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Tuesday, August 11, 2020

June 2020 Net Worth Update

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Copper Cotton
Copper Cotton
Copper2Cotton is a money blog following one person's journey to reach $1 million net worth. This blog will not only show the author's progress, but also give financial tips and insight for anyone who wants to be wealthy.

Milestones Along The Way

June was a great month for me (personally), all things considered. I literally saw all of my hard work materialize and manifest in my net worth. I found myself depositing two checks a week at one point. I was amazed and I immediately began crossing off milestones.

In case you’re wondering, I have a money chart. There are 21 rows on the chart and each row is a milestone marker. Each row has an ever-increasing dollar amount. When my net worth reaches the dollar amount on a particular row, I cross it out and strive for the next marker. When I reach row 21, I will have achieved the financial independence that I currently desire. 

Now that you have an idea of just how important my financial goals are to me, you’ll get the gravity of what I say next. Last month, a friend asked me to help her get something that I thought she deserved. I went through the process with her and believed it would work out in her favor. To my surprise, it didn’t work out. I was shocked and sad for my friend because I knew how much she wanted and needed what she was going after. I told her that I would think of another way to help. 

Empowered to Empower. 

The next day, after wracking my brain and searching for an answer to my friend’s problem, it hit me. The solution was me. I was in a unique position to override the “no” she received from the company.

I know that I talk a lot of trash about NOT allowing people to drag you into their financial messes on this blog. But the truth is, at some point you will have to decide if having money means just having it and admiring it as it sits in your bank account or if it means you also use it as an opportunity to go into the world and do great things for other people.

I believe that I’m empowered to empower others. What do you believe?

I provided the solution for my friend and she is doing extremely well now. And I couldn’t be happier for her. I also continued to make great strides towards my financial goals, and so without further delay here goes the update:

 June 2020 Net Worth Update

Cash Accounts

Checking                 $ 500.00 (no change)

Savings                   $ 4,530.00 (+$255)

Business                  $ 12,406.00 (-$1,988)

MM/E Fund              $ 18,800.00 (+$449)

Taxable Investment Accounts

Ally Brokerage            $ 17,468.00 (+$706)

Investing MM              $ 50.00 (-$75)

Vanguard                   $ 1,568.00 (+$149)

Acorns                       $ 1,200.00 (+$103)

Tax Advantage/Retirement

Bonds                       $ 18,495.00 (+$261)

SEP IRA                    $ 14,708.00 (+$1,541)

Traditional IRA          $ 24,645.00 (+$2,904)

                                $114,370.00

Liabilities: Credit Cards:              $0.00  

  • Credit Card: I went shopping for food and other necessities, but I paid it off immediately.
  • Checking: I continue to put my gym membership in the budget and at the end of the month, I use it to buy stocks. 
  • Savings (P to P): This account is capped at $4,500 but when it hits $4,700 I’ll take the $200 and buy stocks.
  • SEP IRA: This account took another dip and remains off of its high.
  • Traditional IRA: This account has been moving sideways for past month.   
  • Business Account: Even with my big withdrawal, this account still has a nice balance. It should get back to where it was by next month.
  • The E/Fund: Interest rates continue to drop and it won’t be long before this account is generating less than 1.00%.
  • Ally (taxable): Purchased a few shares of AB, T, UPS and NGG.
  • Bonds: The current I-bond rate is 1.06%. This is now higher than most online HYSAs. 

Remember, it is a fight to build wealth no matter where you are in the process. Everything around us conspires to take money out of our hands. But you must fight the good fight. Continue to save, invest, and grow your net worth even when it seems impossible. Save your pennies (copper) until they become dollars (cotton).

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