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Welcome to the fourth net worth report here at NMI!
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, December 6th.
MY INCOME
JOB INCOME
If you read last month’s report, you may remember that I was only paid once – I didn’t get my second check at the end of October, so I’m including it here. That was actually a nice little boost to have this month.
SIDE INCOME
I didn’t really earn any extra income this month through side jobs, but in my last post I mentioned I was flirting with a new way of making some extra money, and I pulled the trigger:
Buying various s*** and selling it through various places!
My brother showed me this website that he and his business partner have been using to make a lot of extra cash. It’s a local auction site that allows you to bid on various items – electronics, restaurant appliances, tools, and various personal and professional motor vehicles. They even have collectables like rare baseball cards, Pokémon cards, old comics, etc. I wanted to get in on the action, but at a lower cost, so I decided to bid on a handful of low priced things, and I actually got a few good items!
I know the reselling of used items is not original or exciting, but I have somewhat of an advantage in selling them; I work for a consignment furniture store.
We specialize in high-end items, but I saw some furniture at one auction that was from a few good brands, like Ethan Allen and Thomasville. Things I would definitely be able to resell, and at a good price. Even still, I wanted to start out small since I haven’t done it before, so I’m trying just one item right now:
I found this nice desk that retails for $650.00 on the internet and I was the winning bid at $42.53 (that’s including taxes and fees) and it was in good condition – it just needed a little touching up and some lemon oil.
I’m hoping to sell it for $295.00, which would be a profit of $252.47! If it sells, I’ll include it in next month’s report. I really wish I had been doing this sooner.
MY ASSETS
SAVINGS & INVESTMENTS
My assets didn’t change that much this month. I sold the rest of my Ethereum (again – except for one share) in the middle of November and put the cash back into my savings account. Of course, right after I did that, most of the major cryptocurrencies shot up by like 30%. I am, understandably, somewhat annoyed with myself – if I had just held out on all of my currencies, I would be up by a few thousand dollars. But, we always know what to do in hindsight, right? Besides, I just don’t think I have the stomach for day-trading. Watching them shoot up, go down, shoot back up again, all while trying to determine whether to sell or buy stresses me the F out. I’m much more comfortable being a passive investor. I want my plan to be easy – no fuss, no muss. Kinda like that old infomercial:
I did have my $650.00 worth of Litecoin shoot up to almost $1,200.00, giving me an over $500 gain, which was a nice little bonus. I am holding out with my NEO currency, too, as I have 18.5 shares that I bought for around $27.00 each. I’m hoping that that takes off in the next year or so and gives me a healthy gain.
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.
MY LIABILITIES
My liabilities didn’t change too much this month either, though I have allowed that credit card debt to go up even higher.
Generally, my Citibank card is the only card I use, but I have another Citibank card that just gave me an offer of 0.0% APR for all new purchases until the middle of 2018, so I’m stopping the use of my main Citibank card and am going with the other. With Christmas coming up, I put a little on that card as well, increasing my liabilities even further.
I am going to start paying that debt down on the larger balance card this month, while continuing to use the 0.0% APR card until it’s paid down completely. It stinks that the 0.0% one isn’t a rewards card, but I figure I’ll be saving quite a bit of money by not having to pay any interest on those purchases that it makes up for it.
MY NET WORTH
An increase of + $1,372.99!
I keep making headway! I finally crossed the $40,000.00 in assets mark this past month, and am well on my way to over $50,000.00 by early next year! I’m hoping by this time next year to have over $75,000.00 in assets with minimal debt. That’s a lofty goal, one I’m not sure I can achieve, but it’s what I’m aiming for!
Thanks so much for stopping by! How’s your journey to FI going? Making steady progress? Let me know in the comment section!
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