Welcome to the FindependenceCanada September 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.
October is nearly half way over, we’ve just had our first Thanksgiving (Canadian) as parents and we’re now closing in on our first halloween of dressing our wee one up in some ridiculous costume for our own laughter and enjoyment.
This month has so far been another good month for us financially as a household as well as we have surpassed the $350k net worth marker – and by a fair bit too.
Let’s get into how we arrived at our new net worth:
So as always we’ve started our calculation with the assets. These are all the things that we own that have a significant value that is “easily” converted into cash or “liquid assets” some may say.
We got rid of the “his” play money account as I’ve since converted those funds into Facebook shares along with some additional added capital.
All the other accounts are slow n’ steady just the way we like it, we’re also continuing to make a real effort to stock up on cash which is much harder than I thought it would be since I am borderline addicted to investing so all it takes is a moment of weakness for me to transfer funds from our cash into one of our investment accounts.
It would be great to reach $1,000,000 in assets by the end of 2021 and at the current pace we’re going at that should be attainable with a little bit of help from Mr. Market.
Now let’s see the other side of the equation, the liabilities:
Again it’s the same old story on the liabilities as we’ve postposed Mrs. FIC’s student loan payments and there is 0% interest being charged to them for another year, and we’ve also foregone making double up payments on the mortgage in order to continue saving up on cash.
We’re always going back and forth on exactly what it is we want to do on this side of the balance sheet, paying down/off a mortgage would be great but that takes a significant amount of time to accomplish and there are other opportunities out there such as buying a second house as a rental property or a vacant lot for future development.
The possibilities are endless – and sometimes too many options can make decision making a lot more difficult.
And now for the most important of numbers, let’s take a look at the end result of all this:
Our net worth for October 2020 is now $366k+ dollars! This is up from $349k last month – an improvement of about $17,000.
The stock market remains fairly strong all things considered, our dividends are still rolling in steadily and we’re still for the most part sticking to our rough budgeting goals as a home.
I don’t foresee a lot of overtime coming up at my work for the remainder of the year but if there is a bit that will help us push towards $400k by years end but with only 2 updates coming between now and then we could be in tough reaching that mark.
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.