Welcome to the FindependenceCanada May 2019 Net Worth Update. This will be the second instalment of 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 (just eclipsed $200k!), 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.
Over the past month, there were a couple of things that impacted our numbers:
First of which is you’ll notice that the “Work Savings Plan (his)” is now reduced to $1 – the reason for this is that this is a non-registered account through work so we felt it best to withdraw these funds with the indexes up quite a large % for the year, and invest these funds into the RRSP and TFSA accounts over the remainder of the year as we see fit.
Secondly we had several larger purchases that aren’t exactly monthly. These included: -Tickets back to England to see Mrs. FIC’s family: $2,400
-New washing machine for our renters: $900
-New dishwasher for ourselves: $500
-Car repairs/winter tire removal: $1,800
Totalling $5,600 dollars roughly in abnormal expenses over a typical month. I’d like to give a special shout out to our emergency fund for making this a stress free month in spite of these events!
Let’s take a look at these numbers:
200k! This is a huge milestone for us and we couldn’t be happier. When we first started this journey a couple of years ago I don’t think we truly believed we could reach a number like this so soon. Now all we need to do is keep up this kind of momentum and we should be seeing 300k before no time.
Thank you for stopping by and taking the time to read along. If you have any questions feel free to ask them in the comments below and we’ll be sure to get back to you as soon as we can.