Thursday, February 1, 2018

Net Worth Update - JAN 2018 - $17,380 (+$1,623)



Here it is folks, my January Net Worth Update.  January has been a crazy month.  A lot has happened and I haven’t been posting much at all, mainly from being overwhelmed with all the material to write about.  I had all these awesome posts in mind, but shit kept happening and I couldn’t get to them.  In summary, when the new year started:  I received a 4% raise.  Our company Simple IRA was stopped and a new 401(k) plan was started and the company bumped their match from 3% to 4%.  We bought a used RV that needs some repairs.  I started a new project at work.  I had great plans to bump my savings rate to 41%, but in reality, I was only able to bump it to about 29% so far.  With the shorter days of winter and the cold air, we spent a ton of time indoors after work.  The weekends have been full working on the RV and swapping an engine in my buddy’s Land Cruiser (it’s finally done and out of my garage).  Taking its place in the garage is my BMW wagon awaiting a new transmission.  The front pump seal failed while on a road trip in North Carolina and all the fluid was dumped without knowing until backing in a parking spot and seeing the fluid trail.  I haven’t pulled the trans yet, so I’m not sure which direction I’ll take for the repair, but I’ll post the results and associated costs when it’s back on the road.

Month:
Dec
Jan
change
ASSETS



Checking Account
$500
$500
0
Emergency Fund
$1,600
$1,950
350
TD Ameritrade Account
$1,434
$1594
160
Simple IRA
$5,116
$5406
290
401(k)
0
$430
430
Land Cruiser
$3,000
$3,000
0
BMW
$3,000
$3,000
0
GMC Pickup
$1,500
$1,500
0
Total Assets
$16,150
$17,380
1230
LIABILITIES



Bank Visa
$393
0
393
Total Liabilities
$393
0
393
Net Worth
$15,757
$17,380
1623

Checking Account:  This account, for the most part will remain around $500, after everything hits.

Emergency Fund:  +600 +450 +350  I started out putting $600 in here, but had to dip into it twice.
(This used to be Savings 1 and Saving 2.  I now use the second savings account for RV parts and other such RV dedicated costs.)

TD Ameritrade Account:  +$160 – I added to it and realized some growth in some positions, and some loss with (F) falling at the end of the month.

Simple IRA:  +$290 – Payroll additions plus Company Match plus growth

401(k):  +$430 – Payroll additions plus Company Match plus growth

Cars:  These values pretty much remain the same (KBB and Craigslist).  They have all but stopped depreciating.  These suckas be old.

Bank Visa:  -$393 – Done, Debt Free

Overall – I reduced my debt to ZERO and added $1230 to my assets for a positive change of $1623.  I'm moving in the right direction and love the progress I’m making.

How was your January?  How do you think I'm doing?  Do you see, or can you recommend some areas I should concentrate on to see better growth?

10 comments:

  1. Congrats on the positive month. The fact that you are debt free like that is HUGE!! You should just continue seeing an increase to your net worth which is great. The key though now is to put extra effort into not spending money on unnecessary things.

    Thats a lot easier to write then to do! :) A man's gotta splurge every once in awhile!

    ReplyDelete
    Replies
    1. CFD, Thanks. Debt-free is nice, but I'm itching to get into some rentals like you. Brian

      Delete
  2. Nice work on a positive month, second month in a row of $1,600+. Great work. Looks like you have a couple of projects on your hands, good luck, they never seem to end!

    ReplyDelete
    Replies
    1. Thanks FIBY. I'm hoping I can maintain and improve on the increases.

      Delete
  3. Congrats on zero debt. You are heading in the right direction. Nicely done sir. 401 (k) is an amazing option. Try to get the the full match. There are lots of ETFs that trade commission free on TD Ameritrade.

    ReplyDelete
    Replies
    1. Thanks DG2045. Heading up is an awesome feeling. I do get the full match on the company 401(k). I'll look into the commission free ETFs.

      Delete
  4. Congrats on being debt free Brian. The thing about debt is that even if you have 'x' amount of money in the bank, your net worth is lessened by the debt. So, now that it's gone, it's just positive territory from here.

    If you get into rentals, as you suggested in a comment above, even though you potentially would borrow money to do so, if the rentals are actually making you money, then I still think it's a win even though it's debt. That's how I look at my mortgage right now.

    So, currently I have one student loan and a mortgage as debt. My student loans will be paid off in October. That's costing me money every month. But, my mortgage is making me money because I rent it out and am receiving positive cash flow. Even though I would be making even more money if I didn't have a mortgage, the debt doesn't hurt as much because it's actually improving my net worth, not reducing it.

    So, if you do get into rentals, hopefully it can be in a positive cash flow scenario for you. I'm a fan of real estate investing :)

    ReplyDelete
    Replies
    1. Thanks Glen. I can't wait to see your Debt-Free (except mortgage) post this year! The rental business is always on my mind and it ranks highly on my list of potential passive income streams. It is something I want to do, so I'll have to save some cash to make it happen.

      Delete
  5. Nice green month! Can't wait to see your continued progress on your journey :)

    ReplyDelete
    Replies
    1. Thanks Elle. Sorry for the late response. Thanks for stopping by.

      Delete

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