At the start of each month I share my net worth. I hope that by tracking and sharing my net worth through this blog I can document my entire journey to financial independence from the very beginning. I think it will be neat to look back on these early net worth updates many years from now and see the progress I made over time.
Here are my numbers for May 2017:
|Money Market Funds|
|Savings Account||$4,668 (+$78)|
|Checking Account||$250 (-$155)|
|Total Money Market||$4,918 (-$77)|
|Tax Advantaged Accounts|
|Traditional IRA||$3,787 (-$122)|
|Roth IRA||$4,377 (-$171)|
|Total Tax Advantaged||$19,758 (+$2,008)|
|Non-Tax Advantaged Accounts|
|Loyal3 Brokerage Account||$3,013 (+$68)|
|Additional Brokerage Account||$3,784 (+$2,240)|
|Total Non-Tax Advantaged||$6,797 (+$2,308)|
|Net Worth||$31,473 (+$4,239)|
From April to May my net worth increased by $4,239.
I continued to funnel money into my 401(k) account, which consists of a simple 80/20 split between an entire-market stock index fund and an entire-market bond index fund. I’m currently on track to contribute the maximum of $18,000 to my 401(k) over the course of this year. My employer also matches up to 6% of my contributions, which is an added bonus.
This month I threw more money into VYM (Vanguard High Dividend Yield ETF) in my brokerage account, which explains the increase in my non-tax advantaged accounts.
Another noteworthy development is the Loyal3 Brokerage shutting down, so I will be moving all my Loyal3 stocks to my other brokerage account starting this month. I’m actually looking forward to having all my taxable money in one location so I’m not too disheartened by the Loyal3 news.
I also continued to pick up tutoring gigs during April to earn some online side hustle income. I actually just checked my PayPal this morning to see how much I have earned from tutoring this year online and I was shocked to find I have made $2,617 over the past four months:
It’s a nice feeling to have an income source completely separate from my day job and I know these tutoring gigs will accelerate my path to financial independence over time. To see how a side hustle can have a massive effect on the time it takes to reach F.I. you can check out my Side Hustle Grid.
Here’s a look at my net worth progression since I started tracking it back in August of last year:
As I mentioned in my previous net worth update, I am graduating college this month and planning on moving across the country so there will inevitably be more expenses in my future, which will slightly slow down my progress. But the wealth snowball is starting to gain speed and it’s moving in the right direction so I know it will keep increasing over time despite the bumps along the way.
I’m excited to look back on this update at this time next year and check out my progress. To everyone that has been following my short journey up to this point, thank you and I hope you keep checking in each month.
That’s all for this month’s net worth update, thanks for reading 🙂
I strongly suggest using free financial tools like Personal Capital to track your net worth, spending habits, and cash flow to help keep an eye on your money. The more you track your finances, the better you get at growing your wealth!
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