March was an incredible income month and our expense were reasonable considering we enjoyed a long overseas vacation (see spreadsheet screenshot).
Our total income in March was $24,745.31. In addition to our regular paychecks, I
received a monthly bonus of $1,750 gross ($973.18 net) and a $450 auto
allowance. My wife also received a quarterly
bonus of $19,431.32 gross ($10,829.36 net), $1,540.87 auto allowance / mileage
reimbursements and $44.99 in internet reimbursements. We received a $205 insurance refund and earned
$12.49 in interest income from our savings accounts.
This month, our expenses totaled $16,493.20. Big ticket items include $2,100 extra mortgage
payments, $1,327 in vacation (not including food), and $2,300 in tithe.
Next month, I should receive decent quarterly bonus and we don’t have any large expenses planned.
We just passed our net worth milestones of $730,000! Man, this year has been amazing so far! We passed our last net worth milestone of $720K last month.
Our net worth is currently $730,939.77. We hope to reach out next milestone of $740K by June.
March rocked! We passed our $710K and $720K net worth goals
this month! Our net worth increased $19,827.25 from last month to a total of $726,011
(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 5% of her 401(K) contribution (100% vested when
deposited) and chips in an additional 5% on top of the match in March (vests
over 3 years). My wife’s company just deposited the $10.692.55 401(k) match
into her account? This month, we contributed $1,819.41 to her
401(k). We contribute 10% to my 401(k) and
my company matches up to 4% and deposits the match in March (100% vested when
deposited). My company just deposited
the $3,174.34 401(k) match into my account?This month, we contributed $501.93 to my
401(k). The total balance of our
retirement accounts increased $9,811.68 from last month to a total of $319,175.48.
Brokerage Account
Currently, our brokerage account consists of a handful of stocks
and some cryptocurrency (I prefer to track crypto in the “Brokerage Accounts”
field rather than “Cash & Savings Accounts”). The total current value is $7,971.29, up $1,441.06
from last month primarily because we invested a little more money.
Cash & Savings
Accounts
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 cash and savings accounts increased $1,612.49
this month, bringing the total to $15,364.66.
College Savings
Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $1,200 to our
son’s 529 Plan and it increased $1,634.61 from last month to a total balance of
$26,258.87. We contributed $1,800 to our
daughter’s 529 Plan and it increased $2,078.78 from last month to a total balance
of $15,515.95.
Home
We use the $528K purchase price that we paid in July 2016
for our home
value. Current comps in the area are ~$530K. The current balance of our 15-year, 2.85% mortgage
loan is $206,752.69. We paid $2,100 extra
towards our home mortgage principal this month.
Vehicles
I have a company car and gas card. My wife has a 2017 SUV with 50,000
miles. Her company gives her $300/month
auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is
$37,376.18 at 2.79%. We also have a ski boat with a loan balance of $50,845.292
at 5.24%. We paid $100 extra towards our boat
loan principal this month.
Credit Card Balance
All of our credit card debt is paid in full each month.
List Tab
We just passed our net worth milestones of $710,000! It has been a long time since we reached a new net worth milestone. We passed our previous milestone of $700,000 way back in September.
Our net worth is currently $712,820.28. We hope to reach the $720K milestone by May.
February was an amazing income month and our expense were
pretty reasonable (see spreadsheet screenshot).
Our total income in February was $22,966.71. In addition to our regular paychecks, I
received a monthly bonus of $1,041.67 gross ($721.89 net) and a $450 auto
allowance. My wife also received a $1,342.96
auto allowance / mileage reimbursement, $44.99 in reimbursements and sold
$2,343.60 of her company stock. We
earned $6.31 in interest income from our savings accounts. We also sold Car 1
for $6,300 (I got a company car).
This month, our expenses totaled $16,493.20. Big ticket items include $4,542.97 to pay off
Car 1 before we sold it, $960 to pay for part of our vacation in mid-March and $303
for doctor visits/prescriptions. We also had to pay $4,203 for our Federal taxes
but received a $5,366 State refund, which more than offset it.
Next month, my wife should receive a large quarterly bonus
but we also have a big vacation that will cost a bunch.
February kicked butt! Our net worth increased $15,692.06 from last
month to a total of $706,173 (spreadsheet screenshot). It was nice to pass $700K net worth again since
we tippy toed by it in September 2018 but dropped back down.
Retirement Accounts
Our retirement accounts are comprised of our 401(k)s, our
Roth IRAs and our Traditional IRAs. We
contribute 5% to my wife’s 401(k). My
wife’s company matches up to 5% of her 401(K) contribution and chips in an
additional 5% on top of the match (both 100% vested when deposited in
March). This month, we contributed $790.95
to her 401(k). We contribute 7% 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
$356.74 to my 401(k). The total balance
of our retirement accounts increased $13,066.78 from last month to a total of $309,363.80.
Brokerage Account
Currently, our brokerage account consists of a handful of stocks
and some cryptocurrency (I prefer to track crypto in the “brokerage account”
field rather than “Cash & Savings Accounts”. The total current value is $6,530.23, up $820.73
from last month.
Cash & Savings
Accounts
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. Thanks to selling Car 1 ($6,300) and some of
my wife’s company stock ($2,343), we were able to reinject our savings account
with some life! Our cash and savings
accounts increased $3,918.63 this month, bringing the total to $13,752.17.
College Savings
Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $200 to our son’s 529
Plan and it increased $1,223.46 from last month to a total balance of $24,624.26. We contributed $200 to our daughter’s 529
Plan and it increased $758.42 from last month to a total balance of $13,437.17.
Home
We use the $528K purchase price that we paid in July 2016
for our home
value. Current comps in the area are
~$530K. The current balance of our
15-year, 2.85% mortgage loan is $210,136.01.
We paid $300 extra towards our home mortgage principal this month.
Vehicles
My wife’s 2017 SUV has 45,000 miles. Her company gives her $300/month auto
allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $38,002.36
at 2.79%. My company just provided me with a new company car and gas card so I
sold my 2012 sedan. We also have a ski boat with a loan balance of $51,169.62 at
5.24%. We paid $100 extra towards our boat
loan principal this month.
Credit Card Balance
All of our credit card debt is paid in full each month.
January was a better income month than expected but our expense
exceeded our income (see spreadsheet screenshot).
Our total income in January was $14.905.77. In addition to our regular paychecks, I received a monthly/quarterly combined bonus of $3,458.33 gross ($2,579.37 net) and a $450 auto allowance. My wife also received a bonus of $2,804.69 gross ($1,579.75 net), a $681.67 auto allowance / mileage reimbursement, and $44.99 in reimbursements. We earned $12.32 in interest income from our savings accounts.
This month, our expenses totaled $15,874.39. Lower than last month but too high for our
income this month. Big ticket items include $685 in annual life insurance, $547
in medical/dental visits, and $442.07 in clothing/accessories.
Next month we may have a big bill for some water damage in
our ceiling ☹
2019 is off to a strong
start! Our net worth increased $23,481.51
from last month to a total of $690,481.78 (see spreadsheet screenshot).
Retirement Accounts
Our retirement accounts are comprised of our 401(k)s, our
Roth IRAs and our Traditional IRAs. We contribute
5% to my wife’s 401(k). My wife’s
company matches up to 5% of her 401(K) contribution and chips in an additional
5% on top of the match (both 100% vested when deposited in March). This month, we contributed $840.95 to her
401(k). We contribute 7% 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 $511.32
to my 401(k). The total balance of our
retirement accounts increased $21,663.93 from last month to a total of $296,297.02.
Brokerage Account
Currently, our brokerage account consists of a few stocks and some cryptocurrency (I prefer to track crypto in the “brokerage account” field rather than “Cash & Savings Accounts”. The total current value is $5,709.50, up $523.26 from last month.
Cash & Savings
Accounts
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. We dipped into the piggy bank hard this month ☹ Our cash and savings accounts decreased $2,990.80
this month, bringing the total to $9,833.54.
College Savings
Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $100 to our son’s 529
Plan and it increased $1,889.36 from last month to a total balance of $23,400.80. We contributed $100 to our daughter’s 529
Plan and it increased $1,099.60 from last month to a total balance of $12,678.75.
Home
We use the $528K purchase price that we paid in July 2016
for our home
value. Current comps in the area are
~$530K. The current balance of our
15-year, 2.85% mortgage loan is $211,715.54.
We paid $200 extra towards principal this month.
Vehicles
My wife’s 2017 SUV has 45,000 miles. Her company gives her $300/month auto
allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $38,621.41
at 2.79%. I have a 2012 sedan with 130K miles.
My company gives me a $450/month vehicle allowance and provides me with
a gas card. The loan balance on my car is
$4,542.97 at 1.99%. We also have a ski boat with a loan balance of $51,451.49 at
5.24%.
Credit Card Balance
All of our credit card debt is paid in full each month.
Happy New Year! The years
have been flying by and we have set some exciting financial goals for ourselves
in 2019. Here they are:
1) Pass our 2022 Net Worth Goal
We ended 2018 with a net worth of $667,000,
over 3 years ahead of our 2018 net worth goal.
We would like to keep this lead and end 2019 with a net worth over $721,500 (our 2022 net worth goal).
2) Reduce average monthly
expenses by $1,000
We spent an average of $15,620 per month in 2018. An insane amount of money and not something
we are proud of. We hope to reduce our
average monthly expenses by $1,000, to $14,620 average per month. With life costing more each year, this might
not be as easy as it seems, however, we flagged a couple of categories that we
plan to reduce in order to achieve this goal: furniture, clothing, and food.
3)Create a family trust or will
With two children and rising assets, we have wanted to create a family trust or will but never have gotten around to it. We want that to change in 2019 and plan to meet with a lawyer to get this goal competed.
4) Contribute $3,000 to 529 Plans ($1,500 for each child) We feel a bit more pressure each year to save for our kid’s college educations. Our son is currently 7-years-old with a 529 Plan balance of $21,511 and our daughter is 4-years-old with a 529 Plan balance of $11,579. We successfully contributed $1,000 to each of their 529 Plans in 2018 and would like increase that to $1,500 to each of their 529 Plans in 2019.
5) Building savings account balance to $20,000 This is a goal we have made for ourselves a few times over the years and have never been able reach it. In 2019 we want that to change! We ended 2018 with $12,824 in savings and w
Our path to financial independence and retiring early.
