Net Worth Update – January 2022

Welcome to the FindependenceCanada January 2022 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 month’s update click here.

Here we are doing our first net worth update of 2022 already.. I can’t believe we’re already 2 weeks into the new year!

We had a pretty good month since the last update, we definitely spent some money since we had family members in town, so there was a lot more food and alcohol consumption than a typical month – PLUS – we were on vacation so our pay also went down over this timeframe.

We’ll do some more commentary below where we break down the numbers:

So one of the main changes over last month is our amount of cash on hand, if you look back over time our cash had trended up around $60k on the sidelines. For us there was a conscious effort to cut back on our cash reserves and we were able to do so by taking that money and topping up both of our TFSA’s and our son’s RESP.

To be honest, the market has been basically balanced out over the month so it’s largely just been our contributions and our workplace contributions that have propelled any growth over the month.

Next, on to the liabilities:

The home mortgage keeps ticking down slowly and so does my wife’s student loan.

For anyone new here, my wife’s student loan is through the UK and she currently pays about 1% interest on the loan so there has been no fire burning under us to pay this down. She’s become way more interested in investing and receiving a few % dividends plus some growth for her money instead and I’m certainly not going to discourage that.

For the time being the 3% mortgage and 1% student loan will remain.

Now let’s get on to the main number:

A net worth of $578k puts us up $14k from last month’s update. This has become right about what we expect to see month to month and puts us on the fast track to a $600,000 net worth within 2022. If the markets keep cooperating with us we could even see $700,000 this year, but things would have to go really well with Mrs. FIC going on to maternity leave in May.

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.