• Net Worth

    Net Worth Update October 2021

    Our last net worth update was June. We stopped posting for a bit because of issues with family and the expectations based on what was being read. After a short break and some discussion, we have decided to continue focusing on our own plans.

    Right now, a lot of our net worth is up in the air due to cultural issues with some of our land and business. This was something that was a concern of mine from the beginning and now it is all happening how I was worried it would.

    That said, we have formulated a plan to forge ahead no matter what happens.

    Image of laptop and plant on desk.

    Starting Point

    April 2021 we had a net worth of $649,071. This was comprised of a few debts reducing our net worth as well as property and some investments increasing our net worth.

    Our Liabilities in April 2021

    Custody debt $9,000
    Visa debt $6,000
    Personal loan $12,000
    Cash debt $600
    Cash debt $500
    School debt $900

    Total: $29,000

    Our Assets in April 2021

    3 properties $600,000
    Shares $250

    We had a lot to sort out in April 2021 to be able to work out our true net worth and some is still getting sorted but we have expanded and are happy with our progress.

    Current Net Worth

    Now we are able to track our businesses and a few other things better, our assets look different. We managed to clear some debt in May and in August paid $25,000 for a course for Mr Aspiring Millionaire. To do that, we did cash out some of our assets.

    Our Assets October 2021

    Property: $600,000
    Business 1: $120,000
    Business 2: $ ?
    Business 3: $4,500
    Business 4: $10,000
    Spaceship: $200
    Coinspot: $833
    Raiz: $71

    Total assets: $735,604

    Our Liabilities October 2021

    Custody debt $8,325
    Residency visa debt $5,325
    Personal loan $11,587

    Total debts: $25,237

    Total Net Worth in October 2021: $710,367

    How Did we Increase our Net Worth?

    As you can see, the focus was on business for us. We own these and there is a lot we can do to increase their income and value. Right now, we are on a trip interstate but once back, we are looking at outsourcing more to increase our time which enables us to increase our income.

    Business 1 had more marketing done and there was a special promotion which resulted in consistently higher income the past few months. This pushed up the value.

    With number 2, as it is in another country and there are some issues, we can’t value it.

    Businesses 3 and 4 are both online. We were offered this amount for business 3 this week and told a new online one we have started could go for $10,000 right now but we want to continue to build it.

    Our eventual aim is to have multiple streams of income through real estate, business, shares and to create an empire for our kids. We want to enjoy life with them.

    How can we do Better?

    We spent more money on a trip than intended but through freelance writing and photography, we should be able to recoup those costs.

    Mr Aspiring Millionaire is studying, not working. Once he starts working next year, it will change our finances drastically.

    Ms Aspiring Millionaire has been slow on getting some paperwork processed which would result in a few thousand. Once she/I do it, that money will be put towards debt.

    Changes for the Rest of 2021

    With only 12 weeks left in 2021, it is time to buckle down. Having the course paid for is a huge relief for us. It was something we felt weighing on us as the cost was so high and it meant Mr Aspiring Millionaire still could not work. We had to decide if he would get a job or do the course.

    The course means a much higher income and a guaranteed job once completed. It’s the specific career he wants to go into. It is 4 months full time in another state so work at the same time wasn’t practical.

    Ms Aspiring Millionaire has some study to complete and is caring for 3 of the 4 kids while also juggling work and everything else. So childcare will be used soon along with possibly a cleaner. While this cuts into the budget, it frees up essential time.

    For the rest of 2021, the focus is outsourcing, completing courses, increasing income, reducing debt and setting a solid plan for 2022. In 2022, we need a bigger car, will move house and a few other things which will cost more.

    Our eldest also needs Invisalign which we plan to get now the football season is over. She plays football, is extremely rough with it and we didn’t feel it was practical to do it during the season.

    $2 to Millionaire Challenge

    We are still doing it, although have paused it while travelling and juggling some family matters. Sitting on $120, the next move has been decided but needs to be executed properly. It’ll be a BIG one to share when it’s completed though.

    Find all the updates on our challenge where we are doubling $2 repeatedly until we generate over $1,000,000 here.

  • Net Worth

    June Net Worth Update

    How we Increased our Net Worth by $7,441.22

    We started tracking our net worth in April. After a rough year last year, we needed a focus to get back on track. Our net worth is separate from the challenge I am doing turning $2 into $1,000,000 by doubling my money.

    You know those months where it seems you have high bills, then things break and you have to replace them so it feels like you are not making any headway financially. That was this month.

    Devices needed repairing, some big birthdays and a few things for education cut into what we were able to put towards debt. But those things save us long term and the birthdays were worth it.

    Disclosure: this post may contain affiliate links.

    Starting Point

    April 2021 we had a net worth of $649,071. This was comprised of a few debts reducing our net worth as well as property and some investments increasing our net worth.

    May Debts

    Custody debt $8,225
    Visa debt $5,225
    Personal loan $11,407

    Total: $24,857

    June Debts

    Custody debt $8,075
    Visa debt $5,075
    Personal loan $6,831.78

    Total: $19,981.78

    You can see we are focused on the personal loan. This loan has interest, the others do not so it makes sense to clear it asap. However, while we are clearing it, there is a plan to redraw it for education later this year depending on how much we save or have elsewhere.

    May Assets

    Property: $600,000
    Business 1: $70,000
    Business 2: ?
    Business 3: $3,000
    Spaceship: $679.85
    Coinspot: $209
    Raiz: $40
    Retirement: ?

    Total: $673,928.85

    June Assets

    Property: $600,000
    Business 1: $72,000
    Business 2: $ ?
    Business 3: $3,300
    Spaceship: $865.05
    Coinspot: $282
    Raiz: $47.07
    Retirement: ?

    Total: $676,494.12

    The value of our small businesses increased slightly. Our debt decreased as planned which was good and my millionaire project is continuing well.

    Total Net Worth $656,512.22

    This is an increase of $7,441.22 in the 2 months we have been tracking and more focused which we are ecstatic about. Also in that time, we sorted residency for my partner (which took all my time and effort for 1 month).

    How we Increased our Assets

    I was sick as were the kids for 2 weeks making it a little harder. However, the focus was on reselling items (learn how to do that here) and being consistent with business 1. We continued with crypto a little and you can get $10 FREE Bitcoin here. I don’t think my heart could handle large amounts in crypto yet but it has been interesting.

    At the moment, we are using Spaceship. You can get a $10 bonus with the code S8518DLV20 here. We are doing micro-investing for now as we are focused on building our businesses and clearing debt. Mr Aspiring Millionaire has some courses to complete then will start working too.

    Our retirement funds are proving harder to get sorted than I thought. Mr Aspiring Millionaire knew it would take ages as he has had to do so much with the Solomon Islands and Vanuatu before. So this is something we are still working on.

    Property in Vanuatu has remained steady and right now we are not in a position to do much. In the future, we will be developing the properties more.

    Doubling Money to be a Millionaire

    One of the projects we have with our millionaire and financial freedom goal is doubling our money. If you start with $1 and double it 20 times, you reach over $1,000,000. If you start with $2 it is only 19 times you need to do it and the end result is over $1,600,000.

    My first flip was a book for $2 and resold it for $8. Yesterday, I managed to snag another copy this time for 50cents so will be listing that today. It’s not part of the doubling challenge but when I find something that works, I am willing to do it again.

    The second flip was a dress purchased for $7 and sold for $20. As there was a ‘spare’ $1 from the first flip, I used that to purchase 2 books and sold them for $5 each. Books are still doing ok for me as I usually get them for 50cents to $2 and can sell for $5 to $10. Most people buy more than one at a time too. Again, not including all the book sales in this challenge but I am going to continue flipping books.

    With $30 to double, I became stumped. It seemed so much harder to find something worth $30 to buy and resell. Then I remember, the challenge wasn’t only about flipping, it was about finding ways to double my money. I share how I turned $30 into $60 here but the reality is, I won’t know exactly how much I made from that $30 until next month.

    Plans for July

    Mr Aspiring Millionaire will be enrolled in a course. The deposit will be paid next month which will likely mean our net worth goes backwards. It’s an investment in our future though.

    With the kids on school holidays, I do not anticipate I will have much time to do things. However, my daughters are keen to focus on their businesses as well as their side hustles of reselling. Both make money from their art and have various opportunities I want to help them with.

  • Net Worth

    How we Cleared $4,143 Debt and Increased our Investments in May 2021 (Net Worth Update)

    This month we focused on clearing a couple of smaller debts and redoing our budget. Much to our delight, it helped a lot with both our finances and mindset.

    Last month I shared our net worth for the first time. It was a little scary putting it out there but I am excited to track it. Some of our assets were hard to define and still are which means they will be added in properly later. Here are our debts/liabilities and assets compared to last month.

    April Debts

    Custody debt $9,000
    Visa debt $6,000
    Personal loan $12,000
    Cash debt $600
    Cash debt $500
    School debt $900

    Total: $29,000

    May Debts

    Custody debt $8,225
    Visa debt $5,225
    Personal loan $11,407

    Total: $24,857

    How we Cleared $4,143 of Debt in a Month

    As you can see, we cleared a couple of smaller debts plus knocked a bit off our larger debts. We were not as strict as we could have been this month as we had a few larger expenses. One daughter needed a new laptop which was $1,300.

    Sports gear, registrations, a school camp and some celebrations were another $2,000. We won’t restrict these though as we enjoy our lifestyle.

    To get the $4,143 we did a combination of extra freelance writing for me and some odd jobs for Mr Aspiring Millionaire. He’s a hard worker and it’s been easy to pick up some regular gigs. We do declare all our income.

    Image taken in Vanuatu of our favourite area which is 10 minutes from our family and our properties.

    Increasing Assets

    Last month I couldn’t give a completely accurate account because we still need some of our retirement accounts sorted. Also, the properties in Vanuatu aren’t going to be valued for a while nor are the businesses. However, at the moment, here is a rough estimate based on various factors.

    Property: $600,000
    Business 1: $70,000
    Business 2: ?
    Business 3: $3,000
    Spaceship: $679.85
    Coinspot: $209
    Raiz: $40
    Retirement: ?

    Total: $673,928.85

    Our Total Net Worth: $649,071

    As you can see from the numbers above, our net worth is going well. I can’t wait to get our retirements sorted to know exactly what they are as well as expand the businesses.

    The breakdown of our assets are the 3 properties in Vanuatu (and right now, the rental from those goes to support the family in Vanuatu). Business 1 took a hit last year, reducing the income and value. At the moment, we are slowly building that back up again.

    Business 2 is in Vanuatu. Right now, it isn’t producing any income as it is paused due to borders being closed. It’s a tourism based business which we owe nothing on but will likely need to invest some money into when borders open or are close to opening to get it running smoother.

    Business 3 is small and not doing much, however, I was recently offered $3,000 for it. I used to do more with it and have decided to build it a little then sell it.

    How we Increased our Assets

    Increasing our assets was not a focus for us this month but we did manage to invest a little more in shares. We also decided to experiment with crypto a little as you can get $10 FREE Bitcoin here. We figured a small amount is a good way to test our risk tolerance with crypto.

    After the initial free $10, we got an unexpected $150 so I put that in too. Currently, our crypto is worth $209.

    At the moment, we are using Spaceship. You can get a $10 bonus with the code S8518DLV20 here.

    Our retirement funds are proving harder to get sorted than I thought. Mr Aspiring Millionaire knew it would take ages as he has had to do so much with the Solomon Islands and Vanuatu before. So this is something we are still working on.

    Property in Vanuatu has remained steady and right now we are not in a position to do much. In the future, we will be developing the properties more.

    Doubling Money to be a Millionaire

    One of the projects we have with our millionaire and financial freedom goal is doubling our money. If you start with $1 and double it 20 times, you reach over $1,000,000. If you start with $2 it is only 14 times you need to do it and the end result is over $1,600,000.

    Last month, I did my first flip. I bought a book for $2 and resold it for $8. Then, I purchased a dress for $7 and sold it for $20. As there was a ‘spare’ $1 from the first flip, I used that to purchase 2 books and sold them for $5 each.

    Right now, in my doubling money account, I have $30 to use to buy something else to resell. I have been ill so didn’t get a chance to look this week but will be next week.

    What are you doing to reduce debt and increase your net worth?

    Tips to Help You Increase Your Net Worth

    Get weekly tips, bonuses and discounts to help you increase your net worth and achieve your financial goals.

    Please wait...

    Thank you for sign up!

  • Net Worth

    Our Net Worth – The Beginning April 2021

    Each month we will share our net worth. Right now, a few things are hard to check or get valued so while this is the beginning of tracking our net worth, some of the figures could be a little off. Also, with our net worth, not all of it can be sold off easily due to cultural expectations or conditions.

    What we Include in our Net Worth

    Net worth is simply your assets minus your liabilities. Some people include ALL their belongings such as cars, home items etc. We won’t be. Here is what will be included:

    For assets, real estate, retirement funds, business, shares and collections. Liabilities include any debt such as mortgages, loans, credit cards, all of it.

    Our goal is financial freedom, not just $1,000,000. The first step is to be worth $1,000,000 each as it is an easy goal to track. Our net worth will not be tracked separately though. Everything is combined below as we are working towards a future together.

    Our Assets

    We have 3 properties in Vanuatu but these cannot be sold. They must remain in the family and our son will inherit them. One has a rental property and the income from that currently goes to support family in Vanuatu. The other two are being used to farm and support family. Combined, these lands are estimated to be worth about $600,000AUD.

    Our businesses need to be valued so I can’t give a rough guide on them as yet. We have had trouble accessing retirement from different countries we lived as well so that will be added once it can be sorted. As for shares, we only have $250 invested right now.

    Our Liabilities

    Combined, our debt is not great. We have a few separate loans and are focusing on one at a time while maintaining minimum repayments on them all.

    Custody debt $9,000
    Visa debt $6,000
    Personal loan $12,000
    Cash debt $600
    Cash debt $500
    School debt $900

    Total: $29,000

    Net Worth

    Once we remove the liabilities from our assets, our net worth isn’t terrible. We have a positive net worth which is the main thing! Our net worth is roughly $571,000AUD. This will be different once the businesses and retirement are sorted.

    Plans For May

    All going well, we will sell a few items which will clear some of the debt. Shares will increase as they are set up to be done automatically. Our budget is being revisited tonight to make a proper plan to include what we want in our lifestyle while achieving our goals.

    We will also be doing some more research on the best way to set things up regarding tax, incomes, investments etc as Mr Aspiring Millionaire will hopefully have a job soon as the residency visa is being applied for this week.