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.
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 Assets October 2021
Business 1: $120,000
Business 2: $ ?
Business 3: $4,500
Business 4: $10,000
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.