Copper Cotton
March was a great month for me professionally. As I discussed in my last blog, I’ve taken on a lot of additional responsibility at work and it has resulted in a respectable monetary increase. My goal was to keep adding new skills (learning all the things that keep the organization running) to my arsenal when I landed here. Knowing that when someone dropped the ball I would be prepared to pick it up and score.
I’ve been doing what no else wants to do and doing it at the highest level possible, while still looking for ways to improve (no resting on my laurels). Most people only want the work that puts them in the spotlight. But I have found success in doing the work that needs to be done behind the scenes. I happen to enjoy what I do. So, it’s not the chore for me that everyone believes it to be (but that’s our little secret). Having found my strengths (and this took a long time), I’ve made myself a pivotal part of the organization.
As for my increase, you should know that I’ve already made plans for it. I have two goals for the extra money: First, I’m now fully committed to paying off my mortgage. I went back and forth with this over the past year but a wonderful blog that I came across, His and Her Money, made it clear that paying off my mortgage couldn’t stay on the back burner any longer.
I started in January with just $50 extra toward my principle. This has actually allowed me to put a dent in my mortgage. My second goal is all about growing my dividend portfolio. I don’t even want to get started on how important it is to create and grow passive income. And speaking of passive income, I’ll be sharing my passive income results for the quarter of 2019 in my next blog.
Okay, time for the March net worth update.
March 2019 Net Worth Update
Assets
Cash Accounts
Checking $ 500.00
Savings $ 3,550.00
Business $ 3,849.00
MM/E Fund $ 10,825.00
Taxable Investment Accounts
Ally Brokerage $ 9,548.00
Investing MM $ 211.00
Vanguard $ 340.00
Tax Advantage/Retirement
Bonds $14,584.00
SEP IRA $ 9,486.00
Traditional IRA $16,370.00
$69,266.00
Liabilities:
Credit Card: $565.00
- Checking: There is nothing new happening here…just money going in and coming out like clockwork. However, unlike the past three months, I will need to make an irregular transfer to cover a small shopping spree.
- Savings (P to P): This account is about $450 short of where I’d like it to be.
- SEP IRA: The market did well in March and this account reaped the benefits.
- Traditional IRA: The market was also responsible for the boost in this account. And I now sit in the $16,000 range. I’ve raised the automatic deduction to an even $500 a month to meet the $6,000/yr. maximum.
- 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. But I also have to pay taxes next month, so this account will see a lot of action over the next couple of months.
- The E/Fund: Haven’t had any reason to hit up the emergency fund so it continues to grow undisturbed.
- Stocks (taxable): With stock prices rising, it has taken longer for me to make purchases. But when my raise kicks in next month, dividend growth will pick up in the second half of the year.
- Bonds: This account is currently a great source of passive income but the goal is to make it greater.
- Ally Investment: Still working on building this account, up but I keep buying stocks every chance I get.
- Credit Card Debt: Currently stands at $565 and it makes me uncomfortable. I just don’t like to see more than $300 sitting on my credit card. The truth is, I splurged knowing that my raise would cover the blown budget. With the new money already allocated, I’ll be back to my old spending habits next month. No lifestyle creep here.
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).
