back in 2014 that is worth $380,000.  I have already put in $90,000 and this condo is what’s going to make me

“SIX MILLION DOLLARS!”

Here is my current monthly budget (Thanks to Apple Numbers):

Screen Shot 2017-07-22 at 10.07.46 PM

As you can see, I mainly focus on paying my debts off because my plan is to take out more from my line of credit once I pay off the $2,800 from one of the banks.

My plan is to take out about $8,800 to invest in stocks either in the financial sectors or in the consumer goods’ sectors.

Since my financial planner suggested I should have a year of savings after I move into my condo for unforseen mortgage and occupancy fee payments, therefore I think $18,000 is enough assuming my monthly payment will be around $1,500.

My investment in TD stock and the $8,800 would be my saving for the condo payments.

So why don’t I just put the $8,800 in a TFSA savings account and just let the money grow 0.8% annually?

My thought was the $8,800 would grow better in the stock market if I do not have to withdraw this money out.

This is just my first step of making my first..

“SIX MILLION DOLLARS!”

What do you think of my plan so far? Feel free to post a comment below!

8 thoughts on “What I have now and my plans to CRUSH IT!”

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