Time for another net worth update! On my Net Worth Update #14, I had a net worth of $16,807.78.
I decided to skip last month’s net worth update to focus on growing my social media business. It came to that point because I was spread too thin and could not make anymore quality content.
I was juggling my time between creating content for my personal brand and building systems, training my people and hunting for new clients for my agency.
I can go on and on, but I’ll explain more of that later after we’ve gone through my numbers. The data I have is still based on June’s numbers though because I still recorded them while not making any public updates about it.
All numbers here are logged in as of July 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 — $443.01
SAVINGS Details: I have 1 personal high-yield savings account.
- Yotta — $6,351.72
SUMMARY:
CASH — Compared to June at $557.74, my cash balance still is in a declining trend. This has continued since 2 months ago. The reason why, I believe, is because my expenses are catching up with my income.
With the growth of my weekly payments for my student loans and the loss of my extra income from babysitting, I find myself on the edge waiting for my money in my bank to settle in.
Since it’s August now, I’m hoping for my babysitting gig to come back and maybe add some tutoring gigs as well.
SAVINGS — Compared to June at $6,143.76, my savings is on the same trend as my cash balance. The growth here is slow since I still contribute the same amount every month — $200.
I’m still recovering from my $1000 emergency expense last April, and I don’t expect to replenish that amount any time soon. Maybe in 4 more months?
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 — $2,537.75
- WeBull — $8,907.99
- Public — $77.32
Cryptocurrency
- Coinbase — $90.83
- KuCoin — $757.04
- Wallets — $54.37
- Cake DeFi — $240.32
SUMMARY:
Stocks — My stocks did pretty well the past month. June saw a decline, but July bounced back. I have no particulars as to why this happened because I haven’t been paying attention to the market at all.
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 — My crypto portfolio is still taking a hit. Its values before June was big, but by July, it had started to tank. People are still pessimistic about the future of crypto. We can’t tell when this ‘winter’ will be over.
Total Assets for July
May 2022: $19,514.42
Change: $1,413.21 (7.81%)
My Liabilities (Credit Cards)
CREDIT CARDS Details: I have 1 personal credit card.
- Discover It — $82.77
My Liabilities (Student Loans)
STUDENT LOANS Details: I have 1 federal student loan account.
- EdFinancial Group A — $1,423.91
SUMMARY:
My credit cards are lesser than what it was in June, $196.26. I still had a balance on my card because it was a very recent purchase and have not yet paid it.
As for my student loans, I’ve paid more than $2,000 between today’s update and the last. It’s a big commitment at the moment, to be honest. But that’s what I told myself when I decided to go into a weekly repayment strategy.
There’s going to be more compromises if my income cannot handle the extra payment for this debt.
Total Liabilities for July
May 2022: $1,506.68
Change: -$1,013.49 (-40.22%)
My Net Worth for July 2022
To give context, June’s net worth was at $15,581.04. So my new Net Worth for July 2022 is $18,007.74, an increase of $2,426.70 — a 15.57% increase compared to the previous month, June.
The biggest factor here is the growth in my stock portfolio, so it’s not really a surprise that it would drag my net worth up. The downside to that is it can also drag it down when the market declines.
Since I took the month off to focus on my agency, I was able to slightly increase my income every month, enough to cover the loss from my babysitting gig.
I also have another deal in the pipeline that, when closed, will boost my income for August since it’s a project-based work. If everything goes smoothly and we get the best results for this prospect, we can increase our MRR (monthly recurring revenue).
I still want to increase my cash assets since it gives me comfort to know that I have ‘enough’ money in the bank. But it’s a good motivator too because I have to push myself to make more.
I’ll figure out a better plan to increase those balances, but for now, this is what I have to deal with.