Findependence Canada

Finding financial independence from scratch

Net Worth Update – July 2019

Welcome to the FindependenceCanada July 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.

July was nothing to write home about for us, all of our gains were pretty much from our own personal contributions to our retirement accounts as well as the gained equity from our last mortgage payment but hey, a positive month is still a positive month. Let’s hope that our investments will do some more heavy lifting before the end of the year.

Let’s take a closer look into the asset side of the equation shall we?

We’re lucky in a sense that our pensions and savings plans are automatically withdrawn from our pay-checks because even though they are our money and contributions being put in they are done so without us having the option to allocate that money elsewhere and potentially finding new things to spend it on.

Next we’ve got liabilities:

The liabilities are boring and steady, just the way we like it. Admittedly I can’t wait for these to be zero’d out but with interest rates as low as they currently are (3.19% on mortgage and 1.5% on Mrs. FIC’s student loan) it just doesn’t add up in our minds to prioritize these exclusively over investing at this time though we will make more consistent double up payments on the mortgage once both of our RRSP and TFSA contribution rooms are filled out.

Now for the big unveiling… drumroll please…. I’m going to pretend you haven’t already glanced down and looked at the number directly below and spoiled the surprise but our Net Worth for the month of July, 2019 has come in at a whopping (for us) $224,989!

That accounts for a cool $8,000+ dollar gain over our June update so needless to say we are feeling great about this progress. We’re still fully aware that there will come a time that the update will be negative for a given month, and we’re mentally prepared for those times (I think), but we’re definitely glad to push that time out as far as possible and continue to rake in these solid gains on a monthly basis. If we were to keep up this kind of month over month performance by year’s end we would be closing in on a $275,000!

Thanks for checking the blog out, we love hearing other people’s stories and experiences, so please feel free to drop a comment below or check out our instagram page and join the conversation!