In this post I’ll highlight my net worth and officially join J. Money’s Million Dollar Club.

Net Worth

I started tracking my net worth in February 2016 with my own personal spreadsheets and with Personal Capital (which I absolutely love). At the time I had a net worth of about $10,000.  

Fast forward to July 2016 and my net worth is at 24,761.10

Details below! 

Cash Savings: $4,176.98

I’d like to build up my cash reserve a bit more so that I have a little more room to jump on potential investments.

Post-Tax Investments: $6,507.31

I have some individual stocks in here, but a majority of this is an index fund I regularly contribute to on a monthly basis.

401k: $14,274.30

This is where a good chunk of my net worth comes from. In about half a year of work in 2015 I contributed around $4,500. This year I’ve adjusted my contributions so I will pour in the max $18,000 by the end of 2016.

Credit: -$197.49

Nothing special here. It is near the beginning of my month’s credit card statement. I pay this balance off in full every month just like all financially responsible people should.

According to Personal Capital’s retirement simulator, I’ll be a millionaire by the time I turn 48 in the year 2040. I’d like to hit that number a little sooner.
Like 8 years sooner.

So to be a millionaire by the age of 40, I plan to:

  • Continue maxing out my 401k every year
  • Work harder to earn raises, promotions, or new job offers
  • Build additional income streams (maybe even through this blog)
  • Increase my post-tax savings from my current average of 25% to 40%

You can see my goals focus on increasing the gap. In my first year of full-time work I achieved that by getting a raise and decreasing my cost of living.

Hopefully as my career continues to play out, I can keep increasing my earnings while avoiding massive cost of living increases.

While it is almost inevitable that my cost of living will increase as I get older due to things like having a family, if I can outpace those upticks with my own income, I’ll avoid lifestyle inflation.
So add me in J. Money! I also encourage everyone to join if you haven’t done so already!

28 thoughts on “First Net Worth Update and J. Money’s Million Dollar Club   ”

  1. Congratulations on more than doubling your net worth in 5 months! I resonate with your goal of working harder to get promoted faster and recognized. People often forget the part about putting their dues to stand out from everybody else. Looking forward to hearing more about your success!

    1. Thanks for the comment Finance Solver! My first post highlighted how I got a raise AND was able to lower my cost of living after my first of full-time work.

  2. Great results DE! you should consider joining the Net Worth Community over on my page.

    I love seeing people succeeding at increasing their net worth 😀

    1. Thank you Ray Ray. It’s exciting to see your net worth grow over time even if the numbers are still small. And I’d love to join your net worth community!

  3. Wow awesome job growing your net worth so quickly! Be careful holding that cash and trying to time the market 🙂 there are always value options but I myself have some cash on the side lines so can’t talk too much haha. Best of luck to the million dollar journey!

    1. Thanks Stefan! I think it’s ok to have some cash on the side as a few months of expenses emergency fund which is what most of that cash is for. But of course like you said it’s never a good idea to time the market

  4. Great job DE, you are off to a fantastic start! I’m looking forward to seeing how you progress and I’m sure you’ll make big salary increases in the next few years, they are always bigger when you are young as long as you prove yourself – well done!

    1. Thanks for the comment Jon! While this salary increase was small, it’s of course better than nothing at all and just more reason to continue to strive for more.

  5. Great job with the blog and nice job with your net worth! You look like you are off to a good start and will be great to see where you are in a few years. Really like the look and feel of your blog as well. I just started blogging as well and am still trying to figure out the tech side of things.

  6. That’s so cool DE! Can’t believe you increased your net-worth that much over a few months… wow!

    I have similar plans to get to a million – it’s a great place to start. I’m hoping I can think up of more creative ways to help me get there faster… and will obviously blog about it 😀

    Will be keeping up with you DE!

  7. You’re off to a really good start. I don’t even think I had a positive net worth until I was about 27! If you honestly do those 4 bullet points you mentioned, then you should have no problem being financially free by age 40.

  8. That is like 75% increase in half a year! The highest I ever achieve was probably only half of that. Congrats! Am particularity interested with the certain small dip (noticeable at the last two cycle) across the graph. Is there a specific spending or reason to that?

    1. Thanks Lynn! The small dips are usually just paying off expenses like rent and other bills. The brexit did have an effect on investments but the recovery after wiped out those losses quickly.

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