It’s that time again – The net worth report!
In case you’re new to the blog, I started tracking my net worth a few months ago because I decided I’m going to be a millionaire someday.
I’m also using it as a learning tool to show you all how money works in real life.
This month, we’re down about $3,000.
What in the hell happened?
Don’t worry, I didn’t lose money in the market and my business didn’t experience a lean month.
Actually, I just had a huge positive life change.
I moved!
Not only did I move, but I moved into a great apartment on the bay in Miami.
The $3,000 I lost this month was first month’s rent and a security deposit.
It’s money I’d been saving in a taxable investment account for some time as I started looking for places about a year ago.
Actually, I’m surprised my net worth didn’t go down by way more.
I felt like I was bleeding out money all month because – even though I’d been saving for a move like this for a long time – it was pretty sudden and moving costs add up.
At the same time, I invested in a group coaching program with one of my mentors which was the price of one month’s rent.
The only explanations I can think of are a) I must have had a good month business wise (won’t know for sure until my accountant reconciles) and b) my investment accounts keep making money.
Most of that $3,000 was actually from returns on my investment accounts, not even the money I’d initially put in there.
After spending many years living with family because of a down economy and then choosing to start a business, it felt DAMN GOOD to be able to take an opportunity like this.
I didn’t have to hesitate when the opportunity arose.
I didn’t have to worry about how I’d be paying rent.
I didn’t have to worry about scrambling the money together for a security deposit.
I didn’t have to worry about moving costs.
As soon as I saw the view from the apartment, I wrote a check and said I was moving in.
Within three weeks, I was fully moved in.
The power of getting your financial shit together.
When you get your financial life together, you can take risks. You can take advantage of opportunities. You can do things without having to worry.
To me, getting my financial life together has looked like the following:
- Personal finance education. This is what helped me overcome the fear of investing, because I learned how it actually works. It’s also what’s kept me out of debt and on the constant lookout to create streams of income.
- Learning how to leverage financial tools (like credit card points for cash back and free flights).
- Slowly creating streams of passive income through investments and affiliate sales through the blog.
- Starting a business. It’s taken me a while, but I know I can earn whatever I want. I can pay my rent with one retainer coaching client. Once you start doing the math you start thinking, “Shit! This is the way to go!” There’s a lot of money out there and those who know it will find the opportunities to make some.
- Knowing what I value. I’ll pay a premium to live in a fantastic city and have a great view, but the furniture is second hand and I have a roommate to split costs with. I also don’t own a lot of stuff because I don’t care to.
My life wasn’t always like this though…
I started blogging back in 2010.
I was broke.
I was unemployed.
I moved back home into my childhood bedroom (same furniture too).
But even back then I made a decision.
I was not going to be another statistic.
I was not going to be another unemployed millennial ridden with debt who had to move back home.
I decided I would be wealthy someday.
That one decision at the age of 22 changed the trajectory of the rest of my life.
Am I “wealthy” yet?
Well, I’m not a millionaire.
But I’m on my way there.
And I know making this decision in my 20s, and then taking the necessary action to move in the direction of my dreams, puts me way ahead of the game.
The new challenge…
The new challenge for me is to keep earning more.
The last couple of years have shown me that knowing how to manage money will only get you so far.
That’s why I switched gears and started focusing on earning money so I could have the things I want – like being able to afford living in an apartment by the water.
I’ve also noticed that a lot of people – particularly people who are attracted to my coaching – get stuck in the money management stage.
They can manage the shit out of money, but earning is a problem. Taking risks is a problem too. Because of this, they still struggle in many ways.
The reality is if you really want to live a life on your terms, it’s going to cost money so you’d better learn how to earn.
If you’re ready to commit to earning more, I’ve opened some spots on my calendar for private business coaching.
You can apply by clicking here.
