Personal Finance, Personal Goal

An Update on My Plan To Get Rich (September 2017)

When I first started this blog, I mentioned I would like to reach a net worth of

“SIX MILLION!”

and I will reach that either by building a real estate empire or owning a franchised business.

Most of my seed money will be coming from the home equity built from my condo.

In addition, I mentioned my condo is currently in construction and I will use $10,000 from my TFSA, $25,000 from my RRSP (via Home Buyers’ Plan) and gift from my parents to pay parts of my condo after final closing.

After I have done my net worth calculation in my last post, I realized I had to make some changes.

First of all, I have to use all of my TFSA plus parts of my TD stock (about $3420 worth) in order for my to get a $150,000 mortgage for my condo.

Plus I have to save up for my “EMERGENCY FUND” for my condo as well as a locker of $5000 (I just remembered) which I can purchase when I move in.

As a result, I need to have $14580 saved up for my “EMERGENCY FUND” plus $5000 for the locker which is..

“$19580!”

My plan is to invest $14580 into the stock market so the money would grow better in the if I do not have to withdraw this money out.  The $14580 would be coming from part of my cash as well as personal line of credit.

As of the $5000, I will start saving $625 a month next year and just put it in a TFSA or a non-registered savings account.

I may also get a third job to save up faster.

So…

This is my plan for now.  Feel free to leave any comments below…whether it is about this post or about my blog.

I REALLY NEED YOUR FEEDBACK!

 

 

 

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