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.
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.
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.
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.
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.
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.
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.
Our path to financial independence and retiring early.
