24 years later and I still struggle to spell February. I’ll use that as an excuse as to why I’m so late posting this 😉
Why do I post my Net Worth?
Each month I release my net worth to reveal how I’m progressing – or not 🙁 – for all to see. My hope is two fold – 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!
February’s Numbers: Net Worth $138,174.25 (Up $22,362.77)
Ok so I honestly thought this month would be a harder-hit month than last. I spent a good bit on some equipment for work – somewhere to the tune of $50,000 in total. Fortunately I managed to get all of these expenses in just in time to be reimbursed the same month! Hence the $57,624.07 “Other” income.
Income Breakdown: $61,967.17 (Up $47,883.54)
Salary: $3,493.10 down $1,956.03. I’m honestly not sure where the $2k drop came from. I’m hoping it is because of the shorter month. I also received a late 2016 bonus in January. That probably contributed as well.
Rental: $850. Standard monthly rent – hopefully this will increase with the new house purchase under contract this month!
Other Income: $57,624.07. Ok. So that’s a lot. Where did it come from you ask? Well – I made a lot of purchases for my current project at work. The company I work for allows us to purchase equipment on our personal cards – as long as we can front the payment and don’t come to accounting requiring payment before the normal company reimbursement date each month. I planned around that date by changing my card due date to a few days after and then making sure I submitted all the paperwork to accounting before the deadline. By doing this I was able to purchase quite a bit of equipment and earn a ton of points and some rewards cash!
$4,495.57 of this was also due to 401k contributions. Part of these contributions were actually from January – we had a late payment and it takes a few days for the contributions to show up in my account.
Asset Breakdown: $259,22.46 (Up $21,890.41)
Unfortunately, this number isn’t what it seems. 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: $48,605.28. This $15,093.77 increase is mostly due to work reimbursements. Really just brining my reserves up to pre-January 2017 levels with a slight increase
I need to put this cash 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: $45,496.34. An increase of $4,899.40 over last month. $4,495.57 of this amount was due to actual contributions, the remaining $393.83 is due to market fluctuations.
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: $6,082.78 A 5.1% rise over last month to $296.01.
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: $20,018.06 up $1,601.23. Up 8.7% – if you remember in January this account was down while my my mutual fund accounts saw increases. Once again, it’s interesting to see how being diversified actually works in practice.
Liabilities Breakdown: $121,028.21 (Decrease of $472.36)
Credit Card Balance: -$193.52. This is actually because I paid my card off early. The 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: $121,221.73. 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!