Net Worth Update – December 2021

Welcome to the FindependenceCanada December 2021 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, December.. the final of our net worth updates for the year of 2021!

All in all 2021 was a very successful year for us as household as you’ll see below, however it wasn’t without its challenges due to the global “situation”. We weren’t able to do any out of country travel, however, we were able to head out East and take advantage of some of the opportunities that Canada has to offer and for that we’re thankful.

The markets also reflected a pretty crazy year as we’ve had a major run-up overall for the year from start to finish, but it definitely felt a little uneasy at times including these last few weeks where the markets hinted at some pull backs that ultimately didn’t turn out to be much.

Many financial professionals are forecasting either strong market pullbacks or diminishing returns over the next year(s) but as always we will stick to the plan and continue to plug away with what we’re doing regardless of what comes at us.

Now, let’s get into the numbers:

Even without a big run up in the stock market our assets are still up +$16,000 MoM which is largely attributed to our own contributions.

We’ve been very fortunate to now both have jobs with great retirement incentives, as you’ll notice we have a new account “Work Savings Plan (hers)” which is a nice new bonus to Mrs. FIC taking on a new job and should lead to even more contributions into her DB pension and now work savings plan than before. So, what this means for us as a household is every couple weeks we’ll be piling money into the markets automatically – and that’s huge because it takes any and all emotional decision making out of the process.

Next, on to the liabilities:

Our liabilities are still the most boring part of our updates, there’s really not a lot to say about them.

All-in-all we’re in a good spot as our debts are 3% and 1% interest rates respectively so there’s still not a lot of incentive to pay them down any faster than what we’re doing.

We make the occasional “double up” mortgage payment but our main goal with those was to get our mortgage owing down below our reported home value as per our tax assessment (which took a 40k hit this year).

The only thing I can say with a good deal of certainty is that Mrs. FIC’s student loan will be paid off before we leave our current jobs and city, that’s one main goal we have before even thinking of considering “FIRE’ing” ourselves.

These liabilities are down about $1,500 MoM. Slow n’ steady wins the race.

Now on to the main number:

A net worth of $564,624 puts us up $17,000 from last month, another big step towards our goals.

What’s extra special about this being our last update of 2021 is it’s given us the chance to look back on the year that was and compare to where we were a year ago at this time.

In December 2020 our net worth was $405,266
In December 2021 our net worth is $564,624

This means in the year of 2021 we were able to increase our net worth by an astounding $159,000! Far above and beyond what our dream target was for the year ($500,000 net worth).

This is yet another example that everything seems to snowball over time, not just our dividend income!

That’s where we’ll leave off for this update, 

As always if you’ve got any questions or comments feel free to leave them below or over on our social medias: 

Instagram @FindependenceCanada 
Twitter @FindependenceC1 

and we’ll be sure to get back to you.

Thanks for stopping by,

FIC.