In today’s Net Worth Update, I’m sharing how I did growing my assets for the month of May.
On my very first net worth update, I had a net worth of $988.82. April was the very first month on my update and it was the month that also got me out of the red. Kinda unfortunate that I didn’t start this sooner because you would’ve seen how my student loan debt really impacted my entire net worth. It was, and it still is, the biggest drag to my net worth.
For May, let’s look at how we’ve progressed. All numbers here are logged in as of May 31 at 11pm, just for context.
Let’s start with my assets. I have 3 accounts that I consider my checkings. First is my Wells Fargo account that combines both my checkings and savings accounts. It has $1,322.01. It’s bigger than last month because I didn’t do a lot of spending. My personal expenses were kept at the same levels.
Second, my Chase account is at $142.96, which is significantly lower than last month because I had to pay more on the projects that my team has done for me.
Third, my PayPal account is at $1,075.91, which is slightly lower than last month. This account is primarily used for business as well, but there are times in which I use the money here for personal online purchases.
So Checkings 2 and 3 will probably have sideways movements more often because of their intended purpose, which is for my online businesses.
Next is my 3 savings accounts. First is my Ally Bank for Business Taxes, which is at $5,564.38. It’s $1,000 more than last month, which is pretty much the same levels since I consistently keep 20% of my revenue for tax purposes.
Second is my other Ally Bank savings which is at $2,295.78. Every month, I stash away $100 here and the small dollar change there is due to the interest that has accrued.
Third is my Yotta Savings account at $1,402.75. Same thing with my Ally Bank personal savings, I stash away $100 every month. And the small change is due to the interest I earned for the previous month.
The next section is for my investments. I have 3 rows here now and I will explain later what the latest one is.
The first one here is WeBull. And as of recording, my portfolio is valued at $6,898.38. $100 every month is injected here and the dividends I receive is reinvested back into the portfolio. I never take money out of this account because I want to keep growing it and hit my $7,000 goal for this year.
The second investment account is with TDAmeritrade which is a Roth IRA, and it’s now valued at $973.49. Same thing with WeBull, I inject $100 every month and reinvest the dividends I receive back into the IRA.
Now the third entry is a new one that I recently found out I still had. And that is my Coinbase account. My last transaction with Bitcoin was around 2018 and it was still priced at $10,000. When I looked up my account, I found out that I still had around 0.04 BTC and that translated today to around $1,500.
In this account, I have Bitcoin and Ethereum, which I recently got for free from an app that I use. As for now, I’m thinking of ways to make this crypto work for me, so that it grows passively since I’m not planning on actively doing crypto yet. But as of recording, my crypto portfolio is valued at $1,549.46.
So my total assets for May is at $21,225.12. And I added new data in my spreadsheet such as the dollar change and the percent change. And compared to the month of April, I saw a $3,295.17 change, which is a 18.38% change.
Next part is my liabilities. Since the goal is to really eliminate debt, I didn’t add more debt. So, no new debt accounts have been added.
Like last month, I still have my Wells Fargo credit card debt which is at $1,399.67. I’m only paying $50 every month because it’s at 0% APR until mid-August. And when that time comes, I’m going to move this again to another account that will offer 0% APR.
Next liability is my Discover card which sits at $0. I fully paid off what I owe here from last month, which was mostly due to me buying new gear for my channel and business.
Next is my Student Loans. And Sallie Mae is first on that list! As of recording, I only have $379.49 left on this account. A couple more weeks and I’m saying goodbye to her! Here’s my latest update on that and you can expect another update mid-month.
Next is my College Avenue loans, and it sits at $2,820.72. Not a lot of action happening here because it’s fully automated to charge me $15 every week. So, around $60 have been chipped off from this debt. I’m actually looking forward to attacking this one this year.
Last liability is my EdFinancial federal student loans. If you’ve been following me, this student loan is currently on pause. I’m not making any payments because it’s still in forbearance, so the amount hasn’t change from last month, which is $11,343.14.
My total liabilities for May is $15,943.02. Compared to last month, it is down by $998.11 or a 5.89% reduction.
So calculating everything, my Net Worth for May has changed to $5,282.10! That is such a very big difference compared to last month, and I intend to keep growing my Net Worth this year!
It’s an increase of $4,293.28, or a whopping 434.18% change. When I saw this number, my eyes grew big because I couldn’t believe that that’s the change. It’s in the hundreds! I had to recheck my numbers and the formula if all were correct, and they were.
But the primary reasons for this big of a jump is because of the Business Tax I’m setting aside, the lower personal expenses and the surprise crypto money I got. So, I’m not gonna expect surprise money happening next month, but at least, everything is moving forward in a positive way.