February hath come and gone!
Thirty days hath September,
April, June, and November.
All the rest have thirty-one,
Except for February alone,
Which has but twenty-eight days clear,
And twenty-nine in each leap year.
If you are new to my blog, welcome and thanks for stopping by. Check out this link to view my previous net worth updates, as well as my financial goals.
Financial book read this month: The Richest Man in Babylon. I loved this book! I listened to the ~3-hour audio book while doing chores at home. It contains timeless and simple money principles that anyone can implement to get out of debt and begin build wealth.
Favorite Financial Quotes I discovered this month:
- “That what each of us calls our necessary expenses’ will always grow to equal our incomes unless we protest to the contrary” – The Richest Man in Babylon
- “Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett
NET WORTH UPDATE
ASSETS: $98,757 (↑)
- Cash ($1100) – This is my $1000 emergency funds in my savings account. I am grateful for yet another month without a significant financial emergency.
- Car ($14,174) – The value of my car from Kelley Blue Book remained virtually unchanged. This car note was paid off in March 2016.
- Investments ($83,485.56) – Starting this month, I temporarily paused contributions to my work 403B plan, to provide an extra boost to pay off my student loans earlier than scheduled. I am confident that I can make up for lost time and contribute up to the 2017 IRS limit of $18,000 after my loans are fully paid off. Despite this, my investment portfolio overall increased by $2,939 or 3.65%.
Overall, my assets increased by $3,024 or 3.16%
LIABILITIES: $8,649 (↓)
- Student Loans ($-8,649) – This month, I paid off $4,916, more than the typical $4,000 set aside for my student loans. The extra funds came from temporarily pausing my 403B investments (as described earlier). By my original calculation, I was scheduled to pay off this loan by June 2017, but because of the adjustments I made to my income distribution, I have shaved off months from the original schedule. All things being equal, this loan should be paid off in full on or before April 2017.
NET WORTH: $90,063 (↑)
Overall, my net worth (NW) increased by $7,940 or 9.67%. This is my 6th NW update and fifth consecutive monthly growth in my net worth. My financial goal of achieving a NW of $100,000 in March of 2017 is right around the corner. Aside from expecting more rain, blossoming flowers, and allergies next month, I don’t know what the month of March holds I remain optimistic and continue to aim for the six-digit net worth club.
I had a separate section dedicated to my monthly budget updates, but moving forward, ill combine it with my NW update for now. I’ll reassess this approach in a few months.
My monthly living expenses, for a single person household ranges from $1,500 – $1550/month. This includes all my expenses except for debt repayment and savings. Those are discussed above with my net worth updates. February was a good month as far as expenses go. I completed the month at $1,499, right on budget.
Here is a breakdown of my bills and utilities. The food and dining and miscellaneous expenses are self-explanatory.
Most of my fixed expenses were within the normal range, except for my cell phone (project Fi), which was higher than normal.
Financial tools I currently use, love, and recommend:
- Net worth tracking: Mint.com and good old excel spreadsheet/google sheets
- Investing: Vanguard, Betterment and Fidelity (work 403B)
- Savings: Ally Bank
What are your favorite financial tools? share them down below.