Welcome to the FindependenceCanada May 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.
Well it’s been a month since the last one. There were some major ups, downs and a little of everything in between in this past month.
A few times a long the way we could have snapped our numbers and been up quite a bit and down quite a bit from the numbers we ultimately display here today. The market is a volatile place to be right now.
Let’s jump into our net worth calculation, starting with the assets:
$821,814 is a jump in the right direction. That marks almost $25k higher than May’s number.
As we mentioned in the last update we’ve increased our cash reserves yet again this time another $5k+ and even that doesn’t fully reflect the move we’ve made in cash as we have also liquidated over $9k that’s under our “RRSP” account even though it is in fact cash.
No other large moves, simply steady growth across all our investments as the markets are recovering.
Next up are the liabilities:
Slow n’ steady on the decline. Just the way we want it to go. Double up payments on the mortgage won’t be a thing for quite some time at this rate and the student loan is still hovering right around 1% so there hasn’t been any incentive to pay beyond the minimums.
This marks a nearly $2,000 reduction to liabilities.
For those following along at home, this is a $27,000 increase to our net worth in one month!
Definitely not something that we’re capable of through earning and saving alone. This highlights the pros to having your money invested over the long term. It was only a few months back that the world was coming to a close and everyones net worths were in the gutters and in that short of time here we are back to all time highs.
Only thing is that it’s 2020 and well.. let’s just say we won’t be surprised to see our net worth flirt with $300k again sometime this summer leading into the fall.
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.