What’s a Millennial Worth: November 2016

Hey guys, I’m finally getting back around to updating my Net Worth! I’ve been keeping records but I was struggling for a way to present in a more readable format. Previously, I felt like I was just giving you guys a data dump. Heck, I didn’t even like looking at it!  So let me know what you think of the changes and feel free to give me some input for future changes.

Why do I post my Net Worth?

It’s simple really – I want you guys to hold me accountable to my goals. I also want to give somewhat of a blueprint for others to follow. Obviously everyone’s situation is different, but it doesn’t hurt to learn from my mistakes!

Each month I’ll give you a breakdown of my Income, Assets, Liabilities, and ultimate Net Worth. Use this information as you please – as long as it’s legal!

August’s Numbers: Net Worth $118,938.52 (Down $4,101.58)

Back below $120,000. I just can’t seem to break the $125,000 mark. One more month to go and I need nearly $7,000. Will December be the month?

Income Breakdown: $6,908.44 (Down $4,877.56)

Salary: $4,166.47 up $604.53. 17% more than last month! Am I calculating this right? 20% of $4,000 is $800, so 17% sounds accurate.

Rental: $875 down $400. But that’s ok – last month included an extra payment to catch up on a missed payment. $850 is the normal rate. The roommate who missed his payment decided to pay an extra $25 for the late fee. I definitely didn’t ask for nor imply that this was required, but it certainly is appreciated.

Other Income: $1,866.97. Other income encompasses categories that fluctuate each month. $1,492.66 is from reimbursements – so not exactly an income, but it is reflected here. Also included in this amount is $374.31 worth of 401k contributions. I hit my goal of $18,000 in 401k contributions for the year!

Asset Breakdown: $243,640.07 (Down $2,880.64)

I have to calm myself every time I see this number. Unfortunately I have a rather large mortgage note that eats up the majority of my assets. Maybe one day it will be a legitimate number.

Cash: $43,029.92. I know. I know. I need to put this to work! Unfortunately I’ve seen the ugly side of the stock market and I have to say, I’m a little afraid. I’m really looking to buy some additional property, but as of now I have yet to find something that sparks my interest. (Spoiler Alert: I found one!)

401k: $40,031.13. That’s it! I reached the government allowed contribution limit to my 401k! My contribution at this point is 20%. It’s going into standard mutual funds offered by my employer package. This amount also includes a 5% employer match on the first 10%.

IRA: $5,500. Finally made the contribution to an IRA. I decided to hold off until I knew there was nothing else I wanted to do with the money. I’ve been looking for a new investment but after this long, I decided I should go ahead and make a move on an IRA.

Primary Mortgage: $139,000. This is what the house was appraised for when I bought it in 2014. I’m using this because I also feel it’s a good estimate of what I could ask.

Securities: $16,079.02 down 26.5% to $5,791.96. Being a purely stock account, I expect wide swings as the market shifts. It’s also invested in individual stocks, not a mutual fund like VTSAX. I don’t want to disclose what I’m invested in because I’m definitely not in a position to give advice (trust me, I’m from the future -writing this in February of 2017).

Liabilities Breakdown: $124,701.55 (Increase of $1,220.94)

Credit Card Balance: $1,417.24. This amount doesn’t meant too much. It’s paid in full every month, so even though each month report will show a balance, none of it is interest.

Primary Mortgage: $121,814.55. I have yet to make an extra principle payment on this – even though I know I should. This will drop each month based on the principle in each monthly payment.

Net Worth Composition:

Once again, I realize it’s not the most financially savvy idea to have so much of my net worth sitting in a bank checking account. But for now, that’s where it will sit until I can buy enough mason jars to hold all of it. Jk. Jk. Following the cash, my next biggest investment is my 401k. It will continue to play a major roll for a while thanks to it’s tax benefits.

So that’s it. How are you guys doing on your Net Worth tracking. Let me know how things are going on your end and any improvements I can make to help you understand what’s happening with my finances. After all, I want this to help you as much as it helps me!

By the way, some of you may recognize the Month over Month comparison chart. I borrowed the layout from GenYFinanceGuy (with his permission of course!). It seemed like a much cleaner way to present the data from what I was previously doing.

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