- I continued to take out a significant amount of money from my emergency fund in August.
- Expense is getting a bit out of control. I’m thinking of looking at my recent spending pattern to control my budget.
I do have a lot of cash lying around. Most is earmarked for emergency fund, next year’s educational expense, etc. Most of cash is sitting in online savings accounts which are at around 1.75-1.85% annually. Any comments or advice about the current breakdown of my assets would be appreciated. Right now, cash/investment/home equity almost equally shares my net worth.
I have been keeping track of my household’s net worth on a spreadsheet for some time now. Before using a spreadsheet, I used Mint to keep track of my net worth, but after a friend of mine convinced me of the danger of keeping all my financial accounts in one location, I switched to manually updating the spreadsheet. It is more cumbersome to manually update the numbers, and I get lazy at times, but I found it helpful to force myself to mentally keep track of my net worth.
Above is the history of my net worth over the years with my current target of $1M at the top. I started to keep track of my net worth a bit after getting married. I only had a few years of experience back then and hadn’t accumulated much wealth. Below are some highlights since I started tracking.
I’m already halfway to my target! However, there are some headwinds lying ahead. Expenses keep increasing as family grows (nannies, schools, etc.). My year-end bonuses are not guaranteed. I may change my career to a less lucrative field. The market is around its historical high.
Hopefully the trend will continue, and I’ll be able to adjust my target to a higher number in a few years. I will share monthly snapshots of my net worth starting with July 2018.
Follow my journey to $1 million and beyond!