Welcome to the FindependenceCanada October 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.
Slow-ish.. and steady wins the race. That’s the saying, right?
This month had a lot of challenges in terms of making progress on our net worth figure, but with it came a lot of great new experiences and life events.
First and foremost, after several years together we are taking the plunge and got engaged to be married! This obviously impacted our months finances and for obvious reasons we won’t be using any numbers involved in this post but needless to say it didn’t inflate our bank account.
The second big event was our trip to Lisbon, Portugal. While we had technically already bought these tickets for last months update this month we actually took the trip and spent a bunch this past month to really enjoy ourselves while we were there.
The final out of the norm spending revolves around Canadian Thanksgiving and us hosting some family members for the holiday. This again throws out our usual spending due to being out and about more often and turkeys and such aren’t cheap – but hey we’ve had an awesome time so there are no complaints.
Despite all of this we were able to still move in a positive direction and that’s what it’s all about at the end of the day. Thanks to our jobs retirement accounts and the margin we still had between our income and our expenses (on a typical month we save 50% so this month was more like a 20% savings rate) the trend is onward and upward.
Here are the assets as of October 14, 2019:
For those keeping score at home that’s roughly $4,000 over last months total assets. Small gains everywhere mostly.
It felt like we were moving quick when we broke the $500k mark but now the mortgage debt seems like it has slowed to a crawl. We’re still trying to fill our retirement accounts prior to hammering down this debt, but the longer this carries on the more eager we’re both getting to attack this full force when the time comes.
And now for the main number:
Our net worth as of October.14, 2019 is $258,665 which is an increase of about $6,000 month over month. We’ve now established a little breathing room between us and that quarter million mark, so I think we can relax and look forward to $300k now.
The plan still remains to hit $275k by years end but as always the market will determine how that “plan” goes.
That’s the recap for the month of October,
We’re great believers in tracking net worth and believe that the act of tracking net worth in and of itself will help you progress much further and much faster than you otherwise might, so that leads us to the question of how many of you out there are tracking your net worth? If you are leave us a comment either here or on Instagram @FindependenceCanada and let us know how you’re doing!
Thanks for stopping by,
FIC.