Welcome to the FindependenceCanada December 2019 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!
When it comes to our net worth we try not to make any goals that are too concrete as we are aware that there are so many variables that may work for, and against you, especially in short time periods, so flexibility is key! Instead, we focus on our savings rate (currently at approx. 50% take home pay) and investing in companies we believe to be stable and truly blue chip in their respective industries. We feel as long as we take care of what’s in our control: earning, saving and investing diligently, the rest will take care of itself and the results will come over the long haul.
To view last months update click here.
Another month down, and we’re slowly closing in on another milestone! $300k was a goal we thought we might be able to attain by years end if the stars aligned, but alas we’ll have to wait until the new year.
This was overall a very good month, in spite of our investment portfolios experience virtually zero growth (ouch). As we’ve mentioned in our last couple posts this will likely be the case for the first quarter of 2020 as well before we start contributing as heavily as we were earlier this year again.
Let’s take a look at the assets:
Assets have reached a new milestone themselves reaching that $800k mark, which is up roughly $12k over last months update. These gains came in the form of our savings and some workplace contributions into our retirement accounts, outside of that everything was pretty much the same.
Ah yes, the liabilities. Everyone’s favourite part to their balance sheet. The double up mortgage payment we made last month is about the only headway we’ve made here as our Liabilities decreased about $4k over last month.
There aren’t any plans to make a double up payment in the coming month but you will be seeing more of those in the future.
Now let’s cut to the main attraction, here’s our Net Worth for our December 2019 update:
Another $15,000 progress towards our ultimate goal of reaching financial independence!
The way things have been progressing that $300k mark should be within our reach at next month’s update. Another month of dodging our first negative month, hopefully we can stretch out this streak well into the future.
If you’ve got any questions or comments feel free to leave them below or over at our Instagram @FindependenceCanada and we’ll be sure to get back to you.
Thanks for stopping by,
FIC.