Hello all, and welcome to the very first quarterly update in our pursuit of F.I.R.E. here on FindependenceCanada.com.
We’ve decided to start posting quarterly updates along with all of our usual monthly content as a way to take a step back and look at our progress over a more meaningful amount of time and hopefully help us smooth out the overall picture of our financial health without quite as much volatility that can come in a single months outlook.
In these updates we’ll do a quick recap of things like net worth, passive income as well as our personal finance strategy and goals and even give an update on how far along our journey to F.I.R.E. we feel that we are.
So, let’s get things started with a look into our net worth!
Net Worth
First step of our net worth is the assets:
Our Q1 progress for assets was actually not progress at all.. It was in fact a change of –$18,391 from Q4 of 2019.
While the dollar value is down, we are feeling a little better having our cash on hand go up by over $7,000.00 and despite the portfolio value we now have more shares at work for us in these investment accounts, so when the market returns to at or near high’s it will be well above what our current bests were.
For liabilities, we still only have Mrs. FIC’s student loan and our house, so only minor changes in these over the quarter.
Liabilities were down $6,000 from Q4 2019.
Overall change in net worth = -$12,000
Passive Income
Projected 12 month income Q4 2019: $7,414.41
Projected 12 month income Q1 2020: $9,030.37
Increased 12 month income projection: $1,615.96
This is really what investing comes down to for us. For those of our readers who are newer here, we do not expect to sell shares in retirement and live off the proceeds, we expect to be able to fund our retirement exclusively off of our passive income which will include dividends and potentially rental income in the future.
Seeing this number go up over $1,600.00 in a single quarter despite receiving dividend cuts this month is huge.
Progress to F.I.R.E.
Based on our current projections of our current income through dividends as well as the $50,000 we believe we’ll be able to live off of in retirement this leaves us at about 18% of the way to our goal!
Estimated progress to F.I.R.E. : 18%
Thanks for reading our first ever quarterly update on our progress to F.I.R.E.
If you’re got any questions or feedback for us feel free to leave it below or over on
Instagram @FindependenceCanada and we’ll be sure to get back to you.
FIC.