Welcome to the FindependenceCanada May 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, another net worth update for the FindependenceCanada family.
This month saw no major surprises but we did do some asset shifting. If you compare to last month’s update you’ll see that we have reduced our cash position slightly and allocated those funds into some investments that we’ll cover.
Let’s get into the numbers:
As we mentioned previously, the cash position dropped to the tune of about $10,000 over last month and these funds went primarily into two places: Mrs. FIC’s RRSP contribution and my own margin account – I decided to take a chance on two more covered calls so I ended up buying 100 shares of Intertape Polymer and Suncor to do so.
In terms of major growth, there was none.. The $8,000 gain in total assets was due to monthly deposits mainly and maybe a tiny bit of growth on top.
Next on to the liabilities:
Much of the same month-over-month here so I’ll keep this one brief for the new readers: For now we’re making our monthly mortgage payments and no double ups or extras of any kind, the student loan is Mrs. FIC’s and is ~1% interest so we’ll be starting to pay this off again slowly starting later this month following Mrs. FIC recently finishing her maternity leave.
Now for the star of the show, the total net worth!
$434,634 is just under $10,000 month-over-month so that’s definitely nothing to scoff at. This is the compounding that you hear so much about in real time, even in spite of having to make lump sum payouts for home improvements costing us nearly $9,000 the portfolio itself managed to plug away and help offset that and keep us in line with the growth we saw last month when we had fewer of those large expenses.
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.