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