It’s been a long month guys. A lot of work and so far an unrented rental property. That and I realized I have been neglecting some friendships. Mostly because of the work hours requiring me to go to bed early in order to wake up around 4am most of the month.
All of this has lead me to wonder if I have enough time to give you guys quality posts. So far, I haven’t been able to. I’m going to continue to give it an effort and find the appropriate balance for all of my endeavors.
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!
April’s Numbers: Net Worth $150,222.22 (Up $10,390.14)
A large portion of this increase was a reimbursement for work. I’m still making purchases for my current project, but that has slowed down quite a bit. By the end of April, I’ve just about wrapped it all up and have started the next project.
Going from a wastewater treatment plant to an amusement park. Talk about change in direction!
Income Breakdown: $11,440.00 (Up $2,999.16)
Salary: $3,035.98 down $1,927.19. I actually worked quite a bit this month, but in an effort to appear more “productive” and not a “drain” on the project I didn’t charge any overtime. This actually paid off in a 10% raise I received beginning in May! A good trade off if I say so.
Rental: $850 up $425. Rebalancing where my roommate was late last month. Turns out he’s late again this month.
Other Income: $8,320.06 up $5,267.39. $1,221.01 was work reimbursements and $6,333.00 were other reimbursements including a federal tax refund. $766.04 of this was also due to 401k contributions. I am still contributing 20% to this, but considering the hit my cash reserves took buying this house I may consider dropping the contribution amount slightly. Even if I don’t max my 401k this year, I plan to always get the company match.
Asset Breakdown: $379,016.21 (Up $10,692.94)
Holy moly! Buying Rental #1 sure did boost my assets! Unfortunately it did the same to my liabilities 🙁
Cash: $29,465.42 up $5,448.07. Most of this is from the tax refund. Looks like I paid too much in taxes last year. It’s almost time to find a new investment
I’m happy I finally found something to invest this cash in. I am slightly nervous about finding good tenants, but I’m hoping that will work out in the end.
401k: $48,481.86. An increase of $840.14 over last month. Most of this was due to actual investments and not gains from the market.
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: $6,090.72 A 1.9% gain over last month.
Primary Home: $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.
NEW! Rental #1: $133,000. This is what the house is worth – and what I paid for it (they were hard sellers!)
Securities: $22,978.21 up $4,292.08. That’s a gain of 23%!
Liabilities Breakdown: $228,793.99 (Increase of $302.80)
Credit Card Balance: $1,370.78. 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: $120,823.21. 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.
NEW! Rental #1 Mortgage: $106,600.
Net Worth Composition:
Finally! I moved much of my net worth from a cash account earning almost no interest to some real estate. I’m not sure if this is considered well diversified, but I’m glad I’m putting my money where it could potentially earn some income. From my estimations, I could potentially earn a cool 8.34%!
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!