Welcome to the FindependenceCanada November 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.
Okay, so last month we finally cracked into the $500,000 club. That was a big deal for us! Now, this month might seem a little bit unusual as we’ve had a crazy jump in net worth without a huge jump in the stock market or some crazy windfall- we’ll get into why down below.
As always, when discussing our household balance sheet we’ll begin with the assets:
So… No huge run up in the market? No big windfall of cash? Well then how did our assets go up roughly $32,000 you might ask? Well- That’s largely due to a miscalculation on our part. We had been using a $14,000 number for Mrs. FIC’s DB pension, largely because there were issues with her getting access to her lump sum value from her pension provider but now since she’s changed jobs we’ve received the documentation in paper form as well as straightened out her online credentials to be able to keep better up to date moving forward.
Outside of the pension adjustment things pretty well went in line with how we expect them to go, we made some deposits into our investing accounts and the markets more or less remained flat lined from last months update.
The cash reserves are maybe a little higher than they need to be but we did deposit slightly more into our brokerage accounts and also made a double-up mortgage payment at the start of November which did lower the amount of cash on the sidelines from last month’s number.
Now let’s get on to the liabilities:
The liabilities are a boring clip for us – just the way we like it.
As I mentioned above we did make a double-up mortgage payment this month so we did pay down a little bit extra on our mortgage and we’re also making the minimum payments on Mrs. FIC’s 1% student loan.
For a rough estimation we expect that this student loan will be paid off at the latest in about 5 years time and by that point we will also be holding a couple hundred thousand in equity in our residence. This time period is significant because it’s also about the time that we’ll be reassessing where we are both living physically as well as in our careers and contemplating making a move to a larger city for our children to have more options in the future.
Finally let’s look at our net worth:
That’s right! our net worth has now reached $547k! We’ve now gone from eclipsing the $500k mark to nearly breaking through $550k in a single months span. Now, as I mentioned before this was largely do to some sandbagging we had been doing with Mrs. FIC’s pension calculation but it still feels great.
This marks a $36,000 increase from October 2021 and pushes us wayyyyy beyond the $500k we were hoping to reach by year’s end.
With one more update to go on the year the new goal will be conservative, let’s just get over the $550,000 mark and not endure a huge market collapse in December, okay? Okay.
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.