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 $2,256. This will not be my typical income now that I am FIRE. It should be around $6,000 a month. This is with me not using any SWR for my investments. My income is from a pension and being a disabled Veteran.
Expenses
Expenses total right at $2,311 ($350 I spent has not loaded yet on Empower). My PF challenge was to see if I could spend all $6K of my monthly passive income. I knew this would be challenging as I already spend money on whatever I want. I typically spend around $3K a month. But I’m interested in tracking the spending during retirement to see how it changes.
Savings
Now that I am retired the focus is not a high savings rate. But seeing my passive income is 2x-3x what I usually spend I forsee me still saving and investing some money. This month I saved $3,226.
- $3,226 Money Market Account
Check out CC hacking it saves me a ton of money!
Side Hustle
Side Hustle Income: $0
Net Worth: $521,350
My TSP account for some reason did not update the last week of August on Empower. So the graph is a bit higher than my actual net worth. My correct net worth is $521,350.
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 $17K of my total net worth.
That is a +$85,223 gain since my last net worth update for July 2022 was $436,127.
I love using Empower to track my Wealth.
Final Thoughts
I have been officially retired for two months. So far it has been better than I could have ever imagined. I’m still living in San Diego for now. I do plan on moving to Key West FL in the next few months. I have been planning for some time to be closer to family for a bit. From there I plan to start searching for a home base so to speak. I would like to find a place where I can have some land and possibly begin a homestead-style living situation.
I like the idea of a home base for my in-between travels. The idea is to have a place I can come back to for some downtime. I would like to do more slow travel now that I am retired with no actual schedule or care so to speak.
I plan to start doing more net worth updates from now on to track my retirement expenses. It’s been over a year since I have done a net worth update.
I only spent roughly $2,300 for August. This was with me forcing myself to spend money like it was going out of style. I spent $750 on my hobby of wet shaving and ate out multiple times a week. I bought two new custom shaving brushes and a new EDP, that basically covers the $750 on hobby stuff I spent. Nothing I needed but I figured I had to spend money so why not? I knew it would be hard for me to spend $6K a month. As I already have everything I want and I don’t try to fill a void in my life with stuff. On top of that, I don’t have the desire to buy stuff just to try and impress other people or to look like a certain status in public.
BlockFI is what I use to optimize my crypto accounts to build more wealth.
My Passive Income
It’s cool that I make $72,000 a year without even touching my investments. That is the equivalent of $1,800,000 million invested at a 4% SWR. If you add my investment portfolio to that I could have around $92,000 a year in passive income or the equivalent of $2,300,000 million invested at a 4% SWR.
This does not include my wife’s passive income or assets. I have kept those separate as we keep finances separate and as FIRE bloggers I’m not sure it would be fair in a way to combine them.
Could I hustle a bit more to make it to $100,000 in passive income a year? I could and it does sound cooler than $92,000. But I don’t see a reason to do so yet. I don’t spend anywhere near $92K 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 $92,000 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.
For this blog, I only show my portfolio and don’t show our combined portfolio. I’ll leave it at that we are doing very well and way above average!
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!