May 2017 Net Worth Update: $105,917

If you are new to my blog, welcome and thanks for stopping by. Every month, I post my net worth update, budget, and savings on this blog. Check out this link to view my previous net worth updates and financial goals.

The month of May was uneventful, which is a good thing in my world. I am happy to report that things are beginning to settle down financially for me. I took care of pending expenses, originally placed on hold to pay off my debt. This means I can now begin to target a savings rate of 65-70%.

NET WORTH UPDATE

MAY 2017 Net Worth
Starting Balance Ending Balance $ Change % Change
ASSETS
Cash $1,000.00 $2,000.00 $1,000.00 100.00%
Property (car) $13,657.00 $13,617.00 -$40.00 -0.29%
Investments $86,371.80 $90,300.70 $3,928.90 4.55%
Total $101,028.8 $105,917.7 $4,888.9 4.84%
LIABILITIES $0.00 $0.00 $0.00 0.00%
Net Worth $101,028.8 $105,917.7 $4,888.90 4.84%

ASSETS: $105,917 (­­)

  • Cash ($2000) – My emergency fund bucket increased by $1000 this month. The short-term goal for this account is a 3-month emergency savings of $6,000 by September 2017. Check out this link for more of my short-term and long-term financial goals. As always, I am grateful for month #9 without a significant financial emergency.
  • Car ($13,617) –  The value of my car from Kelley Blue Book decreased this month by only $40. Speaking of which, my parked car was damaged by a vehicle backing out of a driveway. Luckily, the stranger left their information with someone who got in contact with me immediately. The repair cost billed to their insurance company was over $2000.  I was relieved that I didn’t have to dip into my emergency funds to cover the repairs.
  • Investments ($90,300) –My investment portfolio is composed of a variety of accounts, and it grew by $3,928 or 4.55 %. Most of this growth is from  my more aggressive 403B contributions with 2% employer match. I also started contributing to my Roth IRA with the goal of maxing it out to the 2017 IRS $5,500 limit over the next 2-3 months.
INVESTMENT ACCOUNTS (MAY 2017)
Starting Balance Ending Balance $ Change % Change
ACCOUNTS
Roll Over IRA $73,832.22 $74,599.24 $767.02 1.04%
Employer 403B $6,136.99 $8,180.43 $2,043.44 33.30%
Roth IRA $5,225.32 $6,290.94 $1,065.62 20.39%
P2P Lending club $744.80 $794.33 $49.53 6.65%
P2P Prosper $382.20 $384.75 $2.55 0.67%
Taxable Brokerage $50.28 $51.02 $0.74 1.47%
Total $86,371.8 $90,300.7 $3,928.9 4.55%

NET WORTH: $105,917 (­)

Overall, my net worth (NW) increased by $4,888 or 4.84% This is my 9th NW update and 8th  consecutive positive growth in NW. The graph below represents my NW growth from Jan – May 2017. I am  about $19,000 away from my next NW milestone of $125,000 on or before August 2017. Check out my other short and long-term net worth goals here.

May Budget Update

Income: My net income this month was $4,357. This is the total amount deposited into my account after my retirement contributions (403 B and Roth IRA) are made. This month, $1750 was contributed pre-tax into my 403B account and $1000 post-tax was deducted directly from my paycheck into vanguard and invested into my Roth IRA. I love this approach of paying yourself first, which is why I love  this quote “Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett. The $47 other income is from selling some of my old books on Amazon.

Expenses: This month, I had several irregular expenses like my biannual car insurance premium ($560),  annual professional dues ($210) and trip to Europe for 7 days ($525). My total monthly budget is $2,000 ($1,500 for my expenses and $500 for my parent’s mortgage) and I was significantly over that this month.

With all of the irregular expenses taken care of, I will target a savings rate of ~65% for the month of June. What is your average savings rate? Do share in the comment section below.

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