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.
This month I made $6,042. This is with me not using any SWR for my investments. My income is from a pension and being a disabled Veteran.
Expenses total right at $5,853 (Some transfers get categorized as expenses but are not on Empower). It’s a heck of a lot easier to spend $6K a month when I am moving my RV every 1-2 days across the country. Especially when I average around 6mpg with my setup. My expenses will go dramatically down once I am not moving so often.
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 $189. This again is with my intentionally trying to blow money.
- $189 Money Market Account
Check out CC hacking it saves me a ton of money!
Side Hustle Income: $0
Net Worth: $518,050
My TSP account for some reason did not update on Empower. So the graph is a bit lower than my actual net worth. My correct net worth is $518,050.
These days the goal is to spend more so I am not actively investing anymore so unfortunately I am not taking advantage of this sale!!
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 +$8,553 gain since my last net worth update for September 2022 was $509,497.
I love using Empower to track my Wealth.
Another month being retired and I finally just about spent all my passive income this month. It only took me having to drive across the country and move every few days to do so lol. My 97 F-150 Super Crew that pulls my 32ft RV only gets around 6mpg when towing on the road like this. Mind you I also did spend some money on stuff I did not need this month. Like this $475 custom-made razor below. It also comes with a matching stand for it. It’s still crazy to me that even with me blowing money like it’s going out of style I still am barely able to spend $6K a month.
I’m now on the east side of TX as I type this post. I have not been taking a lot of pictures just because I’m exhausted most days during this trip. Unfortunately, I don’t have the luxury of making this a slow travel trip like I normally would. I am on a time crunch to get to Key West. So I drive 3-5 hours a day and find a place to park the RV for the night. Once parked you have to unpack the stuff you put away so things don’t get broken on the move. The next morning it’s packed up and back on the road. In some places, we have spent two days which gave me a nice rest day. I think this will be my last rushed trip in the RV as this has not been a fun experience. Not the worst either but not what I would like to do being financially independent.
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
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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My favorite free financial tool to manage my net worth is Empower. You get a $20 Amazon gift card for signing up.
My favorite free investing platform is M1 Finance. You get $10 for signing up. No trading or management fees plus you can buy fractional shares.
My favorite phone service is Mint Mobile. You get a $15 renewal credit for signing up. I get a year of phone service for a rock-bottom price of $240. As a guy who travels and lives in an RV full-time, this service has been amazing.