Welcome to the FindependenceCanada October 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.
Well, we’ve finally officially done it! We’ve reached the half-million dollar mark!
With us being so, so close last month (only a few hundred dollars off) we figured it was bound to happen this month barring a massive sell off in stocks – and it did!
So to begin breaking down the numbers we’ll start by looking at the assets:
So this looks like the next big milestone for us: hitting $1 Million in total assets. Now, obviously we could go out and buy a second property or something like that and blow past this total so it’s to be taken in context with the bigger picture that is the overall net worth.
Since we won’t be going out and making any large purchases our quest to $1 Million will be completed through our earned incomes and investing, which has been serving us pretty well thus far.
If you’re alarmed by the cash on the sideline I’ve noted in the past that once we had a child the security of cash has become very important to me, and even though I see and do the math on what having the funds invested would do I still prefer to keep a very healthy buffer as it helps with my overall mood which can’t be overstated.
Month-over-Month our assets grew $10,000 so we’ll look to duplicate that over the next month to join the 7-figure club.
Now, onto the liabilities:
Our liabilities are boring and that’s the way we like it!
We always contemplate making double-up payments on the mortgage or paying off Mrs. FIC’s student loan (1% interest) in a lump sum but the habits we’ve built and followed this far have been working so there’s not a lot of incentive to change course now.
Our liabilities are down about $1,800 this month, one mortgage payment and one loan payment. Expect more of the same for the foreseeable future.
Finally, let’s get a look at the net worth!
There it is! Finally broke through the half-million dollar mark.
Reaching this mark by year’s end was an optimistic goal, yet here we are with 2 months to spare.
While we’re very aware that this can be taken away on a moments notice by the market, we’re fairly optimistic that if we stick to our game plan of investing a good chunk of our take home pay even a sizeable crash shouldn’t bring us back below this threshold – for long anyways.
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.