Net Worth Update: March 2019

I’m progressing nicely towards my goal of having over $50k in net worth by the end of this year. The numbers make it look like I’ll reach it in just a few months but there are taxes and exchange costs that will come out. Canada and China changed their tax rules recently and I’m very confused about what exactly it means for me.

The tax bureau in China is also confusing AF so due to one mix-up or another I won’t be getting my March tax receipts until next week. As a result, 2 month’s worth of pay is staying in my Chinese account to avoid paying 2x the transfer fees. *facepalm*

Takeaway/notes

• I’m happy with the progress I’m making but a bit nervous about what the tax situation means. I’ve asked my dad to ask our family accountant so we’ll see how it goes? If you’ve got any experience with being an expat please let me know your thoughts!
• The cost of living here is so incredibly low. I will be doing a financial review in April to see where my money is going.
• Think I can realistically reach the very catchy-sounding goal of $300k by 30?

Accounts

• Lloyds: still waiting patiently for the exchange rate to be better. I want it to hit 1.80GBP: 1CAD before I transfer all of it out. In no rush. This is part of my emergency fund.
• TD Bank: my Canadian bank.
• Questrade: my investing account, this is where I hold my TFSA and RRSP, and any investments.
• Bank of China: I didn’t include this in my previous month’s update because I thought the situation would be temporary. Well, I’m including it now because it makes me really sad to see my net worth stay the same for 2 months. I should have the tax situation cleared up by next week so I can finally send money home and top up my investment accounts.