Net Worth Report #3, October 2017

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I’m sorry for the absence (and second missed report), but I had an inguinal hernia surgery in late September and was out of commission for over a week, and have been trying to rebound ever since.  I’m doing pretty well, but I’ve definitely been slacking off on this blog.  I’m hoping to change that now.

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, November 9th.

 

MY INCOME

 

JOB INCOME

 

 

I didn’t earn any extra income this month through side jobs, but I’m exploring a new way to make some more money on the side that will hopefully work out – I’m just laying the groundwork for it now, and will hopefully have an update soon.

I was able to snag two Super Nintendo Classics that have been so hard to get.  I ordered one online, where the competition for one was as cutthroat as the “Hunger Games”:

 

 

No, seriously. The store that was selling them announced on their Twitter page the exact time that they’d be available, at that moment, and once that happened, you had less than a minute to put it in your cart and check out to get one.  Numerous people reported problems that kept them from getting one, including cart errors, billing trouble, and just the good ol’ spinning wheel of death.

When they predictably sold out within one minute, people FLIPPED out!

My order seemed to go through, but I couldn’t be sure that I actually got one, so after getting an oil change on my day off, I stopped by a random Gamestop nearby and was able to snag one!

I ended up keeping the one I got in store and just sold the other online.  People are trying to sell them for almost $150.00, but I’m a nice guy, so I sold mine for just over $100.00 – since the ordering process was a nightmare.  I ended up making about five bucks, woohoo!

I actually did not get paid at the end of October, so I’m not going to include that paycheck until next month’s report, so things may look kinda wacky for a little bit.

Kinda sad, but what are you gonna do?

 

 

MY ASSETS

 

SAVINGS & INVESTMENTS

My assets have changed quite a bit between my first report and this one.  Because I had to forego writing “Net Worth Report #2” due to an injury, the net worth increase looks more impressive than it really is.  Ethereum in particular looks like it exploded, which, while it did do well, the only reason it went up so much is because I bought over $3,000.00 worth – I didn’t experience a $3,000.00 gain.  I also decided to add some Litecoin and Neo to my portfolio.

 

 

 

My savings probably changed the most, what with the putting-in-and-then-taking-out a bunch of my personal savings to fund some cryptocurrencies.  At one point I pulled almost all of my money out of my savings ($10,000.00) so I could plow as much as I could into Ethereum, (including some in bitcoin and litecoin too) but it hasn’t really paid off.

I feel like I just missed the boat on cryptocurrencies.  There’s certainly money to be made, and I haven’t withdrawn completely, but I’ve gone ahead and cashed out about 70% of my crypto.  You gotta have an iron stomach for it (I don’t) and I was playing around with way too much money.  Before cashing the majority out, I had almost 25% of my overall portfolio in Ethereum alone, which is crazy.  I was being too greedy.  I was looking at other people’s portfolios and seeing that they were making $5,000.00 to $10,000.00 a month trading crypto, and I wanted that too – but it’s way easier than it looks, and it’s so volatile, you never know what it’s going to do.

I’m disappointed that I missed out on a big bull run, but I feel much better having only a small portion of my portfolio in it, as opposed to almost a third, and I’m optimistic for digital currency and its future.

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

 

 

MY LIABILITIES

Generally, this is the only credit card I use and I use it to pay for pretty much everything, besides rent and my car payment.

I did use my credit card to pay for a few cryptocurrencies while they were crashing in the month of September and October, but I wouldn’t recommend doing that – it puts you in a compromising position.  You either feel that you have to sell so that you can pay back the bill, meaning you may miss out on a run up, or you hold on and hope they go up, while having this credit card bill looming over you – and the feeling is way worse when they’re performing poorly.  Just use real money, and only the amount you’re prepared to lose.

My focus now is to pay off the credit card debt completely, try to just use cash, then save a little while investing the rest, and avoiding all other consumer debt.

 

 

 

 

MY NET WORTH

 

 

An increase of + $2,157.31!

 

 

CONCLUSION

 

Woohoo!  I’m making some gains!  This figure would be a little higher if I had gotten paid on time last month – either my debt would be further down or I’d have put it into my savings/investments, increasing my overall net worth.

I’m hoping next month things will look even more different than my last net worth report, with my debt being down and my assets being up!

How’s your 2017 going?  I’d love to know in the comments!

 

          – NMI