July 2019 Financial Update

Financial Update
3 min read

At the start of each month I share a financial update where I summarize my income and expenses from the previous month along with my current net worth.

I’ve always found it insightful to follow the financial journey of other bloggers, so I hope that readers can find value in following my own.

Income & Expenses

Here’s a recap of my total income in June 2019:

9-5 Data Scientist Job: $4,584
Online Income from Websites: $1,512
Dividends & Interest: $194

Total Income: $6,290

Here’s a recap of my total expenses in June 2019:

Rent: $888
Food & Dining: $697 
Miscellaneous: $253
Utilities: $131
Entertainment: $98
Transportation: $81

Total Expenses: $2,148

And here’s my favorite chart to look at: A line chart that shows my total expenses vs. total income earned outside of my day job each month.

Note: The bump in April expenses is from paying my annual taxes.

This is one of my favorite charts to look at because once the blue income line crosses the red expenses line, it means I’m able to cover all of my bills purely through income streams outside of my day job, which means I technically don’t need a day job for income.

In June, my total expenses exceeded my income outside of my day job by just $441. This means I was almost able to cover all of my bills purely through income I earned online combined with dividends and interest I earned in my brokerage accounts and savings accounts. 

Net Worth

Here’s a summary of my net worth as of July 1, 2019:

Cash: $29,310
Tax-Advantaged Accounts: $53,711
Brokerage Accounts: $57,460
Alternative Investments: $2,945

Net Worth: $143,426

Here’s a look at my net worth progression since I started tracking it back in August of 2016:

This is also another fun chart to look at because on a monthly basis it can sometimes feel like I’m not making much progress or that I’ve even hit a plateau. However, when I zoom out and look at the big picture I can see that my net worth has been steadily increasing over the last three years and that I’ve made tremendous progress in a relatively short amount of time.

Recap

This was an excellent month financially. My net worth grew by over $12,000 mostly due to a high savings rate combined with a strong month for the stock market.

Since most of my money in both my tax-advantaged and brokerage accounts is invested in total stock market index funds, all of my account balances grew substantially because the total stock market increased by over 7% in June:

For those who follow my numbers closely from month to month, you’ll notice that the amount of money I have sitting in cash ballooned by about $20,000 this month. This is due to selling off shares in total stock market index funds in my brokerage account. I’ll explain my reason for doing so in an exciting blog post tomorrow morning…stay tuned!

In addition, I earned over $1,500 from my websites in June, which offered a noticeable boost to my savings account balances. Over the past six months my sites have consistently been earning roughly $1,000 or more each month and I hope to increase that number closer to $2,000 over the coming months.

For those who are curious, I earn income on this site through advertisements, affiliate links, The Excel Genius Toolkit, The Data Scientist Resume Pack, and The Elements of Freedom ebook. On my two other sites, I earn income mostly through advertisements.

If you’re interested in starting your own blog, I encourage you to check out my free guide here.

One of my main financial goals is to be able to cover all of my living expenses purely through income streams outside of my day job. This past month I earned $1,707 through a combination of website income and dividends, which was enough to cover about 80% of my total monthly expenses.

Ideally I’d like to get this number to 100% and beyond so I no longer even need a day job to pay for my lifestyle.

Looking Forward

Looking forward, I plan on continuing to grow my online income each month to $2,000 per month and beyond.

Growing income online can sometimes feel like a slow process, but once the ball gets rolling it only gets easier as time goes on. I can recall that it took me about nine months just to have my first $100 month online. Granted, I had no clue what I was doing when I first started out, but I was fortunate that I decided to stick with it.

Now, there are some days when I don’t do any work at all on my websites and yet I’ll still earn $200 that day if one of my articles goes viral on Twitter or Facebook. That’s the real power of owning websites. They’re always working to earn me money even when I’m not actively working on them. It’s a perfect example of why owning assets leads to wealth and freedom.

I believe that if I can diligently grow each of my three sites, along with a new site I’m working on, that I’ll be able to generate enough income each month to quit my day job far before I’m able to save up 25 times my expenses and declare myself to be financially independent. 

Until then, I’ll keep providing monthly updates. Thanks for reading 🙂

Further reading:

Is Net Worth the Wrong Metric to Track?
Why I Can’t Imagine Enjoying Any Corporate Job
Life is About Finding Fulfilling Work, Not Saving Up Enough Money to Never Work Again


My favorite free financial tool I’ve been using since 2015 to manage my net worth is Personal Capital. Each month I use their free Investment Checkup tool and Retirement Planner to track my investments and ensure that I’m on the fast track to financial freedom.

My favorite place to find new personal finance articles to read is Collecting Wisdom, a site I created that collects the best personal finance articles floating around the web on a daily basis.


Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.