After months of diligent saving, we finally got to flex our money muscles in February.
At the top of our wish list: a rental property. After months of research, we set our sights on Montreal, where real estate prices are far more affordable than southern Ontario and the returns are attractive.
We figured that now would be a great time to make a move before we get priced out of Montreal’s hot housing market. So after a fair bit of research and deal analysis, we packed our bags and drove to Montreal to inspect the properties that interested us.
Alas, the trip itself was fun but we returned to Toronto without making any offers. We realized that buying a rental property is just not a realistic goal for 2018, for a myriad of reasons.
We were disappointed, to say the least. The silver lining is that we can still put the money we worked hard to save towards other investment opportunities.
Not only was I able to make a hefty contribution to my TFSA this month, I finally tried my hands on P2P (peer-to-peer) lending through Lending Loop.
Lending Loop is a P2P lending marketplace that connects individual lenders and small Canadian businesses that need a loan. It’s a win-win situation: the businesses get the loan that they need with little hassle, and the investors earn monthly interests while helping local businesses thrive.
So far, I have lent out money to 4 different businesses: two construction companies, an Ontario-based commercial printer, and a tanning studio looking to expand its franchise.
My current weighted average gross yield is 13.7%, which is on par with the level of risk involved. And it honestly feels empowering to help out local businesses.
New investments aside, we also have some not-so-glamorous news.
Our living room ceiling’s water stain situation has gotten worse. I stepped out of the shower one morning and was greeted by a puddle of water on the floor, directly underneath where the bathtub is on the floor above.
So we brought our trusted plumber back to implement phase two – opening up the ceiling for a closer inspection.
After a nerve-wracking hour of waiting, the water leakage issue seems to be fixed, for good. But there is now a glaring hole in our ceiling reminding us of the impending damage to our wallets when we eventually repair the ceiling.
Speaking of wallets, the latest net worth breakdown is as follows.
I have explained our assets and liabilities in greater details in another post, which you can check out here.
Bear in mind that my husband and I combine our finances, so these figures below reflect our household net worth.
Primary Residence: +$0
Cash Savings: +$2,553.30
P2P Lending: +$500
Life Insurance Cash Value: +$0
Other Assets: +$0
Total Assets: $1,233,700.91 (+0.78%)
Credit Cards: -$306
Car Lease: -$240
Student Loans: -$196.95
Total Liabilities: $559,739.45 (-0.23%)
Net Worth: $673,961.46 (+1.63%)
Are we on track to meet our 2018 net worth goal of $750,000?
With $76,038.54 and 10 more months to go until the end of the year, I believe that we have a good chance of making it. We need to increase our net worth by an average of $7603.85 per month, and we have beaten that target in most months so I remain cautiously optimistic.
Readers, how was your February? Feel free to share your money stories in the comments section below, or email me if you want to be featured on this blog.
Curious about how we got here? Feel free to binge read our net worth updates.