We passed our net worth milestones of $1,050,000 this month. Our net worth is currently $1,054,027. We passed our last net worth milestone of $1,040,000 last month. We hope to reach out next milestone of $1,060,000 in November.
All posts by 1MansMoney
September 2020 Income Statement
In September, we had a very good income month and we were able to keep our expenses somewhat in line.
Our total income in September was $26,081.26. In addition to our regular paychecks, I received a pro rated quarterly bonus of $4,056 gross ($2,226.59 net) and a monthly draw/commission of $1,375.73 gross ($930.39 net). My wife received a quarterly bonus of $18,750 gross ($12,310.46 net) from her old company. We received $412.95 in company reimbursements. Plus, we earned $13.13 in interest income from our savings accounts.
This month, our expenses totaled $17,736.90. Large expenses included $2,636 in boat payments (reg and extra), $700 in vacation, $669 in prescriptions and $551 in car registration.
Next month, my wife and I will both received a third “extra” paycheck.
September 2020 Net Worth Update (+$4,578.30)
Overall
We passed our net worth milestones of $1,040K in September but by the end of the month, we were slightly below the milestone. The stock market took a beating this month and our investments reflect it. That being said, our net worth still increased $4,578.30 from last month to a total of $1,037,629.55 (see spreadsheet screenshot).
Retirement Accounts
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 $1,015.38 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 $1,020.57 to my 401(k). The total balance of our retirement accounts decreased $14,437.76 from last month to a total of $468,057.63.
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”). Lately, we’ve been buying more cryptocurrency. The total current value is $75,015.83, up $6,480.29 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 $12,037.33 this month to a total of $37,340.60.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $50 to our son’s 529 Plan and it decreased $1,649.46 from last month to a total balance of $33,753.88. We contributed $0 to our daughter’s 529 Plan and it decreased $1,046.16 from last month to a total balance of $20,756.44.
Home
We use the $528K purchase price that we paid in July 2016 for our home value. Current comps in the area are ~$675K. The current balance of our 15-year, 2.875% mortgage loan is $172,029.14. We paid $300 extra towards our home mortgage principal this month.
Vehicles
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 $43,957.70 at 5.24%. We paid $2,200 extra to our boat loan this month.
Credit Card Balance
All of our credit card debt is paid in full each month.
NET WORTH MILESTONE: $1,040,000
We passed our net worth milestones of $1,040,000 this month. Our net worth is currently $1,040,873. We passed our last net worth milestone of $1,030,000 last month. We hope to reach out next milestone of $1,050,000 in October.
August 2020 Income Statement
In August, we had a really great income month but we also spent a bunch of money too.
Our total income in August was $37,075.15! In addition to our regular paychecks, I received a monthly bonus of $2,141.00 gross ($1,175.33 net). My wife also sold her company stock for $25,698.14! Plus, we earned $14.14 in interest income from our savings accounts.
This month, our expenses totaled $20,021.29! Large expenses included $839.21 in vacation, $800.76 boat property tax and $1,574.70 in furniture.
Next month, my wife should receive a $9K bonus from her old company.
August 2020 Net Worth Update (+$42,629.34)
Overall
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!
Retirement Accounts
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.
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”). 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.
Home
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.
Vehicles
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.
NET WORTH MILESTONE: $1,030,000
August keeps getting better! We passed our net worth milestones of $1,030,000. Our net worth is currently $1,032,446. We passed our last net worth milestone of $1,020,000 earlier this month. We hope to reach out next milestone of $1,040,000 in September.
NET WORTH MILESTONE: $1,020,000
Another amazing month! We passed our net worth milestones of $1,020,000. Our net worth is currently $1,022,219. We passed our last net worth milestone of $1,010,000 earlier this month. We hope to reach out next milestone of $1,030,000 in September.
NET WORTH MILESTONE: $1,010,000
We passed our net worth milestones of $1,010,000. Our net worth is currently $1,013,899. We passed our last net worth milestone of $1,000,000 earlier this month. We hope to reach out next milestone of $1,020,000 in September.
NET WORTH MILESTONE: $1,000,000!
We passed our net worth milestones of $1,000,000! I started tracking our net worth in 2007 when we had a negative worth. 13 years later, a snapshot of our finances look like this:
- $465K in retirement savings
- $82K in brokerage accounts & cash
- $53K saved for our kids’ college (age 8 and 6)
- Paid off 2017 SUV
- $355K in home equity (actually $463K equity using current comps instead of our $528K purchase price)
Our net worth is currently $1,001,678.16, making us officially millionaires:) We passed our last net worth milestone of $990K last month. We hope to reach out next milestone of $1,010K in September.