Net Worth Update: May 2017

It’s that time again… here is May’s net worth update! And…

Asset Total Monthly Change Percent Change
Wells Fargo (401)k $21,451.04 +$1,043.29 +5.11%
Betterment- Brokerage $13,745.17 +$232.20 +1.72%
Synchrony- High Yield Savings $5,565.04 +$1,121.47 +25.24%
Checking Account $1,106.45 +$171.63 +18.36%
Total  $41,867.70  $2,568.59 6.54%

I planned for $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. I ended up contributing $1,157, so slightly more than expected! The other increases are from my automatic 401(k) withdrawals and market increases.

I also bumped my Early Retirement goal from $850K to $1M… Estimating how much I will really spend after I am no longer working is not an exact science, but i think $34K/year was too conservative. So, I raised it to $40K/year, which is basically what I am spending now, minus costs that I know for sure are work-related (continuing education, gas for driving to work, etc.). The $34K/year to $40K/year change is equal to $850K total to $1M total.

New status = 4.19% of new $1M goal saved.
Net Worth Update

Again, 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): +$1,043.29

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): +$232.20

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): +$1,121.47

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- so close to being halfway there!

Checking Account: +$171.63

Slight increase this month- I think because I paid my credit card bill in early June instead of late May.

Income and Expenses

Below is my updated Wall Chart for the month… you can see my income and expenses. The bottom line (the one you can barely see in yellow, ha) 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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