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 $6,033. 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 $4,421 (Some transfers get categorized as expenses but are not 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. Another month I was not able to spend all of my passive income. This month I had some huge expenses. Things range from deciding to revamp the power steering pump and all hoses in the 80 Series Land Cruiser, Spending a ton on updates for the RV and lastly buying a few more wet shaving gear. On top of that, I ate out so much!! It’s insane that even after all that I still was not able to spend it all.
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 $1,612. This again is with my intentionally trying to blow money.
- $1,612 Money Market Account
Check out CC hacking it saves me a ton of money!
Side Hustle Income: $0
Net Worth: $509,497
My TSP account for some reason did not update on Empower. So the graph is a bit higher than my actual net worth. My correct net worth is $509,497.
My net worth has had almost a $10K drop in the last month. I honestly couldn’t care less. This just means If I invest money I am getting a discount per share I buy. But 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 -$11,853 gain since my last net worth update for August 2022 was $521,350.
I love using Empower to track my Wealth.
Even with me intentionally trying to blow money I still can’t spend all my passive income. I will add that even though I am trying to spend more money I am still trying to make that money bring me value. I could easily give or throw away $6,000 a month. But the point is to see if I can spend that much money in a way that brings me value. So far I have struggled with this over the last few months.
I struggle because I already have everything I want and spend based on my values. I find the best things in life are cheap or free. Also living in an RV allows me not to buy a bunch of stuff just for it to be in a closet or a spare bedroom. I could see if I owned a house this challenge being a bit easier because I could spend some of this on updates for the house.
Now this month I did do some updates to the RV. I upgraded our bathroom fan with a Max Air Fan that is pretty high-tech and fancy. I upgraded all the inside vents and had a few small upgrades for the outside.
Key West Bound
We are finally in the final stages of preparation for leaving SoCal and heading to Key West. This has been the plan for a while to give me some time to spend with family. The only negative about this is this is the perfect time of the year to explore more of the West Coast and Mid-West states. But I really should get to FL sooner rather than later. I think more exploring will happen in 2024.
After Key West, I am not sure yet where the wind will blow me. I am interested in buying a home base so I have a place to rest in between exploring new places. I was pretty sure that would be somewhere in FL. But the more I think about what I want from a home base the more I’m considering other states.
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.