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.
And so another month has gone by.
There was a fair amount of movement in the stock market over the past 30 or so days but we ended up in a very similar position to last month in our investment accounts.
The bad news for this report is that we are just a day or two away from receiving 2 pay checks and a “top up” pay out from Mrs. FIC’s work for her maternity leave so the cash on hand is expected to jump quite nicely… only after this post goes live.
Enough about what’s not on this report, let’s get to what is.
Here are our assets for the month of May:
As I said above, a lot of fluctuation but ultimately not a lot of movement either way. We lost a little in a couple of our investment accounts and gained it back in the pensions and work savings plans.
That puts us at about $200k on the nose for investments in equities and the $47,682 in cash means that we are approximately 20% cash at the moment.
If you remember back to our post here, about our “mountain of cash” you’ll know that we’re still about 5% light on the cash front from where we want to be.
Now let us go onto the liabilities:
One of these days that student loan will be gone. For now, it’s here alive and well. Again we’ll go over this for first time readers – the loan stays because of its low interest rate, it’s currently down to 1.1% interest and we just can’t prioritize paying that off. If this interest rate ever climbs above say 3% then it would likely become a priority to get rid of but we’ll cross that bridge if and when we ever come to it.
This is a $1,000 reduction to our overall liabilities. Slow and steady wins the race, I guess?
Our net worth for the month of May is up a little over $1,000.00 for the month of may. Given the economic landscape that has continued to drag on we are considering ourselves lucky that this was positive at all.
We’ve had it in our heads that another pullback is coming but it just hasn’t been in the cards as of yet, and given the headwinds we’ve already plowed through as a market we’re actually become skeptical that a significant pullback will actually ever come at least for 2020.
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.