Welcome to the FindependenceCanada November 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.
First off, I’d like to acknowledge that it is Remembrance Day and give a quick thank you to all those who served in the World Wars and those who lost their lives – without them we wouldn’t be able to live the lives we do and we certainly wouldn’t be sitting here behind the comforts of a computer talking about our plans to retire.
Now, let us get on with todays topic and that is our net worth.
If you also read last months edition you’re going to think this is a little bit of deja vu, though the way we got there may differ we ended up with an increase month over the month almost identical to the previous month.
Let’s take a look at those numbers below:
We’re up to nearly $900k in fairly “liquid” assets combined! Now I’m fully prepared for a pull back as a big chunk of this came from a sudden surge in the stock market in the days leading up to this post but with that said it may also keep marching forward like it was pre- pandemic. It really is a hard time to get a read on the market.
Our cash dipped a tiny bit and we’ve established a new “non-registered (his 2)” account. This is where most of my Facebook shares are held and there is also now roughly $7,000 in dividend stocks in here too with the sole purpose of practicing using covered calls for a little additional income.
These covered call funds are a trial run, and will be added to sparingly on top of the usual additions we make to our other investment accounts.
All of our other accounts maintained their usual contributions and were also exposed to the same growth in the stock market thus everything is up at least a few % from the last update we did.
Now let’s check out the liabilities:
Status remains unchanged on our liabilities, we’ve made one mortgage payment in the past month and we’re still enjoying the no interest grace period being provided to Mrs. FIC on her UK student loan while she’s on maternity leave, we’ll begin paying this down again in 2021 although slowly as even then the interest only goes up to about 1%.
So now we’ll have a look at the total net worth we’ve accumulated:
$383k is up just under $17,000 from last months total! That’s another crazy growth month for us and far above where we’ve been expecting to fall.
If this sort of momentum keeps up we may just get to $400k by New Years – which as recently as this June seemed like a completely ridiculous idea based on how things were going.
If we REALLY cared enough about hitting that milestone I could always pick up some OT shifts at work and help us along but I’d rather hit it organically, plus I don’t really enjoy working a whole lot more than I’m supposed to with my regular shift.
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.