Welcome to the FindependenceCanada March 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.
Last month was pretty crushing when looking at just the numbers, we’d been making tremendous progress and then ran into a brick wall in the form of our home assessment. This home assessment set us back a few months of progress as we got hammered by a still recovering oil market that hampers our area quite substantially.
On to the March numbers, however, we’ve been able to rebound strongly and things appear to be back on track.
Let’s get started on the recap:
Thanks to a very strong run of stock market gains, and a rather large tax return we’ve actually managed to get our assets right back up to where they were before we took a nearly $40,000 hit to our house asset. We also received our $1,000 (2 years worth) of grant for our RESP account, if you’ve never started an RESP getting that 20% return off the top is sure a nice feeling.
Next we’ll look at the liabilities:
Liabilities are nothing new here, we’re still making single monthly mortgage payments and if you’re wondering why we’re sitting with ~$60k in cash while holding on to a $21,000 student loan payment it is because of the fact that it’s a ~1% student loan and we feel that having the cash on hand for security and/or future opportunities that may yield above 1% is a worthwhile trade off.
We’re also contemplating a few home improvements and even potentially buying a new property so we’re a lot more comfortable having cash on hand whenever we do make these decisions.
So this brings us to the final number, the overall net worth:
If you read last month’s post you’d see our net worth then was $383k so we’ve actually had an increase of $32,000 in a single month which is definitely a trend we can get behind. I don’t foresee many months like this coming this year just due to the nature of our increases from tax time etc. that aren’t recurring events. If we hope to continue a pace like that we will rely heavily on stock market returns which are difficult to predict at best.
That is where we will leave off for today, we hope you enjoyed the 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.