Time for another net worth update! On my Net Worth Update #13, I had a net worth of $17,807.81.
While I may have celebrated my April net worth as a month that grew, May had other other plans in sight. The recent month had made a lot of investor portfolios tank in value. I cannot claim that I know all of the reasons as to why that had happened, but it did.
So, I’m just going to power through this June and make sure that I am tweaking my spending to facilitate growth for the next months.
All numbers here are logged in as of May 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 1 account that I consider my personal checking account.
- Wells Fargo — $1,004.85
SAVINGS Details: I have 1 personal high-yield savings account.
- Yotta — $7,211.90
SUMMARY:
CASH — I went on a spending spree here for my investments and kept buying crypto on KuCoin. More of that in the Investment section. I also made an extra payment on top of my weekly student loan payments, so that heavily affected this account.
SAVINGS — I had to use some of my emergency money due to a dental procedure and that made my savings amount to decline. I used my Yotta debit card for this transaction though so I could get some tickets back that I can use for their weekly drawings.
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.
Stock Market
- TDAmeritrade — $2,264.88
- WeBull — $8,417.24
- Public — $73.62
Cryptocurrency
- Coinbase — $101.02
- KuCoin — $868.23
- Wallets — $61.57
- Cake DeFi — $429.34
SUMMARY:
Stocks — My portfolio is still recovering. Some of my positions are still in the red, while others are performing better throughout this period. I completely forgot to use the deposit I made to my portfolio, so I will be using it this month instead.
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 — A lot of things have happened in this space. Many of the cryptocurrencies that investors love have had a crash, while others simply didn’t recover. Bitcoin, Ethereum, Avalanche and many others are still down 40% to 50% from their all time highs.
But one of these crypto that had a hard time recovering was LUNA and UST. There are many articles and videos out there explaining the crash, but in a nutshell, LUNA and its stablecoin, UST, crashed in a matter of days because of an exploit found in Anchor Protocol.
This is why I‘ve considered my Anchor Protocol investment as good as gone because the value of the token attached to it is practically useless now. Many people had really high hopes for the Terra blockchain because many of its developers created really great products. Due to this big LUNA event, it influenced the crash we are seeing now in the crypto market.
But the lessons here are many. Crypto is super risky. And no matter how good a project is, it does not guarantee future success and longevity. A project, or a token, is only one small step away from being brought down. It could be a malicious attack or a even bad marketing move.
Total Assets for May
May 2022: $20,494.22
Change: -$1,939.50 (-8.65%)
My Liabilities (Credit Cards)
CREDIT CARDS Details: I have 1 personal credit card.
- Discover It — $237.53
My Liabilities (Student Loans)
STUDENT LOANS Details: I have 1 federal student loan account.
- EdFinancial Group A — $3,448.91
SUMMARY:
I have a big balance left on my credit card since it was pretty recent. That amount will be taken care of right away and cleared from my account.
As for student loans, I’ve continued to make progress with it.
Total Liabilities for May
May 2022: $3,686.44
Change: -$939.47 (-20.31%)
My Net Worth for May 2022
So my new Net Worth for May 2022 is $16,807.78, a decrease of $1,000.03 — a 5.62% decrease compared to the previous month, April.
I’m not going to lie… I had high hopes that I would lay low on all investments and double down on my Medium blog. But that all changed in the middle of the month. I had to change plans because of the crypto crash and my plans in regards to my personal brand. That’s why I’ve been slow to make new videos and write new articles.
A lot of my time now has been dedicated to my business. I had to upgrade our systems, build with my team and communicate with a new client. And I’m expecting this type of environment to last for awhile. I’m going to be reducing my videos and articles to around 3 to 4 content a month. I have to compromise some things in order to make some parts of my life work.
June is going to be an interesting month for me because we will be going to Canada soon. Obviously, some of my saved money will be used during that trip. But I know it will be worth it because it’s a time for me to get some mental break. I’m really looking forward to the experience!