Net Worth Update: 2024
Closing in on $200,000...
Good Morning! Long time no see!
It’s been a while since my last newsletter, but we’re back with a banger!
Today I’ll be exposing every dollar of my net worth, including WHERE it is, and WHY it’s there.
Hopefully, it will give you a better understanding of my decision-making process with my money, and in turn, inspire you to rethink how you manage yours!
We’ll move in order of smallest sum, to the largest sum as follows:
1. Crypto
2. Angel Investing
3. Cash
4. Stocks
Let’s get into it…
1. Crypto
If I had written this article two years ago, crypto would have likely been my largest position. But, since then I have minimized my exposure significantly.
My total Crypto holdings are broken down as follows:
$BTC:
$2,500
$ETH:
$4,000
Other:
$2,000
Why?
I actually don’t invest in crypto anymore. The only holdings I have are remnants from my glory days in the crypto space two years ago!
I have a very small amount of exposure to the Crypto market, simply because it’s far too speculative for me.
Should I have more exposure? Let me know what you think!
2. Angel Investing
This is a relatively new avenue for my cash. After working at numerous Startups and dabbling with Venture Capital work, I decided to start making some of my own investments in Startups!
My Angel Investment Portfolio currently comprises $20,000.
While this is relatively small, I have the intention of significantly increasing this exposure over the next year.
Why?
Because being able to be a part of something new is exciting.
Yes, it is incredibly risky when comparing it to other investments like the Stock Market, and the reality is that most of these companies will likely go to Zero.
But, there is a slight chance that you can be a part of the next big thing.
Is it for everyone? MOST DEFINITELY NOT. But, I have the most fun with this type of investment!
3. Cash
All of my cash is stored under my mattress.
Kidding.
The majority of my cash is stored in a High-Interest Savings Account at Wealthsimple.
This is where the bulk of my cash from my paycheque flows into, and that account sits at $27,000 as of today.
Why?
Cash is King.
I have short-term savings goals (education, taxes, vacations, etc.) that I need to pay. Therefore, it’s not in my best interest to throw it into the stock market or another volatile investment.
The last thing I want is to have to sell some of my stocks when they are down 20% to fund my trip to Cancun…
I’m earning approximately 3.5% interest on my cash, so it’s still beating inflation.
All while giving me peace of mind, and ensuring that I can cover any emergency expenses, while also giving me the buffer and opportunity to enjoy life a bit!
4. Stocks
Now it’s time for the fun!
The majority of my net worth is invested in the stock market.
As a Canadian, I utilize four main investing accounts. Their balances are as follows:
TFSA:
$34,000
FHSA:
$21,000
RRSP:
$3,000
Non-Registered:
$49,000
Why?
Some people think ‘stocks’ are risky. But, they couldn’t be more wrong.
Investing is actually one of the safest, and steadiest ways to grow wealth over long periods of time.
On average, the US Stock Market SPY 0.00%↑ returns an average of 10%/year.
So, any money that I don’t need within 1-3 years I throw into the stock market. I ensure I have enough cash to cover my short-term expenses, and everything else is invested!
There it is!
A complete breakdown of my entire net worth.
Next time we do a net worth update, we’ll be at $200,000 :)
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Cya next week!
- Matt
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Thankyou for sharing the information. You are an inspiration for me and many others.