Personal Financial Update, AUG 2019

I’m going to give a brief overview of my personal financial situation and go over a few main points of focus. I’ll be posting regular updates on my progress.

Wealth Building

I’ve been saving and investing for years. Currently, I’m putting around $1,000 a month into various funds and cash accounts. This is spread across my employer-sponsored 401K, my ROTH IRA, and my taxable brokerage account. So far for 2019, I’ve achieved around an 11 percent return. Recent market volatility may decrease my return slightly, but I’m still pleased with my portfolio’s performance thus far.

Debt

I’ve been paying down debt on a few outstanding notes. A truck, student loans, a mortgage, and a lingering personal loan from years ago. I haven’t been aggressively paying these down, as I’ve focused more on investing, but my debt is being reduced by about $1,000 a month.

Saving for Other Goals

Owning a camp, there is work that we want to do. Mostly remodeling the existing structure and building a deck. So, we’ve been setting money aside each month for these projects. We hope to start some of the more major renovations in the spring of 2020.

Income

I’m always looking to increase my income to help with my financial goals. I currently have a full-time job and do side work for the company that owns this site. I had a part-time job in retail but walked away a few months ago. I’ve been considering another part-time income but, so far, I’m undecided.

Below are a few reflections on my current situation and some thoughts on possible changes.

Lessons Learned

My portfolio is rather impressive, at least I think it is, as it is nearing the $700,000 mark, but my debt does cause me some stress. Not so much because I can’t pay it, but because it is there. If I could go back in time, I would probably have not purchased a new truck so soon, and I would have avoided some other frivolous spending that led to the personal loan.

Changes Going Forward

Short-term changes include a shift from saving and investing so much to being more aggressive about debt repayment. I’d like to have all debt, except my mortgage, gone in the next 3 years. I’m also looking at boosting short term income with another part time job. I’d rather not do retail again, but I’ll be looking for side work elsewhere.

So, there is a quick overview and reflection of what is going on with me personally. I’ll post another update soon on progress and changes. I’d love to hear what you all have going on with your personal finances. Post below and share your story.

Additional Reading:

Eliminate the Debt and Live Your Life

Building Wealth Is Easier Than You Think

Financial Calculators Can Now Be Found Here

Save Dat Money: An Easy Guide to Saving Efficiently

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