There is a smarter way to approach net worth update september, and it starts with knowing a few key details. This guide covers them, along with tips you can apply immediately.
Key Takeaways
- 74shares Facebook0 Twitter38 Pinterest0 LinkedIn36 Hey Money Wizards!
- As the regular readers know, each month I share my progress towards a roughly $1 million portfolio and an early exit from the working world.
- I’m currently 30 and shooting to walk away from my full time job at age 35.
- Worth noting: let’s check in on the progress.
Tips That Make a Difference
Another month, another update. Life Update: September 2020 September started on a strange note.
- For whatever reason, I decided I was going to begin flipping antiques.
- I made this decision based on my absolutely zero experience with antiques dealing.
- More importantly, but I figured if we can make money flipping furniture, how hard could it be?
- So I set out on a mission, hitting up a half dozen estate sales and garage sales in the area.
Common Mistakes to Avoid
Most sold junk, but I was convinced I’d struck gold (literally) when I was one of the first people in the door of a nearby estate sale. Once inside, I found three pieces I was sure would make me millions.
- Remember that a vintage Tonka truck - purchased for $25 2.
- A vintage Monopoly board - $5 3.
- A literal gold coin. - $3 So I shelled out a $33 investment and started dreaming of riches.
- Unfortunately, my main experience with vintage trucks was limited to a hazy memory of receiving one as a toddler.
Is Net Worth Update September Worth It?
As a rule, my expertise with monopoly collectibles consisted of purchasing McDonald’s soft drinks in hopes of scoring their million dollar prize. And the closest I’d ever come to real gold was an ETF in my brokerage account. So maybe then I shouldn’t have been surprised when I got home and finally started doing some more research.
- I listed the antique truck online for a slight profit ($40… the $15 profit would hopefully cover my gas mileage and keen eye for value.) To my astonishment, three weeks later and I still haven’t received any takers.
- More online research proved the vintage monopoly board was a 1941 to 1951 original.
- In short, genuinely cool, but worth an astounding… $10.
- Instead of applying it to fund my future offspring’s education, Lady Money Wizard and I used it for a quarantine game night.
Where the Real Savings Hide
And the gold coin? Not gold. “An interesting commemorative token,” a local gold appraiser told me. “But not worth anything.” Surely there’s a lesson in here about doing your research before jumping into your investments?
- Worth noting: stick to what you know, don’t let your emotions get the best of you, it takes a long time to become an expert, etc…?
- Failed antique dealing aside, I had a fun month near home.
- Minnesota flipped the switch onto Fall, which is by far my favorite season in the state.
- I celebrated by spending as much time outside as possible.
A Closer Look at Net Worth Update September
More importantly, the Dow ended the month down 2.3% and the S&P 500 even worse - down 3.9%. The MMWI (that’d be the My Money Wizard Index - a dumb name I just decided to coin for my portfolio) fared a little better thanks to diversification, ending the month down just 2.2%.
- Tracking from my free Personal Capital dashboard It was the first time my net worth didn’t increase month over month since the begin of the Coronavirus pandemic.
- But at least my total net worth stayed above $400K!
- Remember that isn’t it funny how those little milestones seem to make such a large difference?
- Whether the month ended $399K or $400K clearly won’t have a massive impact on me, yet for whatever reason, I feel like all is fine since it’s over $400K.
What to Know About Net Worth Update September
What an irrational little investor I am… The biggest news is that I shifted $2,000 from my checking account into a whole new asset class within my brokerage account. Let’s take a look!
- As a rule, portfolio Allocation: September 2020 Yep, the MMWI (hey, that goofy term seems to be sticking near!) made its first investment into commodities.
- That’d be a small amount of gold and silver, specifically.
- Checking Account: $10,523 ($42) Overall, I padded the checking account by about $2,000 in September, but that was offset when I made the equal-sized transfer to invest in my brokerage account.
- Brokerage Account: $184,029 ($3,955) The brokerage account dropped a bit in the month thanks to the market’s poor performance, but the loss was partially offset by my $2,000 contribution.
How Net Worth Update September Really Works
In short, i’ve planned a few upcoming posts which will explain why I chose to invest a tiny amount of my portfolio in gold and silver. 401(k): $167,438 ($3,776) My $1,600 monthly contributions to my 401k are still broken up as: 50% S&P 500 Index Fund 30% Small Cap Stocks Index Fund 20% International Stocks Index Fund I also get a decent match to these contributions from my employer.
- Roth IRA: $41,151 ($1,476) Still just market movement to the following accounts, since I hit my $6,000 maximum Roth IRA contribution at the beginning of 2020.
- Vanguard REIT Index (VGSLX): $35K Vanguard Total International Index (VTIAX): $6K Rent Payable: $807 (+$5) For newer readers, I split a mortgage for a house in Minneapolis that my fiance bought for $180,000 a few years ago.
- Worth noting: this “rent” covers my half of the mortgage, utilities, taxes, expected maintenance, etc.
- Credit Cards Payable: $1,741 ($43) With COVID-19 limiting the spending possibilities, it’s been easier to keep the credit card charges reduce each month.
Frequently Asked Questions
How can I save money on net worth update september?
Compare prices across a few retailers, look for active coupon codes, and time bigger buys around sales events. Life Update: September 2020 September started on a strange note.
Is it worth shopping around for net worth update september?
Usually yes. For whatever reason, I decided I was going to begin flipping antiques.
What should I check before buying?
Read the terms, confirm any code still works, and factor in shipping or returns. I made this decision based on my absolutely zero experience with antiques dealing.
Smart Ways to Save More on Net Worth Update September
- Time non urgent purchases around major sale events for the deepest cuts.
- Leave items in your cart for a day; some stores send a follow up discount.
- Pair cashback with a coupon so you save twice on the same order.
- Stack a coupon code with an existing sale whenever the store allows it.
- Sign up for the retailer newsletter to catch first time and seasonal discounts.
Final Thoughts
Before you check out, line up net worth update september against current promotions and any codes you can stack. Small habits like these add up to real savings over a year.
Originally published at mymoneywizard.com.
