We are into September and only one month away from my annual side by side comparison of yearly NW growth.
This end of summer net worth check is in a slightly different format. I noticed month after month of my normal NW updates and thought I would change it up for a second.
Attached here is the line by line breakdown of each asset and liability. As you can see we are up considerably this month, around $ 81,000 plus for the month. That is fantastic growth.
The decline in liabilities is usually just a steady trickle of mortgage payments principal reduction, averaging about $ 1,225 a month.
Some highlights; Our first official rental property (besides the VRBO lakefront cottage) is up and running and full of tenants. During a smooth month, this property should be up $ 500 in the black. A nice little addition to my passive income family which will someday replace enough paycheck income to quit my job!
A recent feverish renovation of the ground floor unit allowed me to up the value by $10,000.
I have also had some recent movement on a long sluggish bout of ‘don’t loan money to friends‘. My business venture with a friend has started back up paying profit % to me. I made up about $ 8,000 in the last several weeks.
Also, the stash of gold and silver at the bank has gone up nicely for those of us who care about the shiny metals.
I always knew that eating out was a huge problem for my family. Anyway, Covid19 and eating at home is probably the single biggest factor in our big increase in cash reserves. I have about $30,000 above an beyond my normal levels and I am starting to get itchy with it.
MY next moves hinge on the ever present dilemma of; Should I concentrate on paying off a mortgage? – OR – Should I keep improving incoming streams of revenue?
End of Summer Net Worth stands at $2,133,594.00!
Fun Fact, it took me the first 39 years of my life to hit a million in NW. The second million came in just an additional 6 years and 3 months. Stay the course my friends!