We will become Financially Independent in 2024, and in order to do that, we track not only our spending but our Net Worth by sharing our progress with you. Let’s see what June 2023 brings us!
What is Net Worth and why is it important?
Here’s an excerpt from Wikipedia:
For individuals, net worth or wealth refers to an individual’s net economic position, the value of the individual’s assets minus liabilities. Examples of assets that an individual would factor into their net worth include retirement accounts, other investments, home(s), and vehicles. Liabilities include both secured debt (such as a home mortgage) and unsecured debt (such as consumer debt or personal loans). Typically intangible assets such as educational degrees are not factored into net worth, even though such assets positively contribute to one’s overall financial position
Net Worth Calculation Breakdown – June 2023
Assets: $1,790,926
- Real estate (Canada + Brazil): $1,110,000
- Pension plan: $34,054
- Investments (all accounts but the SM): $469,711
- Smith Manoeuvre (SM): $177,161
Liabilities: $741,294
- Principal residence (Canada): $741,294
Net Worth: $1,049,632
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Net Worth Calculation video from May 2023
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Financial Independence Summary
- When comparing MoM:
- Assets: Increased +3.4%
- Liabilities: Decreased -4.26%
- Net Worth: Increased +7.1%
- We reached the 1 million milestone. We are grateful to finally reach the one million dollar net worth milestone. It took us four years since we paid the $60,000 dollars in consumer debt back in 2019 until this time, June 2023. Happy and grateful for the opportunity to share our journey to financial independence with you!
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