Last updated on January 1st, 2021 at 05:26 pm
Hello everyone! Thanks for checking out my net worth update for November 2020! These numbers represent my wife and I’s net worth as of November 1st, 2020. I do my best to round to the nearest $100 to keep everything easy on the eyes.
Net Worth on the Rise
Our net worth rose by $7,400 this month. We were helped by October being a sacred 3-paycheque-month for me, which boosted our savings by a decent amount. Our investments have recently been doing quite well, but as of November 1st their performance was mediocre. They dragged down our net worth by $1,300 for the month.
Despite our poor stock performance, this $7,400 increase has extended our streak of great net worth updates. Over the past 3 months, due to bonuses, or overtime payouts, or 3 pay-cheque-months, our net worth has increased by $29,000!
Like I said in my previous net worth update, in an average month we should be able to put away just about $3,000 in savings of our income, not including our pension or the equity portion of our mortgage. So yea, these past 3 months have been quite exceptional!
Too Much Savings!
This month I got serious about reducing the amount of money we held in our savings accounts. We try to keep approximately 6 months of mortgage payments as our “emergency fund”, but over the past few months this has swelled to a high of $33,000. It’s great to have all that money available, but not when it’s sitting in a savings account earning only 2%! (Okay, well if Tangerine is listening: I’m actually very happy to be getting 2% in my savings account right now!)
To try to get “more invested” my wife and I both made some transfers to our TFSAs to buy more ETFs. We managed to get our saving account balances down to $25,900 but we still have some work ahead of us. I’d like to get our savings down to approximately $20,000 by the end of the month, but this has been a little slow going as my wife has been hesitant to invest too much right now. Like many of us, she likes to wait for a down day before buying in, but unfortunately (or fortunately!) there have been few days where everything was “on-sale”. Both Pfizer and Moderna have come out with some great vaccine candidates recently, and so the market has been booming with optimism.
Every month, Bert and Lanny over at their blog the Dividend Diplomats do a really cool post sharing all of the dividend income their fellow bloggers earned for the month. So for this net worth update, I decided to do a better job sharing our passive income since starting this blog. Here’s how the numbers look since my July net worth update – the first month I reported passive income.
Although our investment accounts have grown by nearly $30,000 since July, our dividend income hasn’t really increased that much. There are some signs that this is about to change, however. In October we purchased just about $13,000 worth of equity ETFs. So hopefully that money will help boost our dividend income over the next few months. We’ll keep working hard to build our passive income – especially now that we have a bunch of other bloggers to compete against!
Thanks for Reading!
Thank you so much for reading my net worth update for November 2020! If you enjoyed this detailed look at my finances, please leave a comment, follow AnotherLoonie on social media, or sign up for my monthly newsletter! If you’re interested in reading more, please check out some of my other recent articles. Some popular choices include my primer on withholding taxes for Canadians and my review of the best Canadian dividend ETFs!