Welcome to the FindependenceCanada December 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.
So here we are in the final month of 2020, and not only did we totally crush our expectations this month, but we also exceeded the $400,000 mark!
Throughout 2020 we made reference to $400k and depending on which month it was we also referenced how likely or unlikely it had been at the time. For most of the months it was a long shot if everything went “perfectly” or at least close and yet here we are.
Now on to some numbers, starting with the assets:
$898,596 is an improvement of $20,000 from last month – as mentioned above that’s insane compared to what we expected! That just goes to show you what steady contributions can do when coupled with strong market returns.
We’re probably going to keep our cash position fairly steady from here for the next while and just dump whatever extra income we have into our investment accounts. I should make a disclaimer that that may change depending on if and when we meet with the bank about our interest rate on our mortgage.
The house is still an anxious point as we’re not sure but we’re thinking that it has dropped in value again this year but likely not a large amount.
Now for liabilities:
Another month and another $1,300 comes off the mortgage owing.
This is getting to the point now where if we walked away from our house we would be basically breaking even with what’s owing vs. what we would receive after fees etc. Not a great place to be in but at least we’re moving in the right direction.
Now for total net worth:
I just took a look back on our January 2020 numbers and was reminded that in that month we took a leap from $290,000 to just over $300,000 breaking through a huge milestone so it seems fitting that we end the year on a high as well and just forget about the craziness that happened in between.
This means for the calendar year of 2020 we were able to accumulate $100,000 in net worth and that seems like a fitting goal to carry forward into 2021 as well.
That is where we will leave off for today, we hope you enjoyed the update.
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.