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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 some value in following my own.
Income & Expenses
Here is a recap of my total income in February 2018, along with my income from the previous three months to offer some perspective.
All dividends from REITs and index funds come from my brokerage account. My 9-5 income listed below is post-tax, while dividends and side hustle income are pre-tax since it’s a bit harder to calculate the tax that I will pay on these income streams until tax season.
|REIT dividends, stock index fund dividends, savings account interest||$106||$253||$366||$120|
Here is a recap of my total expenses in February 2019:
I saved about 60% of my total income in February.
Here is a summary of my account balances as of March 1, 2019:
|Money Market Funds|
|Savings Account||$15,924 (+$2,927)|
|Checking Account||$1,437 (-$28)|
|Total Money Market||$17,361 (+$2,899)|
|Tax Advantaged Accounts|
|Traditional IRA||$3,769 (+$124)|
|Roth IRA||$4,839 (+$158)|
|Total Tax Advantaged||$45,192 (+$2,874)|
|Non-Tax Advantaged Accounts|
|Brokerage Account||$69,434 (+$1,409)|
|Republic Private Investment||$550 (+$0)|
|Total Non-Tax Advantaged||$70,679 (+$1,429)|
|Net Worth||$133,232 (+$7,202)|
Here’s a look at my net worth progression since I started tracking it back in August of 2016:
This was another solid month financially. My net worth grew by $7,202 mostly due to a high savings rate combined with a strong month for the stock market.
I also earned $1,281 in blogging income this past month, which is a number I’m pretty happy with. Over the past six months the blog has consistently been earning around $1,000 each month and I hope to increase the number closer to $2,000 over the coming months.
If you’re interested in starting your own blog, I encourage you to check out my free guide here.
Another 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 $1,401 through a combination of blogging income and dividends, which was enough to cover about 56% 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, I plan on continuing to grow my online income each month. I recently added my personal finance aggregation site Collecting Wisdom to the ad network Mediavine, so I should start earning a couple hundred bucks from that site as well moving forward. I also have a couple other sites that I’m attempting to monetize over the coming months.
I believe that if I can start earning income from several different sites and slowly grow these sites over time 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 financially independent.
Until then, I’ll keep providing monthly updates. Thanks for reading 🙂
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.