We officially became millionaires in August! We passed our net worth milestones of $1,000K, $1,010K, $1,020K and $1,030K. Our net worth increased $42,629.34 from last month to a total of $1,033,051.25 (see spreadsheet screenshot). Such a blessing!
Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs. We contribute 8% to my wife’s 401(k). My wife’s company matches up to 6% of her 401(K) contribution and chips in an additional 3% on top of the match at the end of the year (vests over 5 years). This month, we contributed $1,006.08 to her 401(k). We contribute 11% to my 401(k) and my company matches up to 4% and deposits the match in March (100% vested when deposited). This month, we contributed $658.59 to my 401(k). The total balance of our retirement accounts increased $26,022.98 from last month to a total of $456,472.41.
Currently, our brokerage account consists of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”). Lately, we’ve been buying more cryptocurrency. The total current value is $68,535.54, up $6,517.78 from last month.
Cash & Savings Account
Cash and savings accounts consists of a small sum of cash at home and our online savings accounts balance. It does not include our checking account balance that we use to pay our bills each month. Our savings increased $5,227.37 this month to a total of $25,303.27. Reaching $25K in cash & savings is one of our 2020 financial goals, so hopefully we can maintain this balance until the end of the year.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $2,402.64 from last month to a total balance of $35,403.34. We contributed $0 to our daughter’s 529 Plan and it increased $1,479.63 from last month to a total balance of $21,802.60.
We use the $528K purchase price that we paid in July 2016 for our home value. Current comps in the area are ~$630K. The current balance of our 15-year, 2.875% mortgage loan is $173,699.75. We paid $300 extra towards our home mortgage principal this month.
My wife and I both have company vehicles and gas cards. We also own a 2017 SUV with ~80,000 miles. In addition, we have a ski boat with a loan balance of $46,397.23 at 5.24%. We paid $100 extra to our boat loan this month.
Credit Card Balance
All of our credit card debt is paid in full each month.