This post is quite overdue but I'm happy to report that I finally did something to change my situation - I've moved to Hong Kong. I've taken up teaching English here in Hong Kong, temporarily at least to get myself over here, and may well turn into a new career on its own..who knows. Just to give a quick update of the events: I sold a few things and gave away almost everything else I owned to family, friends, and even strangers. After getting rid of basically all of my material possessions in less than two weeks I got on the plane to HK at the end of July. (I actually took a two week long vacation here to Europe before I came back to HK for a second time.) In August I dealt with the usual paperwork resulting from a move: activating my visa, opening a bank account, getting a new phone number, and applying for my HKID, among other things. On September 1st I started work in Hong Kong for the first time and only now do I have time to write this quick update. I'd like to say it's been great so far, but life is never so easy. I've been quite stressed with the new position as I try to settle in to a new workplace and routine. It's been a struggle to say the least. So to get to the numbers, I spent a sizable sum of money in August, first on a vacation, and then as I settled here in Hong Kong without an income stream to support me. My new position only pays once a month and so I will not receive my first paycheque until early in October. It has been difficult as I use up my available cash, but I am confident I will be able to survive and not have to draw down my investments. So here are my mid-month numbers as of Sep 21, 2016. I will try to get back to proper updates on the first of the month starting in October, but I've been so busy that I can't guarantee anything. Considering how much I spent in August I am not too unhappy with the numbers - still within reach of the $50k mark and should begin climbing in the coming months as I settle in.
Sep 21, 2016
TFSA - $47,736.66 +4.42%
Stocks - $0 -100%
Cash - $1,232.35
Total: $48,969.01 CAD
1 CAD = 5.89496 HKD @ 9/21/2016
(It was 1 CAD to 7.5 HKD as recently as 2013, sigh. It will be interesting to watch the currency fluctuations as the HKD is pegged to the USD currently.)
I've now liquidated the last of my RRSP's in anticipation of a big life change coming up. The tax implications of the withdrawal will be negligible because I did not claim the full deduction amount previously. The only reason I contributed to my RRSP in the first place was because my company matched my contribution up to 5% of my salary. I have never been a fan of RRSP's in general (the idea of delaying taxes in the hope of paying less later), so I am glad to be rid of them. This coming month will be a busy one and I may post my next net worth update from another country. I will write about that later. Here are my numbers for the month that saw huge swings in either direction before levelling off. I believe they've held up well considering the amount of uncertainty in the markets.
I missed reporting my May 2016 net worth and I'm disappointed with myself for it.
I was travelling in Asia again at the beginning of May and was distracted with a lot of things, but that really isn't an excuse. The truth is that I haven't given much thought to this site in quite a while - but that should change in the coming months as my life gets a tad more exciting. I am considering liquidating what's left of my RRSP to use as cash on hand for a possible move coming up.
It's been exactly a year since I broke through the $50k barrier and yet here I am today almost three thousand dollars below that mark. At the time I was still struggling with my daily expenses and cash flow, but overall my numbers were still going up and up. Fast forward to today and I am down more than 11% from my peak. Through this site I am able to go back to that moment and glimpse the thoughts going through my mind - and I am glad to see a calm and rational mindset even during those highs.
"Another month of quite substantial gains generated by continued strength in the markets. I don't let these gains go to my head by pretending that they are somehow related to any skill I might have, as I know they could easily reverse in the coming months. I am not one to think that I can beat the markets and this forms the bedrock of my long-term investing strategy. Having said that, however illusory these gains may be, I still can't deny feeling a hint of satisfaction when passing these milestones along the way." - March 1, 2015