Intro to the TNFG Monthly Wealth Tracking Series v2
Table of Contents
Redux – This is the re-start of a beautiful wealth tracking thing
It’s been a year since we started to publicly document our net worth (wealth) trajectory.
Based on the Godfather of net worth sharing J-Money of BudgetAreSexy.com, my wife and I wanted to bring the same level of transparency for Black and Brown households.
Personally, I wanted to debunk the myth of Moving in Silence. While I understand that you have to discern who you share information with in your direct environment, you are likely missing out on a myriad of blessings.
Translation, “how can people help you if they don’t know you exist?“
Moving in Silence and Blocking Your Wealth
I’m often ask, “Hey Law, do you know a CPA in south Florida that can handle X?”
I think about it and then the answer comes back to “No“. Unfortunately besides what people post in their leisure on IG, doesn’t give me any confidence to what they value at work or if they are any good at it. I know CPAs but I can’t recommend them because they don’t recommend themselves online. The same can be said of any other industry.
Every post is an opportunity. Every non-post is shot missed. My wife and I landed on Business insider because we shared, specifically because I posted that I would like to one day get on there. A financial podcaster saw my post, I landed on a podcast. Another person, i.e. a writer for the Business Insider saw the post and heard the podcast and voila.
So yeah, we are sharing our Net worth monthly to motivate other people because moving in Silence for some people, it really means moving in fear. I never place fear over faith.
“What God has for me and my family, He has it.”
Meteoric Wealth Increase in One Year
The Original Format vs the New Format
| Segment | 2020-2021 Style | New 2021+ Style |
| 1 | Discussing what went well (Good) | Monthly Wealth Tracking (Comparison) |
| 2 | Reviewing what didn’t go so well (Bad) | Monthly Expenses Breakdown (Disclosure) |
| 3 | Acknowledging what I need to work toward (Follow Up) | Personal Accountability (Review of Good/Bad) |
| 4 | Actionable Steps, Tips & Tricks (Fun or Useful Takeaway) |
Don’t just track with us, join us on the mission to become Debt Free Millionaires that retire Earlier than Average. Check out the Summary breakdown below.
1. Monthly Wealth Tracking Comparison (see image #1)
This is where you will see a month vs month increase or decrease.
I get that info from Personal Capital! Sign up with my link & get $20. Terms apply. https://pcap.rocks/lawrencegonz
The biggest changes will be more apparent in either green or red bold. Green being the good stuff and red being the decline of wealth.
The merit of this is to show you that a decrease in liabilities is inversely good compare to the asset section.
Assets listed here will be the liquid Cash and Emergency Funds, and the hard to access Investments and other assets.
Other assets include Home value ie what it can sell for, as well as car equity, significant material possessions like a ring.
The liabilities include the amount owed on the homes i.e. Mortgages, in addition to credit card debt, student loans, and etc.
2. Monthly Expenses Breakdown by Line Item (see image #2)
This segment will have the month to month breakdown.
The numbers are easily pulled from mint.com in the trends section. Every month, I review the transactions for proper tags and screenshot the results.
From there, you can at a glance evaluate if you are moving without a financial guard rail. Negatives are credits.
In the business section, I include my wife’s side hustle as an offset to the stuff we pay for the website and etc.
Ultimately, as long as you are consistent.
Try not to switch categories and rules mid game. For example, my household budget rules is that if you are on travel; any groceries purchased is still associated with the Travel category. The same goes for clothing or restaurants done on travel time.
By the way if yo need a plan to generate your wealth faster, adopt the Net/Max Personal Financial Plan. It works.
3. Wealth Tracking Review – The Good and Bad
For example,
Lifestyle changes. The pandemic forced all these micro expenses and stressors to decrease overall. There were no mandate to go do anything because nothing was available. We were able to spend more quality time together.
Mindset. Entered into a period of intentional and thankfulness. I challenged myself to understand investments more. And really strive to create a wedding that focuses on substance over material flaunting.
Investing. For example, we go over when it goes well, what we are looking to invest in and why. The goal for this is to grow a $1M dollar portfolio before your eyes. Check this invst. article out, if you want the details. And, no it’s not investment advice. Just sharing what we are learning.
Opportunities or Pivots. For example, sometimes there are unexpected expenses like the squirrel incident in May 2021. Or there might be a way to rethink and retool to bring in more passive income. Recently we upgraded our financial literacy consulting scheduling for $150 and immediate got a client for $500. That’s an opportunity that we couldn’t realize if we didn’t use and prioritize our wealth differently.
4. Action Items to Help You Build Wealth
This is where I drop purposeful information ie videos, tweet, podcast, etc. Or I get profound like, “My goals for the remainder of the year include:
- Establishing systems and processes. In order to get more done, I’m going to have to be regimented and excited. I will also need to play and rest accordingly.
- Creativity and dollar conversions. Working on better IG posts, website with articles, and maybe a few workshops that I can use for passive income.
- Wedding Planning. Definitely need to do my part and get going because November is coming.
- Working on investing at least $10,000 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 $50 for $50 referral if you need it – https://m1.finance/SYdqDJ2SyADC.”
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