Net Worth Update – July 2020

Welcome to the FindependenceCanada July 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.

Sorry for the delay to your regularly scheduled update! We usually like to put this updates right around the 15th of each month but this month holidays got in the way.

We were able to finally have a little mobility during all of this global crisis stuff and boy did we need it!

This month was another strong month for the markets… or at least not a negative one for us and this will be reflected as we take a dive into our assets:

We’re starting to get a little nervous with the biggest hitter on our list here, and that’s our home. As we’ve been scouting the area for other houses for sale in our neighbourhood and around town it appears as though the market is slowly dropping – this won’t change the number we use for this asset until next year however when we get our assessment for the city. The longer we wait for this assessment the more likely its looking that we will once again take a small hit here. Oh well.

$833k is a $12k improvement over last month. There were nice and stable results in most of our accounts through this month, the only real changes are a cash transfer into the RRSP his account and the DC pension increase but other than that it was a quiet month.

Now for the liabilities:

Finally broke through the $500k mark for liabilities with no special actions taken just the continuous pay to the Mrs. FIC’s student loan and our regular mortgage payment.

It won’t be any time soon but we are pondering the pros and cons of downsizing our home and moving to a cheaper neighbourhood. The main selling point for our current home was our rental suite and the way the numbers looked on paper but now that we’re shying away from renting it out and have a child we’re thinking of finding a smaller home with a bigger yard and at the same time we could cut down on our outstanding debts and become financially free years earlier.

This net worth total marks an increase of $13,000 over last months. Considering we unexpectedly bought some last minute flights home and were out and about doing things the entire past week we were happy to see any increase let alone a 5 digit one.

This officially marks us as 1/3 millionaires which is kind of cool. So far we’ve hit Quarter-Millionaire status at 30 years old and Third-Millionaire status at 31 so maybe we’ll be able to hit Half-Millionaires by 32 or 33 either of which we would be very fortunate to hit.

That about wraps up this months net worth update, please remember that the above is just documenting our investing and personal finance journey. We simply give our thoughts and feelings on a number of topics but we are in no way investing or personal finance professionals so please seek our professional advice before making any decisions.

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.