I usually update my investment portfolio only when the TSX posts positive gains. However, I sometimes update it out of curiosity. Today marks the second day in a row that the TSX has pulled back some valuable points. Under these circumstances, I wanted to check where my net worth stands. It seems I am now at $450,265.60. The TSX closed today’s session at 24,413.94 points, down 143.06 (-0.58%).
As announced previously, I no longer have any margin debt. I am now completely debt-free. Despite the Bank of Canada’s recent rate cut, interest rates remain high. At National Bank Direct Brokerage, the interest rate on margin accounts is still quite steep, at 7.25%. I now have over $110,000 available to invest on margin, but I won’t be using my margin account anytime soon. Watching yesterday’s disastrous TSX session, and seeing today’s performance as well, I can confidently say that I am happy to be debt-free at this very moment.
Being debt-free has had positive effects on various aspects of my life, including my spending habits. I find it more relaxing to be in my current financial position. In a way, the most difficult part is now behind me. However, I anticipate the next few months won’t be entirely easy, and I’ll explain why.
Now that I am debt-free, there’s no turning back. I have no choice but to build up my savings. If I don’t, I risk borrowing on my margin account again, and this time, it wouldn’t be for investment purposes! So, the real challenge is to stay on the right track—managing my money wisely and keeping my spending in check.
The fact that I am now debt-free is a great source of motivation. My goal for 2025 is to save $20,000, starting with an initial milestone of $15,000. It won’t be an easy task, but I don’t see it as insurmountable. It’s just something I need to focus on and take care of.
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