Millennial Millionaires Share Scariest Net Worth Break Down Yet!!
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At this rate, just make it stop already. $700+ Grocery Expenses slashing away at our wealth.
Welcome back to TNFGโs monthly Net worth Breakdown, where Iโm reviewing my householdโs September 2020. This month, Iโll also share the wildest and most terrifying monthly budget ever. This was worse than the 1st Presidential Debate.
If you havenโt been keeping up, this is the fifth article in this series. You have plenty of time to check out:
- Tracking the Neighborhood Finance Guyโs Best Million Dollar Net Worth,
- A Millennial Millionaireโs Monthly Tracking Series,
- Avoiding being Broke, Fireworks, Making Money, and Millennial Investing, and
- Making Net Worth Wealth Goals FIRE for Fall 2020
Before we get started, just to let you know 2020 now setting its eyes on 2021. Damn you 2020!
Carnival in Trinidad, Notting Hill (England), and everywhere else except Miami will likely be canceled for 2021. Even Christmas will be toned down for a lot of people this year due to COVID. Check on all your travel friends and those in the tourism industry, it will get rougher before we see the daylight of full recovery in 2022.
Currently Travel Sad
Iโm kind of mad because I was planning a big trip to Argentina, Chile, and Brazil-RIO for 2021 but alas, Iโll be here. However, the show must go on, just more time for us to get our pre-COVID bodies back.
As always here are the rules. We are following BudgetAreSexy.com by J-Moneyโs mantra, a brief synopsis of our householdโs assets and liabilities.
1. What went well?
2. What didnโt go so well?
3. What am I working toward?
So Many Bezos Swipes, My Credit Card Disowned me.
Nothing kills more savings (in 2020) than Amazon Prime (with Video)
TNFG 2020
There was red everywhere. Iโm pretty open about money so that doesnโt scare me but seeing so much red, we were bleeding out.
Every time wifey stepped out, I knew there would be spending. On what, the world will never quite know. Itโs nerve-wracking when she gets into her savage mode.
The car broke down twice so there goes $800 in repairs.
We had Amazon rolling in daily on our subscribe-and-save. So much so, we looked like hoarders or a doomsday cult. We went hiking and even ate out. To a debt-free person, this is sacrilege.
Looking back, we were splurging on ridiculous.
The only reason why our finance didnโt break the record, was due to the insurance money ($2.6k) for the leak from upstairs but those repairs are slated for December. And I made $750 from the side hustle.
Final Net Worth Movement?
In the end, our net worth went up a solid 9.32% – a cash value of $32,435+. The majority of that, $30,000 came from our new home valuation because stocks were struggling. This area is booming and we are benefiting as long-term buy – future rental investors. Iโm still holding out hope to close out the year at $400,000 with 4th quarter stock market slatted for a potential Santa Clause rally.
1. What went well? Nothing
Home Values are climbing. With strong housing sales in August 2020, itโs becoming a sellerโs market. If you have the cash and the drive, I donโt see why you are holding out. Itโs a game of Monopoly out there. After the Housing crash of 2008 and the recovery; those who held and won noticed a pattern. Itโs all about buying and holding because they arenโt making any new land.
Buy what you can instead of renting, and whatโs affordable. Your wallet will thank you later when the market tanks. At least you would have a home thatโs reasonably priced, vs a mansion that you canโt sustain.
That accounted for a +9% increase in our other investments category.
Investments and Passive Income.
We reached our goal of $10,000 back in early August. Iโm happy to say, we added $2,000 in there. There is a $21k of ROTH IRA funds that are waiting in the wing to go to M1 Finance or Fidelity. Since Iโm not timely with this, we missed out on $250 in dividend income in November.
The market dropped in September but I have good instincts for the 4th quarter.
We might see an increase of +10% over the next three months. We also post a few HyperMax investment strategies for Ages 25-30, 30-35, and 35-40.
A great way to get to $1 million with only 5 years of effort. Though Iโm not saying that itโs the only thing you should do, itโs great to see that wealth wins are still very possible with tons of effort.
2. What didnโt go so well this month?
Food costs are up. For just three people (since we have a special guest), we are averaging about $700+ per month buying from Wegmans. Food costs are nasty. US grocery costs have jumped the most in 46 years, led by rising prices for meat and eggs, see article.
Turns out, โThe price of the meats, poultry, fish, and eggs category rose 4.3%, fruits and vegetables climbed 1.5%, cereals and bakery products advanced 2.9%, and dairy goods gained 1.5%.โ
Overspending on Amazon Prime. I have no excuses here, just spending like it is out of style. Off course, it might be important but itโs also killing us softly. Or stabbing me in the back every time the credit card statement updates. And itโs not even the holiday season. If you want to learn โHow I Took Control Over Our Spending on Amazonโ, just click to get a chuckle. Bezos needs to run for office because we already bought in.
Cash and Emergency Funds dwindled because I wanted to invest more. Money doesnโt come from anywhere.
Too bad I put money in AAPL after the split and the market tanked. I missed the dip by that much.ย Something had to give but we should replenish back to $2,500 with $333.33 per month for the fourth quarter. To quote His and Her money, “The fourth quarter is where winners capitalize.” It’s not over yet.
Savings vs Credit?
Debt Repayment. We took up an additional credit card since Chase was selling it hard to us. We will earn $200 with our upcoming spending; on top of that, 15 months with zero APR which isnโt bad at all. It’s just a good opportunity to reclassify and save on interest costs while making the most of the point system. On top of that, no annual fees – Chase Freedom Card for the win:
Earn $200 cash back with the Chase Freedom Unlimited card or the Chase Freedom Flex card with 5% cash back on grocery store purchases (not including Targetยฎ or Walmartยฎ purchases) on up to $12,000 spent in the first year. That’s about $400 cash back for groceries for the year (on avg. $8,400 groceries). Here’s the link:
https://www.referyourchasecard.com/18f/MX6509Z7OE
3. What are we working toward?
Closing out the year stronger.
- Working on investing an additional $500 to hit the total of $12,500 in M1 Finance Brokerage focused on Dividend Income that generates at least $1,000 in passive Income for starters in 2021. Check out the portfolio in real-time. If you like the platform and want to start investing, I have the $20 for $20 referral if you need it โ https://m1.finance/SYdqDJ2SyADC.
- Boosting back the EF savings with an additional $1,000. Keep tabs on your savings, cash flow, net worth, investments, retirement, and more for absolutely FREE with Personal Capital! Sign up with my link & get a $20 Amazon gift card. *Terms apply. https://pcap.rocks/lawrencegonz
- Getting back to shape โ HIIT Mornings. Running, and biking just pushing out effort. I say it all the time but itโs still good. We did start HIIT workouts off of YouTube.
- Fixing our homes ยญโ December. Fixing the leak damages in our primary home and updating bathrooms in the rental. Itโs going to suck but at least you get to see the before and after. The goal is to get back to fully operational by January 2021.
Last Rounds
Set audacious goals and work on them constantly. Thatโs how you change yourself and thatโs how you win. If you want to know more about our technique, check out the Net Max Financial Plan for Couples.
Our Net Worth is up +60% this year, a total value of $145,645. ย
For us, itโs not just about paying down debt but using time to help us propel our wealth higher with more velocity. We will likely have the ยฝ Millionaire marker by June 2020. A far distance from the struggling city of Negative $125,000 in 2014. Now that we formed up like Voltron, we have way more to go.
We are aiming to prove that itโs possible to normalize wealth for regular folks.
*If you haven’t notice with all the referrals and cash back; in here,are worth +$500 for your 2021. You are welcomed.