April 2022 Income Statement

In April, we had the perfect balance of a good income month and low expenses. 

Our total income in April was $12,820.67.  In addition to my wife’s regular paychecks (4.05% raise kicked in mid April), she received a third “extra” paycheck and $192.72 company reimbursement for internet.  We received $115.87 in insurance reimbursements and earned $47.00 in interest income from our savings accounts and stablecoins.

This month, our expenses totaled $7,128.37.  So good to see!  Large expenses included $313.07 for medical/prescriptions, and $259.09 for vacation expenses.

Next month my wife should receive quarter bonus of $8,268 gross.  We hope to apply most of it to our 0% credit card balance.

April 2022 Net Worth Update (-$138,462.03)

Overall

In April, we was a tough month for our net worth.  Most markets seem to be down right now. Our net worth decreased $138,462.03 from last month to a total of $1,457,614.65 (see spreadsheet screenshot). 

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contribute 6% 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, she contributed $1,218.87 to her 401(k).  Since I am unemployed, I did not contribute anything to my retirement accounts.  The total balance of our retirement accounts decreased $52,450.07 from last month to a total of $534,064.60.  

Brokerage Account

Currently, our brokerage account consists of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”).  The total current value of our brokerage accounts is $252,190.79, down $58,214.56 from last month.

Cash & Savings Account

Cash and savings accounts consists of a small sum of cash at home, our online savings accounts balance and stablecoins that we earn interest on. It does not include our checking account balance that we use to pay our bills each month.  Our savings increased $826.60 this month to a total of $7,365.27.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it decreased $4,811.53 from last month to a total balance of $47,319.60.  We contributed $0 to our daughter’s 529 Plan and it decreased $3,127.32 from last month to a total balance of $30,755.97. Our total 2022 contributions so far are $0 for our son and $0 for our daughter.

Home                         

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$922K.  We paid off our home in September 2021.

Vehicles

My wife drives a company vehicle and has a company gas card.  I drive a 2017 SUV (~85K miles) that we own that is paid off.  In addition, we own a 2013 ski boat that is paid off.

New Vehicle Fund

Our new car fund is intended to cover future vehicles for our family.  Contributions are invested in cryptocurrencies. We track these crypto investments separately for our others (see brokerage account above). This month, we contributed $0 to our new car fund and it decreased $595.84 from last month to a total of $3,080.82.  Our total 2022 contributions so far are $700.

Credit Card Balance

Normally, all of our credit card debt is paid in full each month, however, we used a 0% credit card to pay for just over $23,590 of our income taxes.  This allowed us to keep some cash in the bank for emergencies. The card is 0% for 15 months and the current balance is $19,340.04.

March 2022 Income Statement

In March, we had a pretty extreme income month and expense month. 

Our total income in March was $15,160.59.  In addition to my wife’s regular paychecks, she received a quarterly bonus of $11,160 gross ($6,513.64 net) and $246.03 company reimbursement for internet.  We received $327.34 in insurance reimbursements and earned $148.46 in interest income from our savings accounts and stablecoins.

This month, our expenses totaled $90,870.14  Our largest cost was taxes ($58,444 federal and $21,360 state) from selling cryptocurrency to pay off our mortgage last year.  Other large expenses included $2,366.14 in vacation costs, $741.88 for six months of car insurance, and $709.71 for medical/prescriptions.

Next month my wife should receive a 4.05% raise bringing her salary to $176,060.  She also earned $7,500 in company stock (vests over 4 years)! 

March 2022 Net Worth Update (+$32,435.42)

Overall

In March, we saw a was a nice increase to our net worth.  Our net worth increased $32,435.42 from last month to a total of $1,596,076.68 (see spreadsheet screenshot). 

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contribute 6% 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).  Her company contributed her annual match of $9,412.70. This month, she contributed $1,580.70 to her 401(k).  Since I am unemployed, I did not contribute anything to my retirement accounts.  The total balance of our retirement accounts increased $30,752.19 from last month to a total of $586,514.67.  

Brokerage Account

Currently, our brokerage account consists of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”).  The total current value of our brokerage accounts is $310,405.35, up $56,287.66 from last month.

Cash & Savings Account

Cash and savings accounts consists of a small sum of cash at home, our online savings accounts balance and stablecoins that we earn interest on. It does not include our checking account balance that we use to pay our bills each month.  Our savings decreased $58,671.90 this month to a total of $6,538.67.   This was due to an $80K tax bill from selling cryptocurrency to pay off our house in 2021.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it increased $2,528.47 from last month to a total balance of $52,131.13.  We contributed $0 to our daughter’s 529 Plan and it increased $1,643.41 from last month to a total balance of $33,883.29. Our total 2022 contributions so far are $0 for our son and $0 for our daughter.

Home                         

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$913K.  We paid off our home in September 2021.

Vehicles

My wife drives a company vehicle and has a company gas card.  I drive a 2017 SUV (~85K miles) that we own that is paid off.  In addition, we own a 2013 ski boat that is paid off.

New Vehicle Fund

Our new car fund is intended to cover future vehicles for our family.  Contributions are invested in cryptocurrencies. We track these crypto investments separately for our others (see brokerage account above). This month, we contributed $0 to our new car fund and it increased $652.43 from last month to a total of $3,676.66.  Our total 2022 contributions so far are $700.

Credit Card Balance

All of our credit card debt is paid in full each month.

February 2022 Income Statement

In February, we had a pretty standard income month and decent expense month. 

Our total income in February was $8,767.03.  In addition to my wife’s regular paychecks, she received $224.42 in company reimbursements for internet.  We received $455.29 in insurance reimbursements and earned $162.18 in interest income from our savings accounts and stablecoins.  My wife was also informed that she will be receiving a 4.05% raise, bringing her salary to $176,060.  She also earned $7,500 in company stock (vests over 4 years)! 

This month, our expenses totaled $9,351.55.  Large, expenses included $850 to register our kids in private school and pay first month tuition, $775.13 for medical/prescriptions and $426.42 for clothing.

Next month my wife should receive a $11,160 (gross) quarterly bonus.

February 2022 Net Worth Update (+$6,611.09)

Overall

February was a slightly up month for our net worth.  Our net worth increased $6,611.09 from last month to a total of $1,563,641.26 (see spreadsheet screenshot). 

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contribute 7% 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, she contributed $911.10 to her 401(k).  Since I am unemployed, I did not contribute anything to my retirement accounts.  The total balance of our retirement accounts increased $6,895.89 from last month to a total of $555,762.48.  

Brokerage Account

Currently, our brokerage account consists of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”).  The total current value of our brokerage accounts is $254,117.69, up $570.17 from last month.

Cash & Savings Account

Cash and savings accounts consists of a small sum of cash at home, our online savings accounts balance and stablecoins that we earn interest on. It does not include our checking account balance that we use to pay our bills each month.  Our savings increased $522.77 this month to a total of $66,210.57.   

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it decreased $468.51 from last month to a total balance of $49,602.66.  We contributed $0 to our daughter’s 529 Plan and it decreased $304.51 from last month to a total balance of $32,239.88. Our total 2022 contributions so far are $0 for our son and $0 for our daughter.

Home                         

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$905K.  We paid off our home in September 2021.

Vehicles

My wife drives a company vehicle and has a company gas card.  I drive a 2017 SUV (~85K miles) that we own that is paid off.  In addition, we own a 2013 ski boat that is paid off.

New Vehicle Fund

Our new car fund is intended to cover future vehicles for our family.  Contributions are invested in cryptocurrencies. We track these crypto investments separately for our others (see brokerage account above). This month, we contributed $0 to our new car fund and it increased $159.76 from last month to a total of $3,024.23.  Our total 2022 contributions so far are $700.

Credit Card Balance

All of our credit card debt is paid in full each month.

January 2022 Income Statement

In January, we had a pretty standard income month and an awesomely low expense month. 

Our total income in January was $8,801.91.  In addition to my wife’s regular paychecks, she received $171.11 in company reimbursements for internet.  We received $270.39 in insurance reimbursements and earned $176.95 in interest income from our savings accounts and stablecoins.

This month, our expenses totaled $7,861.87.  That is our lowest expense month since mid 2013! Large, expenses included $1,533.50 for household items, $685 for term life insurance and $416.36 for medical costs/prescriptions.

Next month my wife should receive a quarterly bonus of 11,160 (gross).

January 2022 Net Worth Update (-$202,030.92)

Overall

January was another rough month for our net worth.  Our net worth decreased $202,030.92 from last month to a total of $1,557,030.17 (see spreadsheet screenshot). 

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contribute 7% 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, she contributed $911.10 to her 401(k).  Since I am unemployed, I did not contribute anything to my retirement accounts.  The total balance of our retirement accounts decreased $89,247.84 from last month to a total of $548,866.59.  

Brokerage Account

Currently, our brokerage account consists of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”).  The total current value of our brokerage accounts is $253,547.52, down $144,196.28 from last month.

Cash & Savings Account

Cash and savings accounts consists of a small sum of cash at home, our online savings accounts balance and stablecoins that we earn interest on. It does not include our checking account balance that we use to pay our bills each month.  Our savings increased $37,604.17 this month to a total of $64,687.80.   

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it decreased $3,272.14 from last month to a total balance of $50,071.17.  We contributed $0 to our daughter’s 529 Plan and it decreased $2,126.77 from last month to a total balance of $32,544.39. Our total 2022 contributions so far are $0 for our son and $0 for our daughter.

Home                         

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$865K.  We paid off our home in September 2021.

Vehicles

My wife drives a company vehicle and has a company gas card.  I drive a 2017 SUV (~85K miles) that we own that is paid off.  In addition, we own a 2013 ski boat that is paid off.

New Vehicle Fund

Our new car fund is intended to cover future vehicles for our family.  Contributions are invested in cryptocurrencies. We track these crypto investments separately for our others (see brokerage account above). This month, we contributed $0 to our new car fund and it decreased $19.86 from last month to a total of $2,864.47.  Our total 2022 contributions so far are $700.

Credit Card Balance

All of our credit card debt is paid in full each month.

2022 FINANCIAL GOALS

Happy New Year! Wow, it’s already 2022. We were blessed to have had good success with our financial goals for 2021.  Now let’s see if we can do it again in 2022!  Below are our new financial goals for the coming year.

1) Pass our 2032 Net Worth Goal
We ended 2021 with a net worth of $1,759,061, 10 years ahead the net worth goal schedule. We would like to maintain this lead and end 2022 with a net worth over $1,900K (our 2032 net worth goal).

2) Give to church
We recently started attending a new church that is closer to our home.  It was sad to separate from our old church but we really wanted to find a church closer to our home.  We hope to do our part to support the church by giving $4,000 in 2022.

3) Contribute $6,000 to 529 Plans ($3,000 for each child)
As I’ve mentioned before, this is one of our top goals each year.  Now that our mortgage is paid off, we want to contribute more to our kid’s 529 Plans.  In 2022, we plan to contribute $3,000 for each of our two kids.  Our son is currently 10-years-old with a 529 Plan balance of $53,343.31 and our daughter is 7-years-old with a 529 Plan balance of $34,671.16.

4) Contribute $3,000 to new car fund
At the end of 2021, we decided to start a new car fund to save for the cars our kids will need in a few years and eventually a new car for us when the time comes. Our 10-year-old will likely be the first family member to tap into this fund and our intent would be to purchase a reliable, safe used vehicle for him after he turns sixteen. We intend to invest the funds in cryptocurrencies and cash.  We already have $2,884.33 in the new car fund and aim to contribute another $3,000 in 2022.

5) Building savings account balance to $30,000
We ended 2021 with $27,083 in savings and hoped get to $30,000 in savings by the end of 2022.  This might be really tough because we have will have a big income tax bill this year.

REVIEW OF 2021 FINANCIAL GOALS

Happy New Year!  Financially, 2021 was an amazing year, reaching almost all of our 2021 financial goals. In fact, we exceeded most of our goals by a large margin.  This is quite an achievement considering that I quit my job in October 2020.  Thank God it all worked out lol.  Thankfully, my wife has an amazing job that she is stellar at. Below are the results of our 2021 financial goals: 

1) Pass our 2028 Net Worth Goal – SUCCESS
We started 2021 with a net worth of $1,252,846 (7 years ahead of schedule) and hoped to pass our 2028 net worth goal of $1,320,000 by the end of the year.  We obliterated this goal reaching a net worth of $1,759,061 by the end of 2021. We were blessed to surpass our 2028 goal ($1,320K), 2029 goal ($1,450K), 2030 goal ($1,590K) and 2031 goal ($1,740K)!  We are now 10 years ahead of schedule for the net worth goals that we set for ourselves in 2007.

2) Give to church – SUCCESS
We set a goal of giving $3,600 to our church in 2021 and end up giving $6,748.  It feels great to have exceeded this goal!

3) Pay home mortgage down to under $200K – SUCCESS
We started 2021 with a $213K mortgage balance and were able to completely pay off our mortgage in August 2021 taking profits from some of our cryptocurrencies.  Another goal completely smashed! 

4) Contribute $4,000 to 529 Plans ($2,00 for each child) – SUCCESS
We ended 2020 with $37,958.69 in our son’s 529 Plan and $23,361.36 in our daughter’s 529 Plan. We planned to contribute $1,500 to each of their 529 Plans in 2021 and actually contributed $3,950 to our son’s and $3,990  to our daughters. We almost doubled our planned contributions!  They now have $53,343.31 and $34,671.16 in their 529 Plans, respectfully. 

5) Building savings account balance to $30,000 – FAIL
We started 2021 with $30,361.39 in savings and hoped to keep at least $30K in savings after paying property tax.  Due to a poorly timed investment (funded with some of our savings), we ended 2021 with $27,083 in savings. 

Our path to financial independence and retiring early.