Net Worth Report #12, July 2018

Welcome to the twelfth net worth report here at NMI!

I can’t believe NMI has been around for almost one full year!

Cue the fireworks!

It’s been a crazy year.  I’ve actually kept up with my blog, and my assets keep climbing higher and higher!

I’m pretty proud how far I’ve come from a year and a half ago when I had no investments, no blog, and hardly any knowledge about investing.

 

For those new to my net worth reports, I’d like to give you a few minor details. I get paid semi-monthly, which means I get paid on the 15th and the last day of the month. 

Sometimes my money isn’t made available to me until two or three days after the month has already changed, so in order to ensure the most accurate net worth reports, I will always include both incomes.  As such, my reports will be made available on the third or fourth day of the following month, possibly a few days after. 

In rare circumstances in which I fail to get paid on time, I will either wait until that money is made available to report or I will include it in the following month’s net worth report.

You can find the latest and/or past reports here.

These figures are accurate as of the end of the day, August 8th.

 

MY INCOME

 

JOB INCOME

I got paid both of my checks on time this month.

Because I work in the city for half of the year, in July I had to start taking out city taxes, reducing my checks by $12.00, every check, for the rest of the year.

 

 

SIDE INCOME

For the fourth month since doing these reports I have some additional side income to report!

My Etsy store sold $114.86 worth of merchandise in July.

I also acquired a bunch more stuff this month from the auctions, including a tall black cabinet, 6 TON chairs, three dressers (one of which sold in just eleven days!), one nightstand, a filing cabinet, five side tables, and a high-end stroller, for a total of $636.65 it actually ended up being $844.23 – dang!

 

 

 

 

 

 

The way we priced all the items in the store (not including the stroller, I’m selling that on my own) is worth about $2,670.00.  If it all sells at full price, that’ll net me $1,602.00 – a profit of $965.35!

Unfortunately, not much of it has sold, but I know it’s just a matter of time.

 

 

TOTAL INCOME

 

 

MY ASSETS

 

SAVINGS

My savings has been dwindling lately with my efforts of paying down debt.  I think I need to put off paying debt as my main focus and focus on increasing savings and using free money to increase my side hustle inventory.  Having just a few thousand dollars in savings is kinda scary, and it definitely isnt enough.  That being said, I decided to save $500.00 of July’s second income check, with the intention of using August’s first check to go completely towards paying off debt.

 

INVESTMENTS

July was a pretty decent month.  While cryptos are still down, my brokerage account did pretty well, and I’m liking that I’m getting closer and closer to having $45,000.00 invested!

 

 

Remember, when it comes to cryptos, never part with more money than you’re willing to lose!  I’ve learned that the hard way!

Here’s a link to my article on cryptocurrency that every beginner should check out before jumping in.

*I decided to try an experiment in which I purchased 43 different cryptocurrencies (worth about $900.00 total) in the beginning of 2018 with the intent of holding onto them for one full year.  You can check out the initial post here.  I will be posting updates to that portfolio around the 15th of each month.

 

 

 

MY LIABILITIES

 

 

Darn.  I’m back in the red.

Not surprising, considering I spent $636.65 on merchandise this month to sell on consignment.  I’m trying to buy things that are reasonably priced, of a good quality, that will have a quick turn over time.  This is the fastest way for me to increase my income.  While I hate seeing that debt number go up, if good inventory presents itself, I always feel like it’s worth buying.

I really recommend automating all of your bills, especially if they allow you to pay with a credit card.  You set it up once and you don’t have to worry again.  The only ones I don’t automate are accounts that need a checking account – you want to be sure the money is in there before it gets debited.

 

 

 

MY NET WORTH

 

 

An increase of + $491.34!

 

Woohoo!  Still in the green!

I was a little worried that with all of the money I’ve been spending on buying inventory for my various side hustles that I would be in the red again this month, but I have avoided it for now!

 

 

CONCLUSION

 

My net worth continues to climb, however slow it feels.  I’m hoping by this time next year to have over $100,000.00 saved.  Then I’ll feel really good.

How is your 2018 going?  I’d love to know!

 

          – NMI