We just passed our net worth milestones of $1,460,000 to $1,480,000! Our net worth is currently $1,487,867. We passed our last net worth milestone of $1,450,000 last month. We hope to reach our next milestone of $1,490,000 later this month.
NET WORTH MILESTONES: $1,420K – $1,450K
We just passed our net worth milestones of $1,420,000 to $1,450,000! Thank God for making bitcoin such a great investment. Our net worth is currently $1,454,990. We passed our last net worth milestone of $1,410,000 last month. We hope to reach our next milestone of $1,460,000 this month.
NET WORTH MILESTONES: $1,380K – $1,410K
We just passed our net worth milestones of $1,380,000 and $1,410,000! Our net worth is currently $1,418,090. We passed our last net worth milestone of $1,370,000 last month. We hope to reach our next milestone of $1,420,000 this month.
January 2021 Income Statement
In January, we had a pretty typical income month and expense month.
Our total income in January was $10,629.15. In addition to my wife’s regular paychecks, she received $137.98 in company reimbursements. I received $2,700 in unemployment (includes extra $300/week extra stimulus money). We earned $11.45 in interest income from our savings accounts.
This month, our expenses totaled $9,613.57. Large, non-recurring expenses included $1,106 for a cruise down payment, $685 for term life insurance, $615 for wife’s dentist, and $520 for prescriptions.
Next month, my wife should receive a quarterly bonus of $14,260 gross.
January 2021 Net Worth Update (+$76,949)
Overall
January was another great net worth month. At one point, our net worth surpassed $1,370K, but retracked a bit towards the end of the month. Our net worth increased $76,949.49 from last month to a total of $1,329,796.32 (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, we contributed $761.54 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 $4,371.78 from last month to a total of $505,845.66.
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 $333,114.95, up $76,421.81 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 $2,733.89 this month to a total of $27,627.50.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it decreased $142.52 from last month to a total balance of $37,816.17. We contributed $0 to our daughter’s 529 Plan and it decreased $87.71 from last month to a total balance of $23,273.65.
Home
For our home value, we use the $528K purchase price that we paid in July 2016. Current comps in the area are ~$690K. We refinanced our mortgage last month and our first payment is not due until February. The current balance of our 15-year, 2.375% mortgage loan is $213,000.
Vehicles
My wife drives a company vehicle and has a company gas card. I drive a 2017 SUV (~80K miles) that we own. In addition, we own a 2013 ski boat.
Credit Card Balance
All of our credit card debt is paid in full each month.
NET WORTH MILESTONES: $1,360K – $1,370K
We just passed our net worth milestones of $1,360,000 and $1,370,000! Wow! Our net worth is currently $1,375,122. We passed our last net worth milestone of $1,350,000 yesterday. We hope to reach our next milestone of $1,380,000 this month.
NET WORTH MILESTONES: $1,340K – $1,350K
This is incredible! We just passed our net worth milestones of $1,340,000 and $1,350,000! Thank God we invested crypto! Our net worth is currently $1,358,733. We passed our last net worth milestone of $1,330,000 yesterday. We hope to reach our next milestone of $1,360,000 this month.
NET WORTH MILESTONES: $1,320K – $1,330K
We just passed our net worth milestones of $1,320,000 and $1,330,000! Our net worth is currently $1,337,882. We passed our last net worth milestone of $1,310,000 a few days ago. We hope to reach our next milestone of $1,340,000 this month.
NET WORTH MILESTONEs: $1,300K – $1,310K
We just passed our net worth milestones of $1,300,000 and $1,310,000! Our cyrptocurrency assets have been killin’ it lately. Our net worth is currently $1,316,629. We passed our last net worth milestone of $1,290,000 a few days ago. We hope to reach out next milestone of $1,320,000 this month.
2021 FINANCIAL GOALS
Happy New Year! We were blessed with a financially great 2020 and hope to keep the trend going. Below are our 2021 financial goals:
1) Pass our 2028 Net Worth Goal
We ended 2020 with a net worth of $1,252,846, over 7 years ahead the net worth goal schedule we made back in 2007. We would like to maintain this lead and end 2021 with a net worth over $1,320K (our 2028 net worth goal).
2) Give to church
We attend a small church that our good friends started a couple of years ago. Since Covid-19, every service has been done via Zoom. To support our church, we would like to give $3,600 in 2021.
3)Pay home mortgage down to under $200K
In November 2020, our mortgage balance was $169K but we refinanced for a better rate (2.375% vs 2.875%) and to pull cash out to pay off our $43K boat loan that was at 5.24%. As a result, we are starting 2021 with a $213K mortgage balance. We hope to reduce that to under $200K through regular monthly payments and additional payments.
4) Contribute $4,000 to 529 Plans ($2,000 for each child)
This is one of our top goals each year and in 2021, we plan to increase our contribution by $500 per child ($2,000 each). Our son is currently 9-years-old with a 529 Plan balance of $37,958.69 and our daughter is 6-years-old with a 529 Plan balance of $23,361.36.
5) Building savings account balance to $30,000
We ended 2020 with $30,361.39 in savings so this goal might seem like a gimmie but there are three reasons it is not. 1) We have to pull $8,200 from savings to pay for property tax, 2) We have to pull $1,725 from savings to pay for the balance due on setting up our living trust, 3) I am not currently working so we are living solely on my wife’s income and possibly some savings.