I finally did it! I posted a net-worth update!!!! I hope to post these updates quarterly so you can follow along and grow your own net-worth with me. So here’s my very first net-worth update for December 2018:
I’ve wanted to publish a net-worth update for a long time, but I avoided writing one out of fear. I didn’t grow up in a family or culture where finances were talked about openly because it wasn’t “politically incorrect” to talk about money, so publishing my finances so openly didn’t feel comfortable for me. I was afraid people would judge and criticize me.
But my fears conflicted with my desire to help people. I can’t help people learn and grow unless I’m willing to be vulnerable and willing to share real-life examples that has helped me succeed.
I write this blog with the dream that I can help other people figure their own lives out. My hope is that someone will read this post, and ask themselves: “What’s an IRA?” “What is a Roth IRA?” “What’s VTSAX?” “Can I invest in these things?” “What is a dividend?” “What does cash flow mean and why is it important?” “Why do I own a few individual stocks?” “What is an emergency fund, and why do I put it in VMMXX?”
Once a person can ask themselves these questions, they can begin to find their own answers. I was recently asked by the writers over at Meet Fabric, “What’s Your Top Money Tip?” After thinking about it for a few days, this is how I answered their question:
“Choose a vision of a life that you dream of living. Every decision you make should push you closer toward living your dream life. Start seeing your finances as a bridge that can help you move beyond the person you used to be, and become the person you’re supposed to be. The easiest way to reach your dream life is to keep your savings rate ahead of your spending rate. If you don’t know what your monthly savings and spending habits are, track them. The purpose of tracking your finances is so that you can learn more about yourself and what’s important to you. The purpose of increasing your savings rate is so that you can become fearless to take risks to live the life your soul dreams of living.”
This is the reason I have enjoyed tracking and building my net worth so much over the last few years: Every time I have another dollar in the bank, I feel more empowered to take another risk to accomplish the dreams I feel alive in my soul.
My goal is to see you become happier, wealthier, and more confident as you find your own adventure and purpose in life. My dream is that you can look at my imperfect life, and say, I want to learn how to overcome the challenges in my imperfect life too.
I’m here to help. Let’s do it together. God bless you on your journey. Do you have any questions for me?
Please share your thoughts in the comment section below so that you can inspire someone reading this after you! (Anonymous comments are fine.)
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I think that is great that you chose to go public with your balance sheet and net worth. I know that is a tough decision to make, but will be helpful for a lot of folks who are on the same journey. Not only is it a sign of forward thinking, but also one of the best ways to hold yourself accountable and make that NW number grow!!!
I constantly remind myself and other when deal with this kind of stuff to not compare your chapter 1 to someone elses chapter 20. We are all at different points on the path to FIRE, and to not get frustrated; as long as we are incrementally getting better.
I’m excited to see what the next quarter looks like!
Hey thanks for the encouragement Ryan. You nailed the patience factor on the head: This is my chapter 20. If you’re starting chapter 1, remember I started at $0 in chapter 1 too. The trick is to start chapter 1 as fast as possible, and then set your aim for chapter 20 because it will happen eventually if you keep at it.
This is awesome Billy! Way to put it all out there in the effort to help more people. I think it’s really valuable for other people to be able to see.
Hey thanks Spills! Helping people is the only reason I decided to do it. This is the type of information I was looking for when I first started out here: https://www.wealthwelldone.com/master-money-and-investing/
My goal in life is to inspire people that they can accomplish their dreams too, and I want to share the details that have worked for me.
Money isn’t the goal. I believe that learning how to manage your money is the bridge that can help you get from who you used to be, to who you want to be.
On twitter someone asked me how I get 2.3% return on my emergency fund. You can find that answer here: https://www.wealthwelldone.com/emergency-fund-investment-strategy/
The first one is so scary, and so exciting! I post monthly budget reports, but haven’t gotten around to tracking networth. I think I’m going to do that starting Jan of 2019. But we’ll see…
The first quarter million is the toughest. Best wishes on obtaining the next three in quick fashion.