Net Worth Update | September 2021

We’ve been tracking our net worth since the end of 2018 and, each quarter, we share our progress with you all! We're back with another net worth update for September 2021. Let's see the progress we've made over this quarter!

If you’re more of the video type, check out the YouTube video above!

Here’s our current net worth:

…and here’s how that compares to last quarter:

What’s affected our net worth this quarter:

1. Increased cash balances

   Right now, we’re holding a lot of cash. We know! A large portion of the increase in cash is money we’re saving to eventually pay down our student loans early next year. However, we do generally like to keep healthy cash balances. Between our personal emergency savings, cash reserves for our business, and other miscellaneous sinking funds, the cash adds up fast.

2. Liquid investments & retirement plans

   The markets SUCKED this quarter! Usually, we see much larger increases in our investments quarter over quarter. Another contributing factor is that Meshack just started a new job in June. His new employer doesn’t match his contributions until after being employed for 1 year. So, the amount going into these accounts is a little less these days as well.

3. Home value

   We bought our home about a year ago and are holding this value steady at our purchase price.

4. Cars

   Cars are typically depreciating assets. This quarter, we lost about $360 in value between our two vehicles.

5. Personal/Business Property

   Historically, we showed a value of $500 to reflect the value of things we owned that we could easily sell in a pinch. However, we decided this number is not as meaningful as it used to be. We’ve decided to remove this number from our net worth calculation going forward.

6. Mortgage

   We’ve continued to pay our mortgage down according to our amortization schedule. We’re not in a rush here!

7. Credit Cards

   If you’re new around here, know that we do not carry credit card debt. This just happens to be what the balance was on our credit cards as of that day. We always pay off our cards in full on time every single month, but for the purposes of calculating our net worth, we’ve got to take that into account.

8. Student Loans

   Last quarter, we made a huge payment towards our student loan debt (~$30,000). Due to forbearance, we haven’t made any payments since then, so the balance remains the same. However, as mentioned, we’re socking away tons of cash to make another massive payment in January 2022 before loans go back into active repayment status.

For context, here’s a snapshot of our progress over the last 2.75 years:

Final thoughts

We think we did pretty good this quarter, all things considered! We doubled our net worth and we feel pretty good about where we’re headed.

We dive deep into tackling debt repayment and so much more in our program, MONEY 180™, so if you’re interested in learning more about that, go on and check it out!