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 $6,246. This is a mixture of passive income from my military retirement/VA compensation. Oh, and I returned some clothes.
Expenses
Expenses total $2,771. I was pleasantly surprised by how low my expenses were this month. I spent a good amount on stuff for the RV because I am still renovating and upgrading it.
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: $850,071
My net worth does not account for my passive income. I only account for my liquid investments, cash, and my 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 $9.5K 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 +$54,724 gain since my last net worth update for October 2024 was $795,347.
I love using Empower to track my Wealth.
Final Thoughts
Man, this month was crazy for my wealth stash!!! A +$54K month in growth. Honestly, at this point, my wealth stash is all arbitrary. I say this because, at its current amount, I can now spend around $107K-$124K using a 4%-6% SWR. My expenses are less than $40K on average annually. So I don’t need my wealth to grow anymore at this point. Yet my pension/VA only goes up yearly to match national inflation yet my personal inflation is not even close to being similar. So I get a nice pay raise every year. I mean by looking at this I can increase my lifestyle expenses by 3x with my current portfolio. While I love the idea of hitting that million-dollar portfolio, it is unnecessary.
But If I ever want to buy that big fancy million-dollar house and some fancy toys then yes I would need my wealth to keep growing.
I love how I tracked this for so many years to prove time + consistent investing is how you build wealth. I’m proof anyone can build wealth as I started when making $50K a year. While people I worked with made fun of me and kept blowing their money I saved/invested for my freedom. Now I was able to retire at 38 and they are all still having to grind at a job. The funny thing is now many of them will hit me up for financial advice.
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 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!
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