Time for another net worth update! On my Net Worth Update #17, I had a net worth of $18,252.15.
October was a month of ups and down, I’m not gonna lie. There were some cases where I thought my balance would actually go lower than my previous months, but I’m happy to report that it did not. And I’m going to explain why later on.
Hi, I’m Dredd De Jesus, and I’m on a journey to make money, pay off debt and build wealth. If you’re on the same path as me, or want to know more about making money online or side hustles, you’ve come to the right place! Make sure to follow my socials to get notified of new content.
All numbers here are logged in as of October 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 — $406.36
- EdFinancial Refund — $11,620.23
SAVINGS Details: I have 1 personal high-yield savings account.
- Yotta — $7,595.10
SUMMARY:
CASH — Good numbers for my Wells Fargo for October. I was very skeptical that it would grow because I have been spending left and right throughout the month. We went to Universal Studios and had lunch there. We still had to spend something even after packing some food.
October was a month of birthdays too, including mine and my mom. That meant I had to spend some for my birthday food and send birthday cash to my mom.
The biggest surprise for October was the EdFinancial refund I received around the 2nd week. I was very happy when I got it, but at the same time, confused as to why EdFinancial gave me 60+ paper checks in the mail! All my student loan payments were made electronically, but they still gave me paper checks for each transaction I made since March 2020.
But I’m not gonna lie though, seeing that stack of checks made me feel great!
I plan to put it in a savings account in the mean time though, specifically in my Ally bank account. I’d rather not have stacks of checks left in my bedroom. I thought about keeping it in my Wells Fargo account, but I realized that it’s “too close” to me. I don’t want to see the money, so I’m not tempted to use it at all.
SAVINGS — Another addition of $500 for Yotta. I moved $75 to my student loan payment bucket. I fully funded that $575 bucket. And the remaining $425 was put to my car fund. I’m still far from my goal of $5,000, but I’m happy that I’ve finally made some progress.
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 — $2,779.40
- WeBull — $9,021.44
- Public — $69.30
Cryptocurrency
- Coinbase — $78.49
- KuCoin — $675.45
- Wallets — $60.14
- Cake DeFi — $152.81
SUMMARY:
Stocks — It’s been a very surprising month for my stock market accounts. I haven’t checked them at all since last month, and here I see that it has grown instead. I was on an understanding that we would experience a recession and my account would devalue further, but the opposite happened instead.
Even so, I’m not going to be too enthusiastic about this. I’m not focused on the growing stock value anyway, but the dividends I get from my holdings.
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 — Not a lot of news to tell with my cryptocurrency accounts though. I’ve not been paying attention to any of them as of late.
Total Assets for October
October 2022: $32,518.86
Change: $13,700.89 (72.81%)
My Liabilities (Credit Cards)
CREDIT CARDS Details: I have 1 personal credit card.
- Discover It — $6.41
My Liabilities (Student Loans)
STUDENT LOANS Details: I have 1 federal student loan account.
- EdFinancial — $12,144.14
SUMMARY:
For my credit card, I paid most of them off, so I’m left with such a small balance at the end of October.
For my student loans, since I got a refund of $11,620.23, that meant that that balance was reinstated in my account. I simply added the refund amount to the $523.91 outstanding balance.
Many student loan borrowers like me are still waiting on the confirmation that our balances have been forgiven. There’s a delay right now because of an injunction filed in a federal appeals court. Time will tell if this forgiveness will happen or not.
Total Liabilities for October
October 2022: $12,150.55
Change: $11,584.73 (2047.42%)
My Net Worth for October 2022
So my new Net Worth at the end of October 2022 is $20,368.31, an increase of $2,116.16 — a 11.59% increase compared to the previous month, September.
I have to talk about the two elephants in the room here. First, my assets made a huge jump compared to last month’s number. The refund from EdFinancial is to be credited here. As I said earlier, I plan to stash it to my Ally account in order to keep it liquid and away from my sight, but at the same time, earning some interest while waiting to be used.
Second, my liabilities also made a huge jump, 2,000%+ in one month alone. Figuratively, it looks horrible to go from only having $500 in debt to $12,000+. But since it’s all part of the plan, it’s going to stay there for now.
I do hope that, for my student loans, November will give some good news. Even a December timeline for that block to pass will be a godsend and a great Christmas gift.
Like always, I’ll still focus on building my agency and streams of passive income. I even shared my 4 months worth of results after monetizing my articles on Medium. That’s another semi-passive income stream that I’m going to build out for the remainder of 2022.