In July, we had our best income month ever! As I mentioned in our June net worth update, wife’s company had been restructuring and she accepted the severance package because she found a new position with another company making a 10% higher salary.
Our total income in July was $88,132.45! In addition to our regular paychecks, I received a monthly and quarterly bonus of $4,964.00 gross ($2,725.04 net). More importantly, my wife’s received a $72,614.24 severance/cashed out vacation check plus an unexpected $4,400 gross ($2,925.72 net) bonus from her old company! Plus, we earned $13.23 in interest income from our savings accounts.
This month, our expenses totaled $56,933.41! Wow, that was hard to type lol. Large expenses included $27,371.92 to pay off Car 2, $12,400 in in home improvements, $1,673.22 boat repair and $1,446.36 in furniture. Next month, my wife should be able to cash out her stock options from her old company (~$30K).
We passed our net worth milestones of $990K! Our net worth is currently $991,163. We passed our last net worth milestone of $980K earlier this month. We hope to reach out next milestone of $1,000K in August. Almost officially millionaires!
July was one of the best months for our net worth. We passed our net worth milestones of $910K-980K this month. Our net worth increased $87,101.96 from last month to a total of $990,421.91 (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 $4,486.30 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 $969.12 to my 401(k). The total balance of our retirement accounts increased $26,088.94 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”). The total current value is $62,017.76, up $23,000 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 $4,800.09 this month to a total of $19,075.90.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $2,277.84 from last month to a total balance of $33,000.70. We contributed $0 to our daughter’s 529 Plan and it increased $1,653.83 from last month to a total balance of $20,322.97.
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 $175,366.37. We paid $300 extra towards our home mortgage principal this month.
Vehicles
My company provides me a vehicle and gas card. My wife has a 2017 SUV with ~80,000 miles. We paid off the load balance on my wife’s car ($27,323.96). She will be getting a company car in the coming weeks and we plan to keep the SUV as an extra vehicle. We also have a ski boat with a loan balance of $46,634.89 at 5.24%.
Credit Card Balance
All of our credit card debt is paid in full each month.
What a crazy year! We passed our net worth milestones of $910K-980K (yes, $70K+ increase) this month! Our net worth is currently $980,077. We passed our last net worth milestone of $900K last month. What a blessing! We hope to reach out next milestone of $990K next month.
In June, we had an amazing income month but we also had a huge expense month (see spreadsheet screenshot).
Our total income in June was $16,493.11. In addition to our regular paychecks, I received a monthly bonus of $1,968.00 gross ($1,080.36 net) and my wife received a quarterly bonus of $9,375 gross ($4,895.28 net). My wife also received a $168.66 auto allowance / mileage reimbursements, and $58.99 in internet reimbursements. We also earned $9.38 in interest income from our savings accounts.
This month, our expenses totaled $34,205.10. Absolutely crazy, I know. We’ve been doing a number of improvements to our home. Large expenses included $14,594.97 in home improvements, $3,067.53 in furniture and $6,575.15 in household items.
My wife separated from her company in mid June and started a new job at the end of June. We thought she would receive a large payout from her old company in June but it looks like it will arrive in July. She should receive a severance (~$95K), cashing out stock options (~$30K) and cashing out vacation time (~$11K).
June was another outstanding month for our net worth. Our net worth increased $23,981.82 from last month to a total of $903,319.95 (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 5% of her 401(K) contribution (100% vested when deposited) and chips in an additional 5% on top of the match in March. This month, we contributed $1,474.83 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 $639.56 to my 401(k). The total balance of our retirement accounts increased $22,472.00 from last month to a total of $430,383.47.
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 is $39,017.76, up $1,003.10 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 $1,322.32 this month to a total of $14,275.81.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $650 to our son’s 529 Plan and it increased $762.10 from last month to a total balance of $30,722.86. We contributed $650 to our daughter’s 529 Plan and it increased $462.38 from last month to a total balance of $18,669.14.
Home
We use the $528K purchase price that we paid in July 2016 for our home value. Current comps in the area are ~$580K. The current balance of our 15-year, 2.875% mortgage loan is $177,029.01. We paid $2,100 extra towards our home mortgage principal this month.
Vehicles
My company provides me a vehicle and gas card. My wife has a 2017 SUV with ~80,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $27,323.96 at 2.79%. We paid $0 extra towards our auto loan principal this month. We also have a ski boat with a loan balance of $46,864.23 at 5.24%.
Credit Card Balance
All of our credit card debt is paid in full each month.
I’m behind a month on our net worth milestones and there’s been a lot of activity. We passed our net worth milestones of $860K and $870K in May and our milestones of $880K, $890K and $900K this month! Our net worth is currently $901,810. We passed our last net worth milestone of $850K in Feb. We hope to reach out next milestone of $910K in August.
In May, we had another great income month but a large expense month considering the income (see spreadsheet screenshot).
Our total income in May was $11,589.40. In addition to our regular paychecks, I received a third “extra” paycheck and a monthly bonus of $1,947.00 gross ($1,068.81 net). My wife also received a $168.66 auto allowance / mileage reimbursements, and $58.99 in internet reimbursements.
This month, our expenses totaled only $15,460.79. Large expenses included a $551.45 in phones/phone service, $1,150 in boat repairs, $1,623.51 in home maintenance.
Next month may be a massive month for us as my wife begins a new job at the end of the month making $15K more per year. If it goes as planned, her old company will be paying her a large severance (~$95K), cashing out her stock options (~$30K), cashing out her 4 weeks of vacation (~$11K) and fully vesting her 401(K) company match (~$30K). On top of all of that, she should receive a nice bonus (~$9K). Praying it all works out.
May was another amazing month for our net worth. Our net worth increased $60,778.03 from last month to a total of $879,338.13 (see spreadsheet screenshot). The main driver was 3 years of my wife’s 401K company match vesting this month.
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 5% of her 401(K) contribution (100% vested when deposited) and chips in an additional 5% on top of the match in March. Her company match fully vested this month (after 3 years with the company) adding ~$30K to her 401K balance. 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 $637.25 to my 401(k). The total balance of our retirement accounts increased $49,963.23 from last month to a total of $413,332.84.
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 is $38,014.66, up $8,540.28 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 decreased $1,500 this month to a total of $12,953.49.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $1,358.54 from last month to a total balance of $29,960.76. We contributed $0 to our daughter’s 529 Plan and it increased $877.69 from last month to a total balance of $18,206.76.
Home
We use the $528K purchase price that we paid in July 2016 for our home value. Current comps in the area are ~$580K. The current balance of our 15-year, 2.875% mortgage loan is $180,483.37. We paid $300 extra towards our home mortgage principal this month.
Vehicles
My company provides me a vehicle and gas card. My wife has a 2017 SUV with ~80,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $27,953.31 at 2.79%. We paid $0 extra towards our auto loan principal this month. We also have a ski boat with a loan balance of $47,105.93 at 5.24%.
Credit Card Balance
All of our credit card debt is paid in full each month.
In April, we had an another great income month and a reasonable expense month considering the income (see spreadsheet screenshot).
Our total income in April was $23,352.37. In addition to our regular paychecks, I received a monthly and quarterly bonus of $5,003 gross ($2746.44 net) and my wife received a bonus of $2,500 gross ($1,556.79 net). My wife also received $2,500 in child care reimbursement, $168.66 auto allowance / mileage reimbursements and $46.99 in internet reimbursements. My wife sold company stock worth $6,028.14. We also earned $12.91 in interest income from our savings accounts.
This month, our expenses totaled only $12,409.20. Since we had more time at home due to the coronavirus shelter in place order, we spent $586.70 on home improvements. We also bought our son a laptop for home school $717.74.
Next month my wife should be a typical income month. Hopefully staying home will help us keep our expenses down.
Our path to financial independence and retiring early.
