Welcoming a $464,000 net worth!

Today was an excellent day for the TSX! The session closed at 25,390.68 points, reflecting a significant gain of +354.22 points (+1.41%). Naturally, I took the opportunity to update my investment portfolio, and to my delight, my net worth has now reached $464,014.28. So far in 2024, my investment portfolio has grown by over $83,000. This brings me closer to my $500,000 net worth goal, which no longer feels so far away. While this milestone could very well happen in 2025, it’s not something I obsess over.

The looming economic uncertainty, however, is a concern. With Donald Trump potentially shaking up the U.S. economy, the impacts could ripple into Canada’s financial markets. As Canadians, we’re heading into a challenging and unpredictable economic environment starting in January 2025. It's not a pleasant scenario.

With less than two weeks remaining in November, my goal of paying off my margin debt by the end of 2024 seems to be on track. My margin debt currently stands at $2,570, and by the end of November, I’ll be able to reduce it to $950. By the end of December, it should be completely paid off. This is my way of preparing for a potentially challenging economic environment.

While paying down my margin debt, I’ve been staying in New Brunswick since October, mostly to spend time hunting with my father. I cover most of the gas expenses for our hunting trips, which I don’t mind at all. Despite this, I’ve managed to stick to a tight budget. Hunting season is about to end soon—at least for us. My father doesn't go hunting when the snow starts to show up more seriously in the woods.

I cannot wait to close this margin debt chapter and move on to more rewarding investment opportunities and wealth-building strategies. Clearing my margin debt will free up resources for more strategic moves in my dividend stock portfolio, allowing me to focus on long-term financial goals like building my passive income stream and maximizing returns from dividend growth stocks.

That being said, my next goal will likely be to build up my savings. I can’t move forward without doing this because, otherwise, I’ll end up using my margin account whenever I’m short on cash. This has happened from time to time, and once again, I’d go back into debt—which is exactly what I want to avoid. I should be able to start 2025 with $1,400 in savings, and my big goal would be to reach $20,000. I may set a smaller goal of $10,000 for 2024 instead.

If you’ve been following me for a while, this isn’t the first time you’ve heard about Stockopedia on my blog. I used the platform a few years ago and really liked it. The platform helped me pick some excellent stocks. I recently purchased a one-year subscription to Stockopedia, taking advantage of their 30% discount. I subscribed to the Canadian market, and that’s enough for me. You can always add the U.S. market, but it increases the cost of the annual subscription.

These days, I enjoy watching videos from creators on YouTube. Recently, I’ve been listening to Laugh Lines & Life Lessons (@LaughLinesAndLifeLessons on YouTube). I suggest you subscribe to her channel. The woman behind this channel is an American who went through a rough patch but reinvented herself with the help of social media.