Net Worth Update: April 2017

It’s time for my monthly net worth update!

Asset Total Monthly Change Percent Change
Wells Fargo (401)k $20,407.75 +$948.46 +4.87%
Betterment- Brokerage $13,512.97 +$410.79 +3.14%
Synchrony- High Yield Savings $4,443.57 +$1,217.84 +37.75%
Checking Account $934.82 -$46.47 -4.74%
Total  $39,299.11  $2,530.62 6.88%

I’m so close to hitting the $40,000 mark! I didn’t meet my savings goal for April due to some unexpected car costs this month, but I will definitely reach the $40,000 mark in May. I am setting aside $1,117 in May to put into my brokerage and high yield savings accounts- lower than my usual $1,500, also due to the car costs I mentioned.

Current status = 4.62% of my $850K goal saved.
Net Worth UpdateAgain, I do not include my car (or house, as I am renting) for two reasons: first, I intend to drive my car as long as I can safely hold on to it. Secondly, my main goal for tracking my net worth is to save up enough for early retirement (current goal- $850K, which I was able to bring down after lowering my expenses). For early retirement purposes, I only want to include assets that will continue to produce passive income.

A breakdown of the accounts I have and their progress this month:

Wells Fargo 401(k): +$948.46

This is my retirement account through my company. I contribute 6% of my income and take advantage of my company match, which is up to 6% as well. My Betterment brokerage account is my first priority, not my 401(k), because I don’t want to pay tax penalties for withdrawing money during early retirement. I use Smart401(k) to determine my allocations within the account and maximize returns. This increase is due to my normal contributions plus market increases.

Betterment (Brokerage): +$410.79

Betterment is my main account for my early retirement goal. I contributed $200 this month, and market increases accounted for the rest. While I’m focusing primarily on my sabbatical, I want to keep making regular contributions to Betterment as well. I’d love to have $15K in this account before scheduling my sabbatical so it will still grow while I don’t have a salary.

Synchrony (High Yield Savings): +$1,217.84

I use this as my Emergency Fund and as a place for short term savings. I’m working on replenishing my emergency fund to $15K as well as using this to save for a 6 month sabbatical from my full time job. On days when I’m struggling with my job, it’s nice to look at how much I have in this account already. I now have 29.62% of my goal saved!

Checking Account: -$46.47

A slight dip due to waiting on a reimbursement from work. It would be cool if I could keep this account exactly the same every month- technically, it should be possible, because my income is always equal to my expenses plus what I put it savings. But it doesn’t seem to work out that way in real life 🙂

Income and Expenses

Below is my updated Wall Chart for the month… you can see my income and expenses. The bottom line is income from my investment accounts- once this line crosses my expenses, I will have reached Financial Freedom! For more on Wall Charts, see my recommendations on building a better budget.

Do you track your net worth? Did you reach any milestones this month? Let me know in the comments!

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