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Saturday, July 11, 2020

Net Worth Update: November 2019

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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.

I can’t believe it! Eleven net worth updates are in the bucket and only one more to go in 2019. All of the updates represent the effort and consistency I put into growing my net worth throughout the year. Currently, I’m in the middle of a few projects that are very important, but I haven’t managed to maintain the same level of effort and consistency that I’ve had with growing my portfolio and writing about it in this blog every month.

My plan when I began tracking my net worth on Personal Capital (which I highly recommend) was to increase my net worth every single month. Just having this goal forced me to put my credit card away a lot throughout the year, resulting in 11 straight months of significant (and a few not-so-significant) net worth increases.

Every month in 2019 I reached a new net worth high, which was great. But if you’ve been reading this blog you know the real goal is to hit the $100,000 net worth milestone (not including my home) by 12/31/19.

Okay, time to share my net worth as of November 30, 2019

November 2019 Net Worth Update

Cash Accounts

Checking                   $ 500.00 (no change)

Savings                     $ 4,300.00 (no change)

Business                   $ 8,036.00 (+$1,139)

MM/E Fund               $ 15,134.00 (+$587)

Taxable Investment Accounts

Ally Brokerage            $ 15,138.00 (+$355)

Investing MM              $ 381.00 (+$150)

Vanguard                    $ 947.00 (+$82)

Acorns                        $ 750 (+96)

Tax Advantage/Retirement

Bonds                         $ 16,811.00 (+$325)

SEP IRA                     $ 12,912.00 (+$622)

Traditional IRA           $ 22,124.00 (+$697)



Credit Card                 $389.00

As you can see, I’ll be cutting it close to reach the $100K goal. However, I’m optimistic because despite cancelling the automatic deposit into Betterment, the account still grew due to market growth and dividends, resulting in a $234 increase.

  • Checking: All savings/bills are automatically deducted from this account. Any money left over after deductions is sent to the emergency fund.
  • Savings (P to P): This account is back to where I’d like to keep it. No change here.
  • SEP IRA: The stock market came back after a few down days.
  • Traditional IRA: Dividend payments in this account are really picking up. I hope to double them by this time next year.
  • Business Account: This will hit double digits early next year. So, I’m looking to put this money someplace that will generate some interest until I’m ready to use it.
  • The E/Fund: Haven’t had any reason to hit up the emergency fund. It continues to grow at a modest pace.
  • Stocks (taxable): Just when I thought I was done adding stocks for the year I picked up four shares of NGG (National Grid).
  • Bonds –The new bond rates went into effect last month. The interest rate that I’m receiving on all new purchases (I-bonds) is now 2.22% This is still way above what most major banks are offering.
  • Ally Investment money: This money is always being used to buy dividend-paying stocks.
  • CC debt: The credit card was higher but I made multiple payments throughout the month to prevent the shock I would get if allowed to build up.

I’m officially $2,967 away from the great $100K milestone. I’ll be hustling right up to the last minute of 2019 to reach my goal.

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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