6/19/2019

Beginner's Guide to Mortgage



Hi, today I am going to talk about mortgage and things to consider when getting a new mortgage. Since my near term goal is to pay off my mortgage within three years, I figure it only makes sense to do a post about mortgage. OK, so what is a mortgage? It's a fancy term for a loan to allow you to buy a house, meaning you are borrowing money. Mortgage is a big business and banks love them. Let's just think about this, when you get a mortgage, you pretty much are sharing ownership of the house with the bank since they, in theory, are buying the house for you. In return you pay interest and you assume almost all the risk for that property. There is a reason why you must have home insurance on your home or else the bank will not give you the loan. If you stop paying your monthly payments then the bank will come and evict you from the house, this is known as foreclosure. Intro asides, let us get into the process of getting a mortgage.

6/06/2019

Must read personal finance books!

The question a lot of people, myself included, ask when they start their journey is, what are the must read personal finance books. Reading has been an essential part of my journey, and I will highly advice anyone trying to reach financial independent to try and read a book a month. Here is a list of books that I've personally read and will recommend for people that want to learn more about personal finance.

6/01/2019

Neighbour Joe - June 2019 Net Worth


Networth update for June.

Asset
Chequing: $1,777.14
Savings: $2,705.30
TFSA Investment: $90,912.50 (Market Value)
RESP: $1,958.28 (Market Value)
*Real Estate: $224,000 (Purchase Price of my house)
*Define Benefit Work Pension (Transfer Value): ~$153,000 (Last checked in Jul 2017,aprox $1000 a month of contribution)

*These have not been updated since the start of this blog.
**Automobile is not included (No monthly car payment)

Liabilities
Mortgage: $120,769.98

*Credit Card is paid in full every month

Last Net Worth Update: $358,246.53
Current Net Worth: $353,583.24(-1.35%)

Passive Income
Current Passive Income: $3,213.81/Year or $267.82/Month

A drop in net worth this month had to spend around $2400 on tuition for my MBA. Also, my portfolio dropped this month due to a few bad earnings reports and the on-going trade tension between the US and China.