All posts by 1MansMoney

I am a guy pushing 40 that is married to a beautiful woman in her 30's. If I can only have as much luck with our finances.
Goals

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. 

Income Statement

December 2021 Income Statement

In December, we had a pretty standard income month and thankfully an amazingly low month expense month. 

Our total income in December was $8,547.71.  In addition to my wife’s regular paychecks, she received $215.19 in company reimbursements for internet.  We received $333.00 in child tax credits from the IRS and earned $157.91 in interest income from our savings accounts and stablecoins.

This month, our expenses totaled $8,692.62.  That is our lowest expense month since July 2013 (which was $8,300.78)! Large, expenses included $580.96 for medical costs/prescriptions, $489.45 for gifts and $208.78 for clothing.

Next month is the start of 2022 and will hopefully bring continued financial blessings.

Net Worth

December 2021 Net Worth Update (-$143,934.43)

Overall

December was a rough month for our net worth.  Our net worth decreased $143,934.43 from last month to a total of $1,759,061.09 (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 $21,425.02 from last month to a total of $638,114.43  

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 $397,743.80, down $125,728.20 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 $1,387.20 this month to a total of $27,083.63.   

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it increased $1,539.39 from last month to a total balance of $53,343.31.  We contributed $0 to our daughter’s 529 Plan and it increased $1,000.55 from last month to a total balance of $34,671.16. Total 2021 contributions are $3,950 for our son and $3,990 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 ~$850K.  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, our new car fund decreased $680.02 from last month to a total of $2,884.33.

Credit Card Balance

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

Income Statement

November 2021 Income Statement

In November, we had a great income month but also a high expense month due to the holidays and home maintenance. 

Our total income in November was $19,408.05.  In addition to my wife’s regular paychecks, she received a quarterly bonus of $14,784 gross ($9,708.06 net). My wife also received $227.47 in company reimbursements for internet.  We received $334.00 in child tax credits from the IRS and earned $551.89 in interest income from our savings accounts and stablecoins.

This month, our expenses totaled $14,341.44.  Large expenses included $4,219 for home maintenance (new fence), $1,787 for our tithe, and $545.75 for medical costs/prescriptions.

Next month we have a family Christmas vacation scheduled so our expenses may be even higher.

Net Worth

November 2021 Net Worth Update (-$857.05)

Overall

November was basically a neutral month for our net worth.  Our net worth decreased $857.05 from last month to a total of $1,903,747.19 (see spreadsheet screenshot).  We passed our net worth milestones of $1,910K to $1,930K this month but fell back below later in the month.

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 $1,798.14 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 $17,542.24 from last month to a total of $659,539.45.  

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 $523,472.00, up $86,465.99 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 $68,921.27 this month to a total of $25,696.43.   We pulled a large sum out to do a short term investment in cyptocurrencies.  We plan to replenish our savings when we sell in a couple of months or so.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it decreased $66.93 from last month to a total balance of $51,803.92.  We contributed $0 to our daughter’s 529 Plan and it decreased $43.51 from last month to a total balance of $33,670.61. Total 2021 contributions thus far are $3,950 for our son and $3,990 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 ~$840K.  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.  In addition, we own a 2013 ski boat.

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, our new car fund increased $38.79 from last month to a total of $3,564.35.

Credit Card Balance

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

Income Statement

October 2021 Income Statement

In October, we had a good income and expense month. 

Our total income in October was $14,098.91.  In addition to my wife’s regular paychecks, she received a third “extra” paycheck. My wife received $184.20 in company reimbursements for internet.  We also received $334.00 in child tax credits from the IRS.  We earned $85.87 in interest income from our savings accounts and stablecoins.

This month, our expenses totaled $12,977.86.  Large, expenses included $864.95 for vacations, $589.27 for entertainment, and $380.13 for medical costs.

Next month, my wife should receive a quarter bonus of ~$13K (gross).  She also may receive her annual raise.

Goals

October 2021 Net Worth Update (+215,984.08)

Overall

October was an incredible month for our net worth.  Our net worth increased $215,984.08 from last month to a total of $1,904,604.24 (see spreadsheet screenshot).  We passed our net worth milestones of $1,800K to $1,900K this month!

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, we contributed $1,366.65 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 $78,946.59 from last month to a total of $677,081.69 .  

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 $437,006.01, up $129,329.89 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 $1,406.05 this month to a total of $94,617.70. 

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $100 to our son’s 529 Plan and it increased $2,992.75 from last month to a total balance of $51,870.85.  We contributed $100 to our daughter’s 529 Plan and it increased $1,980.14 from last month to a total balance of $33,714.12. Total 2021 contributions thus far are $3,950 for our son and $3,990 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 ~$840K.  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.  In addition, we own a 2013 ski boat.

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, our new car fund increased $2,124.50 from last month to a total of $3,525.56.

Credit Card Balance

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