Originally, I was only planning to provide annual Net Worth updates. However, since I am now part of an active list of bloggers who provide their net worth on Rockstar Finance's page - The Ultimate List of Blogger Net Worth, I now feel that I need to start providing quarterly updates. This will allow our readers more insight to our overall progress towards Financial Independence. It will also allow us to stay accurate and current on the Rockstar Finance's Ultimate List of Blogger Net Worth.
As of the end of June 2014, our family net worth is as follows:
Retirement Savings: $370,933
P2P Lending Accounts: $ 16,220
Cash and Savings: $ 87,275
GRAND TOTAL
$565,871
(Increase of $54,742 since 12/31/13)
(Increase of $54,742 since 12/31/13)
Home Equity: $442,938
When I was younger, I always said I wanted to become a millionaire. Well, if you add our home equity (as some people actually do), I guess our family became millionaires this past month! Don't get me wrong, I am actually proud of the accomplishment. But maybe it's because of the my friends, my neighbors, or other people I have around me whom are way better off than me, I just see this milestone as simply another goal accomplished. Definitely not Financial Independence and definitely not the finish line.
When I was younger, I always said I wanted to become a millionaire. Well, if you add our home equity (as some people actually do), I guess our family became millionaires this past month! Don't get me wrong, I am actually proud of the accomplishment. But maybe it's because of the my friends, my neighbors, or other people I have around me whom are way better off than me, I just see this milestone as simply another goal accomplished. Definitely not Financial Independence and definitely not the finish line.
NOTE: If you follow us, you know that we do not consider the home equity in our home as part of our net worth. Although others do consider home equity, and even cars, collections, etc. as part of their net worth, it is our opinion that since these items are not very liquid and the value of these items is highly dependent on what others are willing to pay for them (at the present time), we have decided not to consider these assets as part of our recognized family net worth.
Congrats on becoming a millionaire. I would definitely consider this a great accomplishment, and I am hoping to achieve the same success that you have in the future. Keep updating us on your progress. I am sure the next million will be a lot easier.
ReplyDeleteMongrel - I am glad and definitely feel blessed to have reached this milestone. From talking to others that have done same, the next is supposed to be easier. Hope you stay tuned and watch it unfold.
DeleteThanks for stopping by and you comment. AFFJ
AFFJ, congrats on breaking a million! Awesome achievment. The hot SoCal housing market has also helped my networth numbers but, like you, I focus on my liquid holdings number.
ReplyDeleteCheers, AA
AA - Yes, the hot SoCal housing market definitely helped. Our house valued increase almost $50K in the last two months! Glad to here there are others who only concentrate on liquid holdings number. Cheers! AFFJ
DeleteAFFJ,
ReplyDeleteCongrats on the milestone! Great accomplishment that takes a lot of focus and hard work.
Looking forward to watching you build up a powerhouse portfolio spitting out higher and higher dividends.
Hope you are all doing well!
Thanks for the compliment and support. Seeing all the great dividend portfolios throughout the dividend stock blogging community has definitely inspired me to build and grow my portfolio. BTW, looks like your starting to gain some traction in our dividends now and averaging roughly $150 or more each month in dividends thus far in 2014. Way to go!
DeleteCheers to more dividends! AFFJ
AFFJ,
ReplyDeleteWow! That's just a fantastic accomplishment. Your net worth is killer!
While home equity technically shouldn't be included in one's net worth because it is illiquid and a home is actually an expense/liability, I would still be incredibly proud to be a millionaire on paper. That's really fantastic. What a milestone.
And the next million should definitely be easier with the effects of compounding on your side.
Keep up the great work. And congratulations again!
Best wishes.
Thanks Mantra. Total agree that a house is a liability and not an asset and that is why I don't include it as part of our family's net worth.
DeleteI may have a million net worth but I am still working full-time in a job I am not 100% happy with. Now if only I can get the income from my side hustle to increase so I can semi retire like you. :)
Thanks for stopping by and the continued support. Best Wishes for continued success in your writing and thus online income! AFFJ
Wow, congrats on becoming a millionaire!! That must feel so surreal, I'm imagining. The recent bull market has been very kind to a lot of investors.
ReplyDeleteYou're doing an amazing job, and I'm very happy for your progress. Keep it up!
Thanks FI Fighter. Not sure why, maybe because I am still not Financially Independent, but the feeling is not as overwhelming as I had dreamt it to be when I was younger. In some parts of the country, I realize a million would likely bring one FI. But here in California, I feel as though I am only half way there. :)
DeleteThanks for the kind words and continued support! AFFJ
Congrats! on breaking that $1,000,000 mark hope to see your progression over time and your dividend portfolio grow.
ReplyDeleteThanks you for the kind words and support. I see you are already half way there...Keep it up and you'll be at $1mil in no time. Thanks again and please feel free to stop by from time to time to see our progress. AFFJ
Deletecongrats on becoming a millionaire! It's great! haha just with your home equity you can buy at least 2 nice houses in Texas in the area we live... or maybe two condos in Florida close to the beach... :)
ReplyDeleteHHWG - Trust me, my wife and I have toyed with the idea of cashing in our home equity and moving out of state. That might still be a possibility down the road. Maybe in retirement. :)
DeleteThanks for stopping by...Best wishes! AFFJ
While I disagree about the home equity issue, I think it is AMAZING that you hit that milestone. A couple years ago I wrote this post I think you'd like:
ReplyDeletehttp://www.myjourneytomillions.com/articles/comparatively-speaking-million-dollars-lot-freaking-money/
May make you feel as proud as you should be!
Evan - Thanks for your thoughts and encouragement. Please know that I am proud of our accomplishment and I understand that I am part of a small minority.
DeleteI guess it's just that when I was younger, I thought that once I got to a million that it meant that I had made it and that anything above that is optional. My slight disappointment only stems from the realization that a million (for me) does not buy me the freedom I once thought it would when I was younger.
Cheers to millionaire status and the 8 percentile. :) AFFJ
Congrats on becoming millionaires! I can't wait to get there although we've got a long ways to go. I count our home equity in our net worth but that's mainly because that's how I had my spreadsheet set up to start with. Although I do keep track of liquid net worth as well. Keep up the good work!
ReplyDeleteThanks for stopping by and for the kind words. You are doing really well also...after all, your Net Worth has increased $300K in roughly 2 1/2 years. That is very impressive. Keep that up and you'll be millionaires in no time at all.
DeleteWishing you continued success!! AFFJ