In this post, I’ll be sharing my net worth for the month of September.
Welcome to my very first Net Worth Update on the blog!
And what better month to do it than my birthday month?! That makes it extra special!
Here is the breakdown by each category:
Now let’s break it down even further, shall we?!
Cash: $25,516.38
Yes, I know, having over $25,000 between my checking and savings accounts is a bit excessive.
I’m not proud of this, although I will admit I let this money accumulate over the course of a year to a year and a half due to my income growing.
But it’s still better than spending it all!
The good news is – I actually have plans to do something about this money. I am planning on taking a lot of the money from my savings account and diversifying it into other assets.
I haven’t decided exactly how I’m breaking it all down, and into which specific assets its going into, but I will be doing a post in the near future with my plans, so stay tuned for that!
Roth IRA: $3,585.55
While I was able to invest a lump sum of $2,000 into my Roth IRA this month, it seems like I lost money in the account due to the market being weird.
But that’s okay! The market will always come back.
And besides, this was a great month to buy more index funds!
I was just happy that I hit one of my September goals of investing an extra $2,000 into the account, which puts me on track for maxing it out by the end of the year!
In case you missed it – this post details my plans for maxing out my Roth IRA.
401(k): $2,503.76
My 401(k) is slowly but surely growing!
Each month, $173 gets deposited into the account right from my paycheck (this is not including my employer match by the way).
Right now, my contributions are at 5%, but I hope to increase this as my income (hopefully) increases!
UTMA: $14,951.64
My UTMA account (I don’t even know if I should keep calling it that anymore since I’m what they call a “former minor”) unfortunately lost money in the last month and a half. The account was at $17,000 in early August, and now this account has fallen to almost $15,000.
I have thought about moving this account to another brokerage so I can diversify the funds the way I want to, but I’m undecided right now as I already have over $20,000 that I need to figure out what to do with.
Of course, I will update you on the blog or on Instagram if/when that happens!
General Investing: $8,062.44
My so-called “general investing” account is just a regular taxable investment account that I have through Betterment.
At the beginning of each month, $500 automatically gets invested into this account. Gotta love investment automation!
I am thinking of bumping up the monthly contributions to $600, so that I can reach $10,000 in the account sometime in 2023!
Car Value: $9,000
I know some people don’t include their cars in their net worth, but I do since I don’t have any car payments or anything like that, I own my car outright (and have since 2017!).
When I went to Kelley Blue Book, based on the model, make, year, condition, etc., my car’s value was estimated between $9,000 and $11,000, so I’m keeping the value at $9,000.
Credit Card: -$157.97
Last but not least, we have come to the liabilities/debt section of my net worth update.
Currently, I owe $157.97 on my credit card due to using it for purchases in order to boost my credit score.
While I usually don’t use my credit card this much, I do want to start using it more so I can earn rewards for future travel, hotels, etc., and of course increase my credit score and build up credit history, since this credit card is only 2 years old.
Total Net Worth: $63,461.80
My net worth decreased by $2,000 from August, but that’s okay because the market always comes back.
While sometimes it stings to watch your accounts lose money in almost real time, the key is to have a long-term mindset, and that’s what’s helped me over the last 2 years or so since I started investing.
We’ll have to see what happens in October!