February 2018 Income Statement

March 4, 2018 1MansMoney

February was a good income month (almost identical to last month) but also a high expense month (see spreadsheet screenshot).

Our total income in February was $14,731.26. In addition to our regular paychecks, I received a monthly bonus of $1,704.83 gross ($996.74 net). My wife received a $1,027.31 auto allowance / mileage reimbursement and I received a $450 auto allowance. My wife also received a $2,112.28 reimbursement for internet and other expenses. We earned $4.43 in interest income from our savings accounts.

This month, our expenses totaled $14,949.32, more than our total income this month ☹ Big ticket items include $3,050.13 for household items (some reimbursed), $702.39 for entertainment, and $170 in lake passes.

Next month should be another an incredible income month since we should receive a great tax refund and lots of bonus money.

Net Worth

February 2018 Net Worth Update (-$4,165.63)

March 1, 2018 1MansMoney

Overall

Sadly, February was not a good month for our net worth. It decreased $4,165.63 from last month to a total of $648,096.35 (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 new 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 contribution of $575.00 to her 401(k). We contribute 6% to my 401(k) (bumped it up this month from 5%) and my company matches up to 4% and deposits the match in March (100% vested when deposited). This month, we contributed $309.99 to my 401(k). The total balance of our retirement accounts decreased $5,818.18 from last month to a total of $273,784.61.

Brokerage Account

Currently, our brokerage account consists of four stocks and some cryptocurrency (I prefer to track it in the “brokerage account” field rather than “Cash & Savings Accounts”. The total current value is $8,273.70, down $633.64 from last month.

Cash & Savings Accounts

Cash and savings accounts consists of a small sum of cash at home and our online savings account balance. It does not include our checking account balance that we use to pay our bills each month. Our cash and savings accounts decreased $3.62 this month, bringing the total to $8,273.70.

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it decreased $633.64 from last month to a total balance of $21,631.50. We contributed $0 to our daughter’s 529 Plan and it decreased $326.82 from last month to a total balance of $11,135.20.

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 $231,327.51. We paid $200 extra towards principal this month.

Vehicles

My wife’s 2017 SUV has 20,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $45,255.06 at 2.79%. I have a 2012 sedan with 105K miles. My company gives me a $450/month vehicle allowance and provides me with a gas card. The loan balance on my car is $8,691.48 at 1.99%. We also have a ski boat with a loan balance of $53,739.30 at 5.24%.

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

Income Statement

January 2018 Income Statement

February 14, 2018 1MansMoney

January was a good income month but also a high expense month (see spreadsheet screenshot).

Our total income in January was $14,784.09. In addition to our regular paychecks, I received a monthly and quarterly bonus of $4840.83 gross ($2693.72 net). My wife received a $1,350.20 auto allowance / mileage reimbursement and I received a $450 auto allowance. We earned $4.69 in interest income from our savings accounts.

This month, our expenses totaled $14,388.27, just barely less than our total income this month. Big ticket items include $2,165 for nanny/babysitting, $1,181.57 in household items, and $1,502.28.

Next month should be another good income month since we will receive a good tax refund.

Net Worth

January 2018 Net Worth Update (+$10,529.94)

February 2, 2018 1MansMoney

Overall

In January, our net worth increased $10,529.94 from last month to a total of $652,261.98 (see spreadsheet screenshot). We passed our $650K net worth milestone this month!

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 new 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 contribution of $575.00 to her 401(k). We contribute 6% to my 401(k) (bumped it up this month from 5%) and my company matches up to 4% and deposits the match in March (100% vested when deposited). This month, we contributed $498.15 to my 401(k). The total balance of our retirement accounts increased $12,433.36 from last month to a total of $279,603.49.

Brokerage Account

Cash & Savings Accounts

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $622.32 from last month to a total balance of $22,265.14. We contributed $0 to our daughter’s 529 Plan and it increased $320.99 from last month to a total balance of $11,462.02.

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 $232,756.63. We paid $200 extra towards principal this month.

Vehicles

My wife’s 2017 SUV has 15,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $45,813.19 at 2.79%. I have a 2012 sedan with 95K miles. My company gives me a $450/month vehicle allowance and provides me with a gas card. The loan balance on my car is $8,879.13 at 1.99%. We also have a ski boat with a loan balance of $53,852.17 at 5.24%.

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

Goals

NET WORTH MILESTONE: $650,000

January 10, 2018 1MansMoney

We just passed our net worth milestones of $650,000! We passed our previous net worth milestone of $640,000 last month. 2018 is off to a great start!

Our net worth is currently $655,302.68. Our retirement accounts and cryptocurrencies have been doing amazing in January. I will update our chart on the right at the end of the month. We hope to hit our next net worth goal of $660,000 by next month (or maybe even this month).

Goals

2018 Financial Goals

January 5, 2018 1MansMoney

Happy New Year! 2017 was a great year for our net worth but we somehow only hit three of our five 2017 financial goals. I hope we have better luck hitting our goals for 2018. Here they are:

1) Pass our 2022 Net Worth Goal
We enter 2018 with a net worth of $641,732.04, almost 4 years ahead of our net worth goal targets. God willing, we can secure the 4 year lead by exceeding our 2022 net worth goal of $721,500 in 2018. My estimates/forecast puts us at $682K by the end of the year so we’ll have to work extra hard to reach $721K.

2) Continue tithing and improve attendance
We failed to make it to church very consistently but we did succeed in giving $200/month in 2017. We plan to continue our giving plan while working to improve our attendance.

3) Pay $6,000 extra towards mortgage principal
We secured a 15-year mortgage (2.875%) when we moved into our new house in July 2016. We would love to pay it off in 10-11 years instead of 15 years. To do so, we plan to make two extra payments a year ($1,800 each) and pay $200 extra every month.

4) Contribute $2,000 to 529 Plans ($1,000 for each child)
We plan to begin contributing again to our kids’ 529 Plans in 2018. We took most of 2017 off so our intent is to work to get $1,000 in to each of their 529 Plans. Currently, our 6-year-old son’s 529 Plan has a balance of $21,642.82 and our 3-year-old daughter’s 529 Plan has a balance of $11,141.03.

5) Building retirement accounts balance total to $300K
We ended 2017 with $267K in retirement savings. God willing, with a little extra effort and good returns from the stock market, we hope to reach $300,000 total in our retirement accounts by the end of 2018.

Goals

Review of 2017 Financial Goals

January 4, 2018 1MansMoney

Happy New Year! We had an amazing 2017: My wife and I both started great new jobs, we invested in quality family time, and our net worth skyrocketed. Interestingly, we still only hit three of our five financial goals (details below). I will be posting our 2018 financial goals shortly.

1) Pass our 2020 Net Worth Goal – SUCCESS
Going into 2017 with a net worth of $517,430, we were tracking ~3 years ahead of our net worth targets. We had hoped to maintain this lead and end 2017 above our 2020 net worth goal of $575,800. We were very blessed to end 2017 with a net worth of $641,732! That puts us ~4 years ahead of our net worth targets (our 2021 goal is $645,800)!

2) Start tithing again – SUCCESS
We failed to make it to church very consistently but we did succeed in giving $200/month in 2017. Now we have to fix our attendance…

3) Pay $5,000 extra towards mortgage principal – SUCCESS
We were able to pay $5,650 extra towards mortgage principal in 2017. Our current mortgage balance is $234,182 on our 15-year mortgage (2.875%). That puts us on track to pay it off 10-11 years after purchasing it in July 2016.

4) Contribute $6,000 to 529 Plans ($3,000 for each child) – FAIL
We decided early in 2017 to abandon this goal so that we could purchase a boat to enjoy as a family. We’ve been so financial focused that we quit having very much fun as a family. The boat has been a fun, albeit expense, way to send time together and with friends. That being said we were still able to contributed $700 to our son’s plan and $700 to our daughter’s plan. Our 6-year-old son’s 529 Plan has a balance of $21,642.82 and our 3-year-old daughter’s 529 Plan has a balance of $11,141.03.

5) Building savings account balance to $20,000 – FAIL
We ended 2017 with $9,433.75 in savings. We got very close to the $20K goal in June with $17,309.22 in savings. We had plenty of chances to exceed the $20K goal but we started pulling out more than we were putting in, including the following:

· $12K down payment for SUV

· $15K down payment for boat

· $5K moved into brokerage and cryptocurrency accounts

Income Statement

December 2017 Income Statement

January 3, 2018 1MansMoney

December was a terrific income month but also a high expense month (see spreadsheet screenshot).

Our total income in December was $18,756.57. In addition to our regular paychecks, my wife received a quarterly bonus of 8,077.44 gross ($4,519.27 net). I received a monthly bonus of $2,222.41 gross ($1,254.10 net), and I received a 3^rd “extra” paycheck. My wife received a $915.54 auto allowance / mileage reimbursement and I received a $450 auto allowance. We earned $4.28 in interest income from our savings accounts.

This month, our expenses totaled $13,135.10, almost the same amount that we spent last month (and that is not good). Big ticket items include $805 in doctor/dental bills, $562 in entertainment, and $640 in gifts.

Next month should be another good income month since I will receive a good quarterly bonus.

Net Worth

December 2017 Net Worth Update (+$10,203.97)

January 1, 2018 1MansMoney

Overall

In December, our net worth increased $10,203.97 from last month to a total of $641,732.04 (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 new 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 contribution of $978.86 to her 401(k). We contribute 5% 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 $370.74 to my 401(k). The total balance of our retirement accounts increased $726.59 from last month to a total of $267,170.13.

Brokerage Account

Cash & Savings Accounts

Cash and savings accounts consists of a small sum of cash at home and our online savings account balance. It does not include our checking account balance that we use to pay our bills each month. Our cash and savings accounts increased $1,003.50 this month, bringing the total to $9,433.75.

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $390.37 from last month to a total balance of $21,642.82. We contributed $0 to our daughter’s 529 Plan and it increased $201.34 from last month to a total balance of $11,141.03.

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 $234,182.34. We paid $200 extra towards principal this month.

Vehicles

My wife’s 2017 SUV has 10,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $46,412.02 at 2.79%. I have a 2012 sedan with 90K miles. My company gives me a $450/month vehicle allowance and provides me with a gas card. The loan balance on my car is $9,066.89 at 1.99%. We also have a ski boat with a loan balance of $54,048.90 at 5.24%.

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

Goals

NET WORTH MILESTONE: $640,000

December 17, 2017 1MansMoney 1 Comment

We just passed our net worth milestones of $640,000! We passed our previous net worth milestone of $630,000 last month. What an awesome way to end the year!

Our net worth is currently $641,128.86. Most of our growth this month has come from big gains in the cryptocurrencies that we own. I will update our chart on the right at the end of the month. We hope to hit our next net worth goal of $650,000 by next month.

Our path to financial independence and retiring early.