I want to explain why I do a monthly net worth update.
- Keep me accountable
- Track my journey
- Prove that anyone can become a millionaire
- Prove that FIRE works
I hit FIRE in 2023 at age 38! Stay consistent and keep investing like it’s going out of style.
Income
My income totaled $6,186. This combines passive income from my military retirement and VA compensation.
Expenses
My expenses totaled $3,179.
Savings
Now that I am retired the focus is not on a high savings rate. But seeing my passive income is 2x what I usually spend I foresee myself still saving and investing some money. This month I saved $3,339.
- $3,339 Money Market Account
Check out CC hacking it saves me a ton of money!
Side Hustle
Side Hustle Income: $0
Net Worth: $832,745
My net worth does not account for my passive income. I only account for my liquid investments, cash, and paid-off RV. However, I put my RV for far less than NADA says it’s worth and less than similar models on the used market. I eventually might take it off completely but as of today, it accounts for $8.5K of my total net worth. I have been lowering the RV value by $500 every month and I plan to keep doing this until it’s at a rather low amount or off completely.
That is a -$17,326 gain since my last net worth update for November 2024 was $850,071.
I love using Empower to track my Wealth.
Final Thoughts
Finally, I saw a drop in my net worth last month. But fear not, because that is normal and an expected part of the journey. I still think to myself “DAMMMM!!!” you have over $800K in your portfolio.
I still am trying to find a new truck to purchase. I would not have guessed vehicle shopping would be so hard. The few trucks that have interested me have sold before I could even look at them. Including one that I drove 40 minutes to see. I’m thinking about getting a loan once I find one because rates are still lower than market returns. But I do have about $25K cash that has been sitting just for this purpose. So I might put $25K down and borrow the rest. However, I have thought if I move into an apartment do I even need a truck? I don’t think so even though the RV would have to go into storage I could always pay to get the RV towed into the storage.
I must admit it’s nice riding in a truck. But for the price of a used truck, I can almost buy a brand new small SUV something like a Toyota RAV4. I have been trying to figure out which one I would enjoy more as this is something I need to keep in mind. I’m no longer in the accumulation phase so it’s ok to spend more if I enjoy or get value out of it. As I have mentioned below my pension/VA is over $74K without even touching my investments. My spending for all of 2024 was around $36K so I can afford to spend a bit more on a vehicle even if I have to get a loan. As of today, I am leaning toward the truck.
My Passive Income
It’s cool that I make $74,232 annually without even touching my investments. That is the equivalent of $2,449,656 million invested at a 3% SWR. If you add my investment portfolio, I could have around $115,000 a year in passive income with around a 5%-6% SWR.
Could I hustle more to earn $150,000 in passive income a year? I could, and it does sound cooler than $115,000. But I don’t see a reason to do so yet. I don’t spend anywhere near $115K a year as is. Also, I see my investment portfolio going up as time goes on, which will create more passive income.
It does feel incredible knowing that I can spend up to $115,000 a year and never have to work at a job to do so. It’s all passive income that I get no matter what I do that year or where I live.
Those of you who have been following my Net Worth Updates can probably skip the rest of this post.
Barista and Coast FIRE group.
I have created a FIRE group for Barista and Coast FIRE people. I saw there was a gap in the community and these paths seem like the more enjoyable path. So I said, “I have to take on this passion project.”
One of my desires this year is to get and build more community! Here is the Barista and Coast FIRE group HERE.
Join us in our no-judgment FIRE group
Fitness
No gym, weights, or fancy gear for over a year! I’m slaying this fitness routine. It’s Fun, Simple, and Works. I’m gaining flexibility, strength, and endurance it’s incredible. Mind you this is with me having multiple injuries from the Marine Corps. I have learned I never needed that gym anyway.
On top of that, I have started to cultivate a Facebook Fitness group where anyone is welcome to come to join us. I set Bootcamp challenges to get everyone motivated and active.
Do you have a fitness goal for 2023?
- Get stronger
- Lose stubborn body fat
- Get a more defined six-pack
- Be more active without being judged
Join my FREE no judgment fitness FB group HERE. The goal is to build a community and help positively impact your health for FREE.
Hopefully, you enjoy these updates and it inspires you to keep going!
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