Time for another net worth update!
On Net Worth Update #9 for December, I had a net worth of $23,265.40. December was marked as a month of spending, so I wasn’t too excited about growing my net worth. I actually expected that I wouldn’t grow it at all, but I was proven otherwise.
Now it’s 2022 and the numbers for its first month, January, is in. This is the 10th update in my series, so let’s look how far I’ve changed my net worth in January!
All numbers here are logged in as of January 31 at 5pm. As always, to make things simpler in my blog, I’m going to do bullet points and quick summaries so that there’s no need to read.
My Assets (Cash & Savings)
CASH Details: I have 3 accounts that I consider my checkings account.
- Wells Fargo $ 251.92
- Chase $ 1,112.93
- PayPal $ 770.74
SAVINGS Details: I have 3 High-Yield Savings Accounts.
- Ally Bank #1 — $12,794.83
- Ally Bank #2 — $3,254.67
- Yotta — $3,460.26
SUMMARY:
CASH — My checking accounts have fallen below $1,000 for January, except my Chase. I’ve been paying the debts I’ve racked up due to the holidays using mostly my Wells Fargo checking, so you see it go down to $400.
Plus, I’ve started implementing my adjusted transfers to my IRA, sinking funds and investment account. I’ve increased my monthly contributions to them, even though I haven’t seen an increase to my income yet.
My Wells Fargo really had some crazy paying off this month and there were times that I was scared of the account running zero. Luckily, I had extra cash helping the account stay afloat.
Since the start of December, I have been babysitting a neighbor’s son for 2 hours for 2 to 3 days. I get paid $20 an hour, and I would take home an extra $120 every week. I took on this side gig because it was money that I could make without doing extra work aside from getting to the place.
In fact, I would bring my laptop there to work on my main work, while the kid does whatever he does. I get paid for my time, plus I can focus on my main work as well, free from the distractions at home.
PayPal has also seen a charge for one of by business software, so it went below the $1,000 mark. And since I won’t be making any payments on my students loans until March, I can save that money and boost my cash until I can recover.
SAVINGS — I’ve continued to add money to my tax money account and to my sinking funds as part of my new goal this year. If you’ve noticed, I removed WealthFront from my list because I’ve decided to transfer all the funds to Yotta instead. I make more in interest there than in WealthFront and Yotta has been releasing many products and features lately, so it’s better to utilize that platform more.
I expect that my savings will decline this February though because I’ll be paying my taxes. If there are any leftover, I will distribute it to my other savings accounts when that time comes.
My Assets (Investments)
INVESTMENT Details: I have 6 investment accounts: 3 money market accounts & 3 cryptocurrency accounts. I have added multiple crypto yield farms to monitor.
- WeBull — $1,749.86
- TDAmeritrade — $7,955.89
- Public — $89.56
- Coinbase — $184.87
- KuCoin — $180.78
- Wallets — $73.64
- BlockFi — $392.59
- Cake DeFi — $433.58
- Anchor Protocol — $243.90
- Secret Project #2 — $54.22
- Secret Project #3 — $120.54
- Secret Project #4 — $73.77
SUMMARY:
Stocks — The start of the year was not kind to the stock market at all. I saw all of my investments dipped. People got scared that there was going to be a crash, but I think it’s more of a correction.
When 2021 ended, I reached a portfolio value of more than $8,000. But it went below that coming into 2022. It only reached back close to $8,000 because I added $200 into the account as part of my new monthly contribution. Overall, my stock market accounts didn’t reach $10,000 in value.
If you’re ever interested in investing in stocks, WeBull and Public are great platforms to start with because they give you signup bonuses. So make sure to check out WeBull for 2 free stocks and Public for a free stock worth $50 or more!
Cryptocurrency — If the stock market was bearish coming into the new year, so did cryptocurrency. It’s been a rocky start for all of my investments. I’m thinking this was the crypto winter that they were talking about, but was delayed for a month? I don’t really know.
Crypto had a good run in 2020 and 2021, but we didn’t really see that until the 2nd to 3rd quarter of the year. I’m speculating that the popularity of DeFi has died down a little, but who really knows what’s happening here. It’s mostly market sentiment and what people believe the use of these DeFi projects will be in the future.
I’ll have to hodl for now and make sure to regularly check on these projects, take out my investments if necessary and invest in other platforms that provide stability.
Total Assets & My Comments
My total assets for January is $33,198.55, a decrease of $1,363.98 — a 3.95% decrease from last month, December. A very scary amount to lose at my current level, but that’s just how the investing game works. We lose value, but it gains back again since the market moves through a cycle, as long as you invest in the right assets.
My Liabilities (Credit Cards)
CREDIT CARDS Details: I have 3 credit cards. 2 is actively used.
- Discover It — $0
- Chase Freedom Unlimited — $1,406.86
SUMMARY:
I still own the same 3 credit cards: Wells Fargo, Discover and Chase, but I never use my Wells Fargo Platinum at all. I have been persistent in paying off my debts in December, so I have wiped out Discover and brought my Chase Freedom Unlimited back to its original level.
My credit card purchases for January are still not paid off though because I am waiting for when my income arrives and make those payments.
The Chase credit card still has a couple of months before the 0% intro APR expires, so I’m okay with delaying the payments. Once it expires, I will move the balance back to Discover if they have a balance transfer promo available.
My Liabilities (Student Loans)
STUDENT LOANS Details: I have 2 federal student loan accounts.
- EdFinancial A — $5,344.78
- EdFinancial C — $2,554.13
SUMMARY:
This is the year I’ll be paying off my student loans, and I have been saying that for a long time now. I’m just really excited about it, and I’m claiming it already. Group A in EdFinancial has yet to see any changes because I’m still tackling Group C.
Unfortunately, I’ve paused my payments and I won’t be resuming them until the 24th of February. So my timeline will be pushed for 1 month, but that is okay to me. I can easily supplement any loss with the leftover money I have after paying my taxes. Once Group C is done, Group A will be the last one I tackle, getting me closer to being debt free.
Total Liabilities & My Comments
My total liabilities for January is $9,305.77, an decrease of $1,991.36 — a 17.63% decrease from last month, December. This is a very big change and it needs to be that way. To be honest, I was a little ashamed of myself that I got more debt coming into 2022. That’s why I went on a payoff spree throughout January.
I went back into all of the purchases I made in the past months that I haven’t paid yet. And thanks to my financial goals video, I also found that I had some unpaid transactions back in 2020. So that added to the payment spree I made last month, really depleting my cash for January.
Debt is scary guys if you’re not careful at all!
My Net Worth for January 2022
So my Net Worth for January 2022 is $23,892.78, an increase of $627.38 — a 2.70% increase compared to the previous month, December.
Looking at my numbers, I can see that my numbers are close to stagnant. The biggest factor to this would be the decline in my investments’ values.
The next month would be a completely different look since my net worth will definitely drop. And the contributing factor to that is mainly the tax money being spent.
It will dip sharply for the next month’s update, and from there it will recover back up again. It’s a temporary dip to my net worth that needs to happen.
From here, it’s more so on increasing my income, keeping my expenses low and investing in other streams of passive income. That way, I’m leveraging my money to work for me rather the other way around.
I’m very excited to see how things will go from here because there’s only one thing that burdens my finances right now — my student loans. Once that debt is fully paid off, the focus is building wealth that I can share with family and pass it on to my future family.
Let’s see how this goes, so make sure to stick around!