Hello!

I’m still in the process of writing my next post about the importance of investing our savings, and how to go about it. There is a lot to talk about and I had underestimated the task a bit! In order to deliver quality content, let me take a little break from our programming. It’s a good thing, we’re ready for the October monthly review!

Net Worth as of October 31, 2020

Assets:

Checking Accounts:
Questrade TFSA
Questrade LIRA
Questrade RRSP
FTQ RRSP
Fondaction RRSP

Total assets:


$1,625.62
$21,760.97
$38,907.15
$29,979.45
$5,182.00
$12,090.86

$109,546.05
Liabilities:

Car Loan:
Line of Credit:
CIBC VISA:
Tangerine Master Card:

Total liabilities:


$11,017.66
$0.00
$111.74
$0.00

$11,129.40
Net Worth$98,416.65
Difference+ $622.00

 

October started strong, but ended in a disaster. 🙂 After a slow September, October had initially regained its footing… until its last week. Stock markets sustained their worst week since March! It was to be expected, with the second wave of the pandemic in full swing in Canada and creeping up on the U.S., not to mention next week’s U.S. presidential election. A nice little mix that should make waves in the stock markets!

Despite all these ups and downs, we’re staying the course! We continue to invest on a regular basis. At the end of the day, if you can unlock funds to invest more, even better! We like sales, especially on the stock market. 🙂

Thus, despite putting $800 towards debt repayment, investing $1,600 and saving $500, my net worth increased only by $622. On the other hand, if you look only at my investments, I’m down $595. It’s a case of drawing back in order to leap better.

Also, I am happy to report that my net worth actually reached the $100,000 milestone on October 7, while the markets were in full force! I knew it wasn’t going to last, but I enjoyed the moment. It’s important to appreciate the milestones. Especially since I read plenty of times that the hardest part of the journey is to reach the first $100,000. 🙂

Savings

Here are the details of my October savings, per pay:

  • October 7: $1,100 out of $1,892.51 net (58% savings)
  • October 21: $1,000 out of $1,892.52 net (53% savings)
  • Total savings: $2,100 

This is an excellent savings rate in October with 54%, which is 9% more than in September. This is mostly attributable to living in a red zone in Québec. I couldn’t do much of anything costly during the whole month anyway. There’s an upside to being in lockdown, I guess! In addition, my income slightly increased compared to September, since I have reached the maximum QPP contribution.

Out of that $2,100, I invested $1,600 and set aside $500 in the hope of a future trip.

Before all hell broke loose last March, I had planned a two-week trip in Hawaii for April. After my plans fell through, I invested all my savings while the market was down. I (naively, perhaps) hope that I will be able to go in April 2021. So I have to rebuild my travel fund. 🙂

However, if the markets keep going down until the end of the year, I may sacrifice my travel fund again in order to buy more ETF on sale. Only time will tell!

Expense Report

DateAmountDescription
2020-10-01$ 497.50Rent
2020-10-02$ 7.15Spotify
2020-10-03$ 10.00Donation
2020-10-04$ 35.69Hosting
2020-10-05$ 14.39Home Insurance
2020-10-05$ 48.04Car Insurance
2020-10-08$ 106.97Groceries
2020-10-09$ 7.70Netflix
2020-10-09$ 403.85Car Payment
2020-10-19$ 15.23Logo
2020-10-21$ 99.01Groceries
2020-10-22$ 11.50Bike Shop
2020-10-22$ 31.57Cellphone
2020-10-23$ 44.93Gas
2020-10-23$ 403.85Car Payment
2020-10-23$ 29.50Hydro-Québec
2020-10-26$ 54.73Tire Change
2020-10-29$ 28.17Home Internet
Total$ 1 849.78

 

As I mentioned earlier, I had very little expenses this month mostly because of the second wave of COVID-19. So with $1,849.78 in total expenses for October, that translates to annualized expenses of $22,197.36. More than acceptable for me, considering that $10,500 of it is meant for my car loan repayment. Can’t wait for it all to be repaid!

That’s it for my October Review. I can’t wait to see what the stock markets have in store for us before the end of the year! It’s nice to have a high risk tolerance. I am always optimistic, regardless of the state of the markets. Bull market? Great, I’m getting wealthier! Bear market? Great, I get to buy at a discount!

There’s a positive side to everything. It just takes a positive mind to see it.

See you!

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