Welcome to the FindependenceCanada January 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!
So, 2020 has come at us full force. We’re expecting major changes this year that I’ll give a little dive into before we hit the numbers.
First off, we’ve been very busy getting ready for Baby 1.0 coming our way this spring! As part of our preparations I’ve now lost the right to having a man cave (for now…) and where there were once TV’s, leather chairs and football jerseys we now see cribs, teddy bears and boxes upon boxes of baby clothing, towels, swaddles, and a device that is apparently called a “mama Roo”.
We’re very excited for this next chapter in our lives, and with it we’re preparing ourselves for the new challenges we will face like the added cost, the lowered income while Mrs. FIC goes on leave from work for the remainder of 2020 and the overall drain on energy we fully expect due to a loss of sleep.
Can’t wait… haha
Now let’s get on to some numbers.
So, 2020 started with a solid increase of $13,000 dollars to our asset side of the balance sheet. There were no big hitters here though, as the gains have basically just come from stock market appreciation and our standard savings/pension contributions.
We could see a decrease in the coming months as the housing market appears to be declining still in our area so when we get our next tax assessment that house asset value will very likely decrease – unfortunate.
Now, the other side of the coin: Liabilities.
Liabilities checked in at $508k this month, which is down $2k from last month roughly. This is our standard equity gain from our mortgage payment plus a reduction in Mrs. FIC’s student loan.
Now that the baby is really getting close I’ve noticed a natural tendency to save more cash in our accounts and not be as aggressive paying down the liabilities which I know seems counter intuitive but I guess that’s the emotional side of finance. I’m a first time father and am feeling overly protective of the nest egg for the time being wanting to make sure we have a substantial parachute in the event of any misfortunes.
Net worth checks in at $305,031! coming up from roughly $290,000 last month.
We’re ecstatic to surpass another of those barriers and break into the $300k club, it feels like $200k held us captive for a long time but now that we’re here its onward and upward to $400k which I would absolutely love to reach by years end – but with the financial changes we’ll be experiencing this year, we’re not overly optimistic that will be the case.
Thanks for stopping by today, we hope you enjoyed the read.
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FIC.