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Tuesday, July 14, 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.
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February 2019 Net Worth Update

Assets

Cash Accounts

Checking                     $ 500.00

Savings                       $ 3,376.00

Business                     $ 3,526.00

MM/E Fund                 $ 10,259.00

 

Taxable Investment Accounts

Ally Brokerage            $ 9,238.00

Investing MM              $ 126.00

Vanguard                    $ 270.00

 

Tax Advantage/Retirement

Bonds                         $14,058.00

SEP IRA                     $ 9,062.00

Traditional IRA            $15,638.00                  

                                    $66,053.00

 Liabilities:

Credit Card:                 $0.00

 

  • Checking: This account has been very stable over the last few months. I haven’t had to transfer any money to make up for over spending. Money for bills and savings has been going in and coming out on schedule. The current $500 is spoken for and will be totally depleted the day before I get paid.
  • Savings (P to P): This account is about $600 short of where I’d like it to be.
  • SEP IRA: The market set records in February and this account reaped the benefits.
  • Traditional IRA: The market was also responsible for the boost in this account. It seems I’ll finally stay in the $15,000 range. In April, the automatic deduction for this account will go up from $455 to $500 to meet the new $6,000 limit.
  • Business Account: Nothing big to pay out of this account. Perhaps, I can officially get back to saving for the down payment on an investment property.
  • The E/Fund: I haven’t had any reason to hit up the emergency fund, so it continues to grow undisturbed.
  • Stocks (taxable): This account is growing nicely, but I’m a little behind the dividend goals that I’ve set for myself so this account should really take off after April.
  • Bonds: This account is officially kicking off over $30 a month and is becoming a nice source of passive income but the goal is to make it great.
  • Ally Investment money: I haven’t been able to accumulate any money in this account because every time it hits $250 to $300 I’m looking to buy something.
  • Credit Card debt: Currently stands at ZERO and I plan on keeping it that way.

 

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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