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 $6,201. This is a mixture of passive income from my military retirement/compensation.
Expenses
Expenses total right at $3,308. 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 $2,938.
- $938 Money Market Account
- $2,000 M1 Finance
Check out CC hacking it saves me a ton of money!
Side Hustle
Side Hustle Income: $0
Net Worth: $720,764
I finally got my 401K to update on Empower!!! That is what that big spike is on the graph. 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 $13.5K 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 +$23,060 gain since my last net worth update for April 2024 was $697,704.
I love using Empower to track my Wealth.
Final Thoughts
Gosh, May was a great month being a buy-and-hold investor. All those years of focusing on my finances are paying off. My investment portfolio is growing and making me money with me doing nothing. This is why I love investing in Index funds vs REI in many ways. It’s zero work, upkeep, and no future worries or issues.
My next experiment with spending more to see if it brings me more value was upgrading my iPhone 8. I decided to go with the most expensive iPhone I could find. That was the iPhone 15 Pro Max. It was about $1,330 and was at my doorstep in two days. After using it over the last week I have to say, I’m not sure what all the consumer hype is about the latest greatest expensive phone. The screen is bigger and has better quality, and the camera is also better, but besides that, I’m not sure I see anything else worth wild. While I could send it back as Apple has a 14-day return policy I plan to keep it to give it more time. But as of today, I don’t see the value in the latest and greatest phones. I could have got a few models older say an iPhone 13 Pro for less than $500.
I find these experiments of mine with spending more interesting and so far I have not seen a huge value increase with them. The next big experiment will be spending more on travel and experiences. This is odd to say because as a nomad living in my RV, almost all my expenses are on travel and experiences. But I think I will add more slow international travel to the mix. Perhaps some fun easy trips via cruise ships and just taking a plane to places versus pulling my RV.
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.
Could I hustle more to make it to $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 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 $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!