Net Worth Update: October 2023

Welcome to my net worth update for October 2023! These numbers represent my wife and I’s net worth as of October 31st. Please check out our previous net worth update if you haven’t already!

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Expenses

Last month was a somewhat expensive month for us. We had a few large out-of-the-ordinary expenses such as spending $850 on travel (which will take place next year), close to $1,000 on healthcare-related expenses, and $500 on gifts (Christmas shopping and etc.).

Contribution room per account per month. Starts from initial room. For RRSP starts from March 2023.

Most of our other expenses were quite muted, and our income for the month—largely thanks to us both being finished paying CPP and EI for the year—carried us to $6,000 in total savings.

Investments & Dividends

In October we made more progress towards maximizing our RRSPs. For my account, I managed to contribute just over $4,500. My wife also made sizable contributions of $1,600 to her RRSP. We have $9,500 and $7,700 space less in our respective RRSPs.

Last month we earned $708 in dividends, which is a little less than I expected considering we earned about the same amount last year.

In 2023 we’ve earned $7,000 in dividends which is already 43% more than last year’s $4,900. I’m hoping we can finish strong an come close to earning $8,000 in dividends in 2023.

Net Worth Change

In October, our net worth recovered somewhat, increasing to $831,500 from $827,900 in the previous month. That’s an increase of $3,600. This is still less than the all-time-high net worth of $841,200 that we reached in August of this year.

Our liquid net worth is also below $400,000 for another month, after suprassing it in August. I’m not sure how the rest of the year will go, but there’s a good chance we won’t be able to cross that threshold again until sometime in 2024.

Thanks for Reading

I recently updated a few articles that you may be interested in. This includes my post on how investment loans are costing me $500 each month and my Q1 New Year’s resolutions update. Consider giving those a read if you think they’ll help you on your financial journey!

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