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
This month I made $10,010. This is a mixture of passive income from my military retirement/compensation, side hustle, and tax return.
Expenses
Expenses total right at $2,655. This number is a bit off below due to things still pending.
Savings
Now that I am retired the focus is not on a high savings rate. But seeing my passive income is 2x-3x what I usually spend I foresee myself still saving and investing some money. This month I saved $7,355.
- $7,355 Money Market Account
Check out CC hacking it saves me a ton of money!
Side Hustle
Side Hustle Income: $180
Net Worth: $697,704
My net worth on Empower is a little off because my 401K has not been updated. My net worth does not account for my passive income. I only account for my liquid investments, cash, and my paid-off RV on this net worth. However, I put my RV for far less than NADA says it’s worth and less than similar models are listed for on the used market. I eventually might take it off completely but as of today I have it on here and accounts for $14.5K of my total net worth. I have been lowering the RV value by $500 every month. I think I will keep doing this until it’s at a rather low amount or off completely.
That is a -$18,559 gain since my last net worth update for March 2024 was $716,263.
I love using Empower to track my Wealth.
Final Thoughts
Another great month even though my portfolio took a $18K hit. This simply means I had the opportunity to buy more stocks at a cheaper price point. Not every month will you see your wealth grow. It’s very normal to see it go up and down over the short term. But long-term my wealth has only gone up over the years.
I’m now in Alabama as the nomadic adventures continue. Though I am slowing down a lot more on moving so often. I really felt like I was getting burned out from moving so often. I keep thinking about changing my RV setup. I have been in the same RV & truck going on five years. Which is a long time compared to many in the RV community. But I am not sure if I want to get a drivable RV like an upscale A-Class that can tow a fun off-road vehicle or get a bigger 5th Wheel and bigger truck to tow it. My current setup fits all my needs so to speak I guess I’m just getting that itch to change things up.
I’m still struggling to spend more money. The RV life really makes it difficult to spend more because you don’t have room to store stuff. I am starting to eat out 2x a week, and even going in to get facials and massages now.
Overall I am still 100% enjoying the retired early life! I am realizing more and more each day how much more I value my free time over work titles, accolades, and W2 income. My free time is more valuable than any of those things you receive from work. I’m also able to focus a lot more on my mental and physical health now that I am retired early. Which has been a complete game-changer in my life. However, being nomadic in an RV does bring its own challenges.
My Passive Income
It’s cool that I make $74,232 annually without even touching my investments. That is the equivalent of $1,862,700 million invested at a 4% SWR. If you add my investment portfolio, I could have around $100,000 a year in passive income or the equivalent of $2,462,700 million invested at a 4% SWR. Now If I wanted to use a 5% SWR I could spend upwards of $104,508 a year and still be perfectly fine with a little flexibility in life.
Could I hustle more to make it to $150,000 in passive income a year? I could and it does sound cooler than $100,000. But I don’t see a reason to do so yet. I don’t spend anywhere near $100K a year as is. Also, I only 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 $100,000 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!