For 2019, I will be doing a monthly Net Worth update and Saving update as I have been doing on Instagram for the past year. But since 2018 is done, I figured I’d do a master post for all of 2018.
2018 Net Worth Log
2018 began my Personal Finance journey, and I started the year on January 1st with net worth of $80,905.07. I reached my $100,000 Net Worth goal in August. I ended the year at $100,416.39.
I had 1 checking, 1 saving, 1 investment portfolio, a static Robinhood account, and a 401K. By end of 2018, I had 1 checking, 3 savings, 1 investment portfolio, a static Robinhood account, a 401K, and a Roth IRA.
I decided to log my Net Worth every month on the 20th, because I get paid on the 15th and 30th/31st of every month. So by the time the 20th has rolled around, all of my direct deposits, 401K contributions, and automatic transfers would have completed from the 15th paycheck.
2018 Net Worth by Month
Even though I reached my goal of $100,000 Net Worth in August, because of market plunge that happened in the second half of the year, I didn’t make much progress beyond it. I basically broke even from August at the end of the year.
There was also a huge dip between January and February that wiped out a lot of what I put in, which was a bit disappointing. But since I’m investing for the long term (by which I mean decades), I’ve been able to take most blips with a stride.
I was net gain $19,511.32 for 2018. Which, as you’ll see below, is pretty poor number for the amount of money I put in.
2018 Savings Log
In 2018, I saved every dollar I made side hustling, as well as $1,500 a month from my take home. With salary of $60,000, and contributing 8-20% of my gross to 401k as well as maxing out my HSA, that was usually a little more than one paycheck every month.
Retirement includes Roth IRA and 401K. I maxed out the Roth IRA with tax refund in March. My 401k contribution started at I believe 8% Roth, and by the summer, I’d moved it to 20% Traditional.
I stopped contributing to my investment portfolio in August because I was going to go on a trip to Paris for 2 weeks, and needed to cash flow. Which is the -$973 I had to take out of savings in September. But no regrets! It was a fabulous trip. And I was still “net positive” in savings for the month!
The market began its shaking after that, so I just never went back to putting money into the investment portfolio, and instead decided to hoard cash.
Because cash is king (fight me! – no don’t). In 2019, I’m looking to buff up my cash so I am never in a position where I have to sell low to buy something or take advantage of a good deal!
Some of the math above might seem a little iffy, but it’s because I didn’t always cash out all of the eBook sales I made, so that I have some money in my Paypal account. When I have been moving $150 at a time, so those numbers are reflected in my Net Worth when they are moved over.
2018 In Review
So I put in almost $33,000 but my Net Worth only went up $19,500. So I lost almost 1/3rd of what I put in. Womp womp. So it goes!
I wanted to share 2018 because I was a complete beginner when I started the year. You can see that as the year progressed, I began putting more and more in every month. Before I began my journey with Personal Finance community, I would’ve never thought I can put away so much in such a short period of time!
Keep in mind that my salary for most of 2018 was $60,000 in New York City! With this blog and sharing the numbers, I want to show that putting away money is possible even in a city with one of the highest COL (cost of living) in the world!