Welcome to the FindependenceCanada November 2019 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!
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.
October was a heck of a month for us, we spent a fair bit of money doing some jobs around our house that have needed doing since we bought it as well as some painting etc. that probably could have waited but hey we were motivated so we got it done.
In spite of some unusual expenses we still managed to make significant gains in our overall net worth and I’d personally like to give a shout out to the “RRSP (his)” account that grew an astounding 14% over the month of October, our best single month performance from any account.
So let’s get right to it, here are the numbers for November’s Net Worth Update:
Closing in on $800k in assets is pretty cool to see, that’s a roughly $14,000 gain over our assets in October’s update, which in case you missed it is located right here.
Once again, these gains were in large part thanks to the returns on one of our RRSP accounts which didn’t see additional capital deposited yet grew $8,000.
Now let’s have a look at the other side of the equation, the liabilities…
Still not a ton of ground made up here, we made about $1,200 headway on our home mortgage which is unfortunate since we pay over $2,500 a month for it. That interest really doesn’t feel good.
Seems like a relevant time to add in that we are in fact scheduled to make a double up principle only payment for December. 1 which in and of itself won’t really move the needle but over time these payments will greatly reduce our overall mortgage life.
Maybe we’ve been listening to much Dave Ramsey, or maybe as we’ve moved into our 30’s our risk tolerance is beginning to drop off but either way the whole “would you borrow money against your house to invest” argument has been coming up in our minds more and more and it really does seem like it’s time to start hammering down on this mortgage debt.
This is fitting as we just mentioned in our last post that our investment accounts are nearly maxed out which would be one of our queues to jump to paying down the house.
Things seem to be aligning.
Now for the number we’ve all come to see, our total net worth as of November. 12, 2019:
$16,000 in gains over last months update! We’ve still yet to experience an actual decrease in our net worth month over month which is good but also a little scary as we know the day will come.
We’re going to have some challenges in the 2020 calendar year keeping this kind of progress going but we’ll update you all on that as the time draws nearer. To leave a bit of a teaser, it should mean less employment income but a lot more time to work on our blog and our social media which we’re looking forward to. (Oh what could it be?).
Anyways that’s all we’ve got for you in this update, we hope that you’ve found this entertaining and if you have any questions or comments feel free to leave them below or contact us @FindependenceCanada on our Instagram page!
Thanks for stopping by,
FIC.