This $1,100 MISTAKE Cost Us $100,000 January 2021 Net Worth Update
Month End Review (January 2021)
It’s the end of the month which means it’s a good time to check in on major financial goals. If you remember from our financial goals video from the beginning of the year, we talked about our major goals for 2021
Saving for a house plus moving expenses and Roth IRA contributions
This is meant to give you guys an update with those goals.
It’s also a medium to get us talking about these goals on a regular basis. Monthly check-ins give us progress pics of where we are at this snapshot.
The best way to capture these changes is to track our overall net worth. We’ll also be giving some general context about the progress we’ve made or issues we hit along the way.
Overall, Net worth is taking your assets and subtracting your debts. It’s really eye opening to get this perspective on your own finances.
Assets:
Our investments were $46,600. That’s split between 401k’s and IRA’s. Savings is at $40,550 total. Vehicles are about $7,800 total, between 2 cars
We hit our moving slush fund goal at the end of 2020. Our House savings goal is on a good track to hit mid this year. We are a little behind on the Roth contributions. It should be $1,000 per month (about) so we’re looking to see why it’s lower. Giving it another month before making a shift.
Liabilities:
We don’t have any debts to speak of right now
If you want to know more about my view of debt, we made a video about the liabilities that we’ll leave up here: • Liabilities (DEBT) Explained | MILLIONAIRE...
We are currently saving for a house. We plan on taking out a mortgage to pay for the property. When that’s in play, I’m sure this section will get more interesting.
Net Worth:
This should be easy to calculate for those paying attention. We have $94,950 in assets and $0 in liabilities, so our net worth is just the assets.
We are this close to hitting 6 FIGURES in net worth. Working for us this month, we saw a 4% Increase in the 1st of the year. At that rate, we expect to be in the 6 figures in 2 months!
We saw a couple big swings in our investment account this past month which accounts for the majority of growth.
Takeaways from January:
1st is we cancelled our ski trip. We didn’t really know how expensive it is to start skiing when you don’t have specific clothes and equipment. I think we’ll make a special weekend trip when we decide to do it again.
We also decided to switch gyms. Going from one gym to another can be pretty awkward, but it’s not as awkward as not hitting all your fitness goals.
Acknowledging that last year wasn’t perfect, we missed a couple fitness goals. We hired a personal trainer! And it’s forcing positive changes in our lives. Just know we net increased our monthly bill for gyms with this change. We actually expect to get something out of it this year too!
This month, we spent a lot of money! We spent $1,100 in food this month…
For reference, that’s about twice as much as usual.
Part of that is a bunch of diet changes. Trying new recipes, different ingredients, fresher food, less processed foods, and replacing ingredients in the house. Another big part is a lot of restaurants! Not really an excuse for the amount in just restaurants, but it was really enjoyable.
We dropped $400 on gym related stuff… Our old gym’s yearly fee came due right after we decided to cancel. In addition to that, we switched to a new gym with its own initial fee. About half that is the personal trainer.
We also have a few subscription services that hit yearly. We also had a drop in gas, entertainment, and sinking funds that hit the goal.
Our emergency fund, car expense fund, and a number of smaller funds are all funded. That means additional money doesn’t need to be held back for right now, increasing disposable income.
February plans to be very interesting!
Chapters!!!
0:00 Net Worth Intro
0:54 Assets
2:20 Liabilities
2:56 Net Worth Update
4:16 What Happened in Jan
10:08 Plan for Feb
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