Updated on August 9, 2021: Net worth was the not the correct number due to lack of some data. Added 2 more rows to the calculations, changing my growth rates and net worth.
In today’s Net Worth Update, I’m sharing how I did growing my assets for the month of June.
On Net Worth Update #2, I had a net worth of $5,282.10, which is an increase of $4,293.28. This is a 434% growth from the previous month, April. The latest month is a crazy one because there is where I’ve experienced the most in spending, which I will explain later on.
For June, let’s look at how I’ve progressed. All numbers here are logged in as of June 30 at 11pm, just for context.
My Assets (Cash & Savings)
I have 3 accounts that I consider my checkings account. First is my Wells Fargo account that combines both my checkings and savings accounts. At the end of June, it had $396.43. Checkings 2, or my Chase Bank, had $378.04. And finally, my checking 3, or my PayPal, had $949.68.
I have 3 savings account that are High-Yield Savings Accounts. 1 is kept for Tax purposes, and the other 2 are for my personal savings. One of my Ally Bank HYSA’s, which I use for tax purposes, had $7,616.88. My second Ally Bank houses one of my personal savings, currently at $2,396.73. Lastly, my other personal savings at Yotta Savings was at $1,503.92.
My Tax savings account is higher than usual because 4 transactions happened for the month of June. Normally, there’s only 3 transactions every month. But my automation made the deposit early instead of doing it within the first week of a month. This means that for July’s calculations, the amount of tax savings transfer will be smaller. I will need to change the date the auto-deposit will happen as well for my Ally Bank.
My Assets (Investments)
For June, I now have 4 investment accounts. The first, WeBull, had $7,012.98 in account value as of recording the data. I use this account as my main Dividend Income portfolio. I contribute $100 monthly to this account. While it may not be a big contribution, it helps in growing the account until I finally payoff my student loans.
The second, TDAmeritrade, had an account value of $1,077.83. Like with WeBull, I contribute $100 here monthly to keep this investment growing as much as I can financially, tax-free.
The third, Coinbase, is my crypto wallet and exchange. Back in May, I found out that I still had Bitcoin lying around. At that time, the value was around $1,500. As of recording, Coinbase had $1,085.37, which is lower than the previous month for two reasons.
The first reason is the price of Bitcoin has fallen since then. The second is I’ve transferred a portion of my bitcoin to BlockFi — which is also the fourth account — a crypto exchange and wallet that passively generates interest on my crypto for holding it. They offer rates from 3% to 8.6% APY on select crypto assets. This account had $343.75 as of recording.
If you’re holding any cryptocurrency right now and don’t like trading in the market, then this is a great alternative in making use of your assets. You can check it out here!
Total Assets & My Comments
My total assets for June is $22,761.61, an increase of $1,536.49 — 7.24% change from last month, May.
This low growth is attributed to how crazy June was for me in terms of spending. I had to pay more for contract work this month because more projects were done. My annual subscriptions to business software also were charged this month. These software cost me $100 to upwards of $200. I spent more than $500 just for this one.
I don’t know what took over me last year when I decided to buy all these subscriptions on the same month instead of delaying some of them the next month. But at least now it’s been taken care of and I won’t see it in the next 12 months.
My Liabilities (Credit Cards)
I still have 2 credit cards. First is with Wells Fargo with an amount of $1,349.67. I consistently pay $50 to this account. But the intro 0% APR is set to expire this August, so I might have to look for another credit card to balance transfer.
Discover has an ongoing promo for balance transfers till August 3 for 0% APR. The problem is that the transfer fee is 5%, which translates to around $67. That’s basically a payment already. It’s a good option since I’m buying time for it to not accrue crazy interest. But if I can find a better credit card with good cashback benefits, a 0% intro APR and no balance transfer, that would be great.
Finally, my Discover It credit card had $158.96 due primarily to the extra spending I did for this month. Personally, I had to cover some expenses because of my little sister’s birthday and Father’s Day. I have to treat family and get some gifts.
Discover is my current cashback card and this is where I decided to charge most, if not all, of my personal expenses.
My Liabilities (Student Loans)
A big change has happened for my student loans. Instead of having 3 providers, I only have 2 left since I’ve fully paid off Sallie Mae this June! Sallie Mae has ZERO balance, and I have refocused to College Avenue.
College Avenue had $2,446.33 left, as of recording. I contribute $140 here every week now, so I can finish it before 2021 ends.
EdFinancial still sits at $11,343.14 because I’m not making any payments to it. This amount will not change until September. I’m expecting to resume repayments to my federal student loans in October. Instead of just paying the minimum, I’m committing $100 here every month.
Total Liabilities & My Comments
My total liabilities for June is $15,298.10, a decrease of $644.92 — a 4.05% decrease from last month, May.
I’ve pretty much kept the same accounts for this Month, with the exception of Sallie Mae. Discover’s amount keeps changing up and down because it is a credit card that I use on a frequent basis.
College Avenue is big factor to my low checkings amount. $140 every week for 4-5 months is $560-$700. On top top that, I also pay my share of the house, which is $750 a month. So you can basically tell already why my liabilities seem to have “caught up” with my assets in terms of change.
My Net Worth for June 2021
So my Net Worth for June 2021 is $7,463.51, an increase of $2,181.41 — an increase of 41.30% compared to last month, May.
With all the numbers that I just crunched, this number isn’t surprising anymore. More expenses with the same income means slower growth. I can’t complain about that at all since I still feel blessed that I get to keep increasing my assets, while decreasing my liabilities with relative ease.