Net Worth Update – July 2021

Welcome to the FindependenceCanada June 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.

Another month down, and another month of absolutely crushing it!

It’s been an interesting revelation over the past months that even when I don’t pay much attention to finances we seem to get just as good of results, who would have thought?

I had mentioned I don’t know how long ago now that I would quit doing monthly tracking of expenses because it was giving me an unhealthy relationship with money that was leading to stressing out over little details and that I had to let go – and that’s proving to be a good choice as it doesn’t seem to have any negative effect on the results.

Let’s get into the numbers, starting with assets:

This $956,549 is just another standard month of solid stock market returns, consistent deposits into our brokerage accounts and not having any major expenses thrown in. It was pretty much an ideal month for growth financially and isn’t a standard that we expect to reach every month – for instance, in the coming months we’re going to be getting away on some vacations etc. and though we don’t know where we’ll be going, it will definitely cost some money.

Every time I fill in these numbers I’ve been getting a kick out of the Baby FIC RESP account because with nearly $6,500 put away our 1 year old is ahead in Net Worth of where I was at about 27 years old and that should only continue to grow as he does. That’s the point though, isn’t it? To leave your children in a better position than you were in? I’ll be happy if we’re able to provide any sort of head start to his adult life.

This total for the month was $17,000 higher than last months asset total.

Next up are the liabilities:

For all the new readers, we’ve dabbled in double-up mortgage payments but with a ~3% interest rate and a ~1% interest rate on the student loan debt these just aren’t top priorities for us at the moment and we will continue to push towards asset accumulation over the remainder of this debt reduction. That thinking could change at any time but for now we’re very comfortable with what we’re doing.

The total debt reduction MoM was $1,300.

Now for the main number:

So just last month we celebrated breaking the $450,000 and now just one short month later we’re already over $470,000! I guess at this rate us hitting $500,000 by years end seems like an inevitability but Mr. Market can always become temperamental between now and then and really throw a wrench in things.

This month is actually another $19,000 increase from last month which marks the second consecutive update with that level of growth. With 5 more monthly updates in 2021 and only $28,000 left to get to our original goal for the year I’m feeling optimistic that we will make it.

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.