Hey Everyone and welcome to our November 2024 net worth update. We’re at $2.082 million, up over $28k in what was another great month for our investments. Gold, the miners and a bunch of beaten up dividend stocks contributed to the big move as rate cuts and global stimulus continues to fuel gold and equity markets to new all time highs!
I hope you all had a great October and can find some value and inspiration in these updates. Lots of people are struggling financially and I think the last few years served as a wake up call to many. What I’ve tried to do with this Blog is to show people that by following a few basic personal finance rules, anyone can turn their financial situation around and achieve great things.
I’ve condensed the format of this report a bit to make it easier to glance through. No matter if you’re just starting out or have been at for years, building long term stable wealth is achievable by following the very simple “old school” personal finance rules of spending less than we earn and save and invest the rest.
Overall, 2024 is shaping up to be one our best year’s ever! Our conservative approach that prioritizes being debt free, and investing without the use of leverage has done what it’s supposed to do: protect us from huge downside risks in the global economy, while giving us the ability to take of advantages of fire sales in asset markets during a liquidity crisis.
So with this approach we are slowly building wealth consistently without taking on a lot of risk. Our current approach and asset mix lets us sleep at night in just about any market condition.
Total Assets: $2,082,151
Well thanks to our approach to regularly invest our money, along with a little help from the stock market, our assets have grown to over $2 million!
HARD ASSETS:
Real Estate: $846,000 (0%)
We have 1 paid off family home with an assessed value of $846k back in 2016.
GOLD, SILVER, BITCOIN, COINS AND COLLECTIBLES: $159,220.62 (+6.89%)
I view physical Gold, Silver, Bitcoin in a cold wallet and a coin collection as other important hard assets. Precious metals and rare coins are hard assets that add a level of diversification and protection in these inflationary times. All of these hard assets had a phenomenal month in October.
For years I collected rare gold and silver Canadian coins and Canadian paper money. I conservatively estimate the collection’s worth at around $33,000.
We’ve also been adding some physical gold and silver as an inflation hedge. We purchase our gold and silver from: Silver Gold Bull – Your Trusted Bullion Dealer because they price match and offer safe secure shipping.
We also own some crypto currencies like Bitcoin and Ether through Shakepay. If you’re interested in buying some here is our referral link to Shakepay and get $10 to try it out.
For the purpose of the net worth calculations, I’ve been keeping this number conservative versus quoting its market value over time because (a) coins and paper currency can be difficult to accurately appraise as they are subject to changing market trends and (b) can become illiquid if you can’t find a buyer for them.
FINANCIAL ASSETS:
Cash: $1,649.09
Our day to day banking is one area where we save a ton of money because we use Tangerine as our no-fee banking service. If you’d like to open one, then visit the Tangerine website and remember to use my Orange Key: More25 to get $50 in free bonus cash just for opening up an account!
Besides our daily Banking, Tangerine offer great rates for GICs.
Taxable Investment Accounts: $46,122.77 (+6.34%)
Our non-registered investment accounts include DRIP accounts and investment accounts at Questrade because of their low fees and a work savings plan.
For the most part, in these accounts, we prefer to hold Canadian companies that pay eligible dividends. From time to time you may see a decrease when we move some of these assets that are fully taxable into our registered accounts that are not subject to any immediate taxes.
Related: Use My Link to Sign Up For Questrade and Get $50 in Free Trades
Tax Free Savings Account (TFSA): $132,322.84 (+1.77%)
In our Questrade TFSA we like to hold growth assets, such as low-cost ETFs, index funds or dividend paying stocks.
Retirement Accounts $811,236.69 (+1.87%)
Our retirement accounts consist of RRSPs, a small locked-in retirement account (LIRA) from a previous employer and a company defined contribution pension plan. The RRSPs and LIRA hold low-cost TD e-series index funds and other low-cost ETFs, while the company pension plan is invested in a low-cost target date fund.
Education Savings Plans (RESP): $85,598.99 (+0.32%)
In the RESP we hold low-cost index funds and ETFs. We contribute the annual amount of $2,500 so we can get the 20% match from the government.
LIABILITIES: $0.00
We are now completely DEBT FREE and intend to stay that way!
Thanks for reading our November 2024 Net Worth Update!