How we Increased our Net Worth by $1,612 in October
It might not seem like much but any movement up is good. With the kids, pregnancy complications, a variety of paperwork and increased expenses, we are ecstatic we increased our net worth at all!
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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
Our Assets in April 2021
3 properties $600,000
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 expenses are currently a lot higher than normal due to double rent, more on food etc since he is in another state while he studies. I am looking forward to January when expenses drop and he starts work.
Our Assets October 2021
Business 1: $120,000
Business 2: $ ?
Business 3: $4,500
Business 4: $10,000
Total assets: $735,952
Our Liabilities October 2021
Custody debt $8,125
Residency visa debt $5,125
Personal loan $10,723
Total debts: $23,973
Total Net Worth in October 2021: $711,979
How Did we Increase our Net Worth?
Spending less than we earn and investments naturally growing. It was that simple this month. We didn’t do anything extra to make money as we had too much else going on and we didn’t pay any extra off debt sadly. Only the regular payments.
Crypto has gone up and down over the month, however we are up from when we started. We use
Next Steps for the Rest of 2021
As mentioned in our last update, we have a lot of changes happening and need to ensure we start 2022 off well. Our family is growing next year making our current lifestyle impractical. We will have 2 teenagers living with us, a newborn and toddler plus if borders open and all goes well, we might have an 8 year old sometimes.
We live in a 2 bedroom townhouse which is tiny. The car is a small Corolla and while we love the area, the career Mr Aspiring Millionaire is currently training for does not have work opportunities where we currently live. So a move is likely either to another city or since his work will be offshore most likely, I may stay where we are.
But we would still need a bigger house.
The 14 year old needs Invisalign which is a few thousand and we want to clear the remaining debt asap as well.
So to prepare for 2022 and make the most of the last few weeks of 2021, here’s the plan.
Declutter and Sell Everything
It horrifies me how much stuff we have. Last week I sold a few items and took a heap to be donated. Yet, there is still more. Knowing what we want to keep and that when we move we will be buying other furniture means I will sell off what I can now.
Our 10 month old isn’t in childcare yet, however, high school finishes in a few weeks. I pay my 14 year old to babysit when it relates to work. At the moment, I am only doing my work on weekends and when my baby naps or at night if I have the energy.
Once school is out, this will change a little and I will be able to work more than I currently do to increase our income.
Mr Aspiring Millionaire completes his course in December and they have guaranteed jobs at the end of it. He might start as soon as he finishes or he might come home for Christmas then go. Either way, there should be more income soon.
Cash in Cans
We collect cans to cash in. Some are picked up when I go for my daily walk, others are from our own drinks. We don’t get drinks all the time, I prefer we drink water. But when we do, we save the cans and bottles to cash in.
Cash in Online Surveys
$2 to Millionaire Challenge
We are still doing it, although I paused it while we travelled Tasmania and juggled 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.