Time for another net worth update! On my Net Worth Update #15, I had a net worth of $18,007.74.
This increase was a huge welcome because for the past few months, my numbers started dwindling down. I wasn’t seeing an increase and it was a little demotivating.
Luckily, my investments went up a little and I was able to make a huge dent on my student loans, contributing to last month’s increase. So now, let’s take a look at how my net worth for August performed.
All numbers here are logged in as of August 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 — $130.80
SAVINGS Details: I have 1 personal high-yield savings account.
- Yotta — $6,564.30
SUMMARY:
CASH — My cash went even lower for August because of my student loan payments. This was prior to the announcement, by the way, so I continued making payments.
I needed to spend money as well for some room improvements. It’s not much, but I believe it was a great spend because it made me happy and my room a little more organized.
SAVINGS — I continued to add $200 to my Yotta account. But for September, I’m planning to increase my savings contribution so I can fully fund my savings buckets before the year ends.
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 — $2,602.93
- WeBull — $8,700.13
- Public — $69.32
Cryptocurrency
- Coinbase — $76.96
- KuCoin — $690.51
- Wallets — $52.74
- Cake DeFi — $199.71
SUMMARY:
Stocks — I’m hearing some news that the market is about to crash again, and I’m thinking maybe it has started already. I’m seeing my portfolio decline in value. Of course, my portfolio declining in value is not a good indicator that the market will actually crash, but at least it gives me some incentive to keep an eye on things.
With freed up cash from my student loan payments, I’m thinking of increasing my monthly contributions to really bring up my dividends in the final months of 2022.
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 — Like last month, I barely touched my crypto portfolio. I just let it make some passive gains through KuCoin’s earn feature and some trading bots in the background. But even with that, values are crashing so my gains are overshadowed by the decline in value.
But just like with my stock portfolio, I’m thinking of adding a monthly contribution to my KuCoin account to start investing in tokens that will give me passive income.
Total Assets for August
August 2022: $19,140.14
Change: -$374.28 (-1.92%)
My Liabilities (Credit Cards)
CREDIT CARDS Details: I have 1 personal credit card.
- Discover It — $187.63
My Liabilities (Student Loans)
STUDENT LOANS Details: I have 1 federal student loan account.
- EdFinancial Group A — $523.91
SUMMARY:
My credit cards double for August due to those room improvements, but it’s nothing that I can’t handle.
As for my student loans, it has reduced to less than 4 digits. With the announcement from Biden, I’ve had to rethink my strategy and pause my payments. There’s freed up cash now and I’m tweaking all my money to fit some things.
Total Liabilities for August
May 2022: $711.54
Change: -$795.14 (-52.77%)
My Net Worth for August 2022
So my new Net Worth for August 2022 is $18,428.60, an increase of $420.86 — a 2.34% increase compared to the previous month, July.
It’s not a big gain, but still a good enough gain. I’m really focused on one thing right now for my finances — starting fresh.
Even though my student loans are not yet officially done, I feel like I have a clean slate with my finances. There’s freed up cash and I have to really think about where to put them correctly, while also thinking about future scenarios.
I like the position that I am in right now, but it can be better.
At this point, it’s a matter of maintaining my low expenses AND increase my monthly income. I can only save up so much to be honest. The only way get past that limitation is to increase the gap or my income, so I’ll have more capital for other projects.
There are a lot that I want to do, but I’ll keep things on the down low for now. I have to focus on one thing at a time, so I can give it my all and get the most results from it.