Welcome to the FindependenceCanada August 2020 Net Worth Update. This is where we track our monthly updates on our quest to a One Million dollar net worth and beyond. We have worked diligently over the last few years to go from having a negative net worth to the position we are in here today, and we hope that we are able to motivate others to join us on our quest to financial independence!
To view last months update click here.
Now that we’re coming down the back stretch of 2020 that $400k net worth marker is becoming more and more clear in our sights.
What we’ve come to notice is that there are swings that are largely out of our control so there’s only so much we can ultimately do to reach any particular goal.
For the remainder of the year we’d love to break through $400k but that will all depend on whether or not we get another pullback in the stock market similar to what we had earlier this year. The US election and/or another virus outbreak are about the only 2 things we picture that could have a significant pullback on this market as it stands now.
The bulls want to run.
What we will be doing to ensure our best chance at $400k is simply continue to do what we do, invest and save money steadily month after month and hope that over time that’s enough for us.
Now onto the assets:
The only notable changes this month are a new investment account for Mr. FIC to do a little “fun” investing outside of our normal portfolio. This will remain an extremely small portion of the portfolio and is more gambling money than anything. So far we’re up 10% in under a month so its off to a good start.
Everything else was normal savings contributions and market return increases bringing us up from a $833k last month to $846k this month.
Now let’s have a look at the liabilities:
Home mortgage has been slightly reduced from our regular mortgage payment and a change here is that there was NO payment made on her student loan. Why? well its because the student loans have been excused for the time being apparently until for over a year. While normally we would emphasize paying this debt off its only a 1% interest loan so taking that money and plunking it elsewhere makes sense for us.
A $347k net worth is up another $14k from last months total. This last few months has been quite the run as we’ve seen it from many sides. Not only has the market been on a tear, but Mr. FIC has also been in working a fair bit more than usual so everything is stocking up for us nicely.
As we’ve mentioned time and time again, this snowball continues to roll and the higher your income and net worth get the larger these swings become month over month. There will come a point in time when our income becomes rather insignificant in the overall move of our net worth.
That about wraps up this months net worth update, please remember that the above is just documenting our investing and personal finance journey. We simply give our thoughts and feelings on a number of topics but we are in no way investing or personal finance professionals so please seek our professional advice before making any decisions.
As always if you’ve got any questions or comments feel free to leave them below or over on Instagram @FindependenceCanada and we’ll be sure to get back to you.
Thanks for stopping by,
FIC.