Net Worth Update: January 2019
Personal Capital dashboard. Not my net worth, by the way. This is just a stock image.  :)

Net Worth Update: January 2019

Last updated on March 21st, 2019 at 11:24 am.

Hey all! I’ve decided I am going to try to post net worth updates at least quarterly. I also figured I would start the new year off on the right foot by doing just that.

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Go figure, things have been a bit crazy with the stock market as of late. Although I recently assured you things are not that bad and to not focus on the numbers, I can’t deny that there has been quite a bit of fluctuation lately.

And the stock market isn’t the only reason for the recent volatility in my net worth. After all, we’re just getting past the holidays. I spent quite a bit between traveling and buying gifts for the family.

Despite all this, I am continuing to save; specifically, I am spending less than I earn and investing the difference.

Related:

Net Worth Report: Better than Broke, and Still Improving

401k And Other Retirement Plans: A Closer Look

Starting the FIRE: How to Retire Early

Saving Is Time-Sensitive. The Time To Save Is Now!

Contributions Limits and Savings

I recently dropped my 457(b) contributions down to $500/check, even though the limit for 2019 is $19,000. At $500/check, I’m only stashing away 500 * 26 = $13,000/year.

Why did I do that? It was mostly to build up my savings/otherwise liquid funds up a bit more. Not for any particular reason; I just don’t have enough liquid funds to cover 6-8 months of expenses.

Of note, I also have 6% of every check automatically deposited into a 401(a). My employer then matches that 6% at 1:1.

My hope is that I can get my savings to where they need to be and then increase my retirement contributions again. I’m not sure I will be able to hit the $19,000 max as a result, but I will certainly try!

Net Worth – Improving, Despite Market Volatility

When I gave you my last net worth report, I mentioned that I had I had an old retirement account that was in the process of being rolled over. At the time of rollover, that account was worth $5,536. Just FYI if you happen to compare July to this net worth update.

Net Worth Progress
July 2018 Net Worth: $22,752
July 2018 Net Worth + Rollover: $28,288
January 2019 Net Worth: $40,290
Change in NW: (July + Rollover): $12,002

Needless to say, I’m feeling pretty good about this change! Especially since the market was so volatile in the latter half of 2019. Things may have been rocky, but they’re still moving in the right direction.

I use Personal Capital to manage my net worth.

The Year Ahead

I mentioned that during the year I plan to continue saving and, hopefully, increase my retirement allocations.

That plan definitely isn’t changing, although I should probably mention that I do plan to travel in 2019. Europe is the first destination-to-be! The good thing is that although travel can get incredibly expensive, I’ve been working on a travel hacking strategy for months now.

I already have enough points to make it to Europe and back, plus a few free hotel nights.

So even though I’m going to end up spending a bit, it will be a hell of a lot cheaper than it could have been. Wherever there are gaps in my plan, like not having points to stay in a room, I will go the cheap route.

I may be in my 30s now, but I have no shame about staying in a hostel. As I always say, I’m there to see the place, not spend the whole time in a lush hotel room.

2019 Financial Goals

As mentioned, I would like to increase my saving and try to max out my 457(b)…if at all possible.

I have also yet to start making a legitimate income aside from my 9-5. I plan to step that up in 2019 as well. The main thing I’m unsure about is whether that will come from this blog or some combination of side hustles. I guess we shall see!

How are you doing on your net worth/financial goals? I know things have been up and down lately, but hopefully it’s going well.

Bob Haegele

Hey there. My name is Bob Haegele and I blog about personal finance here at The Frugal Fellow. I was raised in the Windy City, also known as Chicago. After working for a few years in the Midwest, I’ve bounced around to different parts of the country in my mission to become a full-blown digital nomad. I’m also an alternative energy and EV enthusiast and have recently become semi-vegetarian. Another thing I started doing recently? Dog walking. I’m now doing that as a side hustle and loving it! I’m now working toward financial independence making money via my own ventures. If you’d like to work together, send me an email.

This Post Has 9 Comments

  1. You are moving in the right direction, and that’s awesome. We recently crossed the zero mark after paying almost all our medical school (Me) and nursing school(mrs) debt. We are looking forward to building wealth.

    1. Congrats on getting even my friend. I got to that point a little over a year ago. It’s a great feeling for sure.

  2. It all starts with a plan and a commitment to the plan! Great work thus far and I can’t wait to see how it all shakes out as the year continues for you.

    1. Thanks! I’m definitely happy with how it’s going so far. Progress is always good!

  3. First time reader and all I have to say is kudos – keep up the savings and frugal living. It brings joy on so many levels.

    1. Appreciate the kudos and thanks for stopping by! I plan to keep it up. 🙂

    1. Anywhere in particular for you? I am really excited just to officially start planning 😄

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