Personal Update 1, January 2020

Welcome to 2020.  I hope that all of you are achieving all your goals and have mapped out a plan for the year ahead.  Things are starting out well for me.  With the record highs in the markets my portfolio is sitting at near highs as well.  I’ve also seen some more debt reduction since my last update.

Wealth Building

My portfolio continues to gain upside momentum as the markets continue to push higher.  I’m sitting right around the $710,000 mark, which is hard to believe considering I started this journey out of college with exactly $0.  It just goes to show that persistence and consistency does pay off over time.

Debt

Here is a picture of my current debt load:

DebtLast UpdateCurrent UpdateChange
Line of Credit$1,790.52$1,790.52$0.00
Truck Loan$15,887.77$15,887.77$0.00
Student Loans$34,790.36$34,656.84($133.52)
Mortgage$184,463.68$183,959.91($503.77)
Total$236,932.33$236,295.04($637.29)

 

Down another $600.  My debt is going down, but I’d like to eliminate it faster.  I’m kicking around the idea of a side job, but I’m torn on what to do.  I really have no desire to get another part time job in retail.  Doing a side business or side work sounds much more appealing even though the income wouldn’t be as predictable.

Income

No major changes here.  I still have a possibility that an acquaintance wants some work done to their kitchen, but nothing is concrete as of this writing.  I may need to start actively seeking side work instead of letting it come to me.

Changes for Next Update

I’m going to sit down and brainstorm ways to make some budget cuts and figure out some ways to boost income.  That way I can attack my debt on two fronts.  I’ve contemplated a career change, but I haven’t actively looked or been on any interviews.  As of now it’s just a thought, and it would be a longer-term goal.

I hope that everyone is starting off their 2020 with a plan in place to achieve their financial goals.  Leave a comment below and share your plans for the coming year.

See Also:

Personal Financial Update. Part 3. DEC 2019

Try These Five Things To Increase Your Income

Eliminate the Debt and Live Your Life

Ways To Make More Money: Part Two

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