Celebrating a $435,834.87 Net Worth with the TSX at 23,286.08 Points

One thing is for sure: so far, 2024 has been quite an awesome year for my personal finances. I started the year with a net worth of $380k, and currently, my net worth is almost $436k. That's a gain of $56,000, which represents nearly +17%. And the best part is, the year isn't even over yet!

Back in June, the Caisse de dépôt et placement – one of Canada's largest institutional investors, managing funds primarily for public pensions and insurance plans in Quebec – proudly announced its mid-year result of a 6% return. It really made me laugh. The Caisse de dépôt et placement will never see a single dime of my money, that's for sure. It's not that I don't want my money to be professionally managed; I just want it to be well-managed. If, in such a strong year for the TSX, the Caisse can't make more than 6% mid-year, imagine how bad their returns will be when the economy turns ugly. It's really important to take full advantage of what the stock market offers during good times. That way, it will be easier to face the downturns, which are never easy and can take months to recover from.

I ended last Friday’s session with a very solid net worth of $435,834.87, and my margin debt is at $4,488.57. This year, my main focus has been on paying off that margin debt, and it seems like that strategy has paid off. In a few days, I will be celebrating my 44th birthday, and my goal is to reach a $440,000 net worth by the big day – August 27, in case you don’t remember. It’s going to be tough, but it's not impossible. To make it happen, I only need $4,165.13 more. I have to admit, sometimes I get the feeling that I might be able to close the year with a $450k net worth. Hitting $436k or $450k would be great, but the real goal is a half-million-dollar net worth. If you ask me, I see that happening in 2025. But hey, that's just me. I’m mostly optimistic when it comes to the stock market. Can the TSX deliver well for two years in a row? We'll have to wait and see.

It looks like I just received some dividends, and at the same time, the interest on my margin debt came in, which now stands at $4,437.01. With just a few thousand left to go, my goal is to pay off that debt by the end of the year. By the end of August, I’ll have exactly $733.16 to put toward the debt, reducing the balance to $3,703.85. To pay it off entirely by year-end, I'll need to pay $925.97 per month in September, October, November, and December. That’s a big amount, but as usual, I'll use some of my dividend income to help with the process. Lately, I’ve had to really watch my spending. One of my indulgences is random lipsticks and hair products, but I’m proud to say I've been pretty good at managing my expenses. There's always room for improvement, but for the most part, I’ve done well. For now, I’m just focused on maximizing growth as much as possible.

As for turning 44, I’m not sure how I feel yet – just normal, I guess.