It’s been a heck of a time these past few months! I have been busy working and hibernating (winter time), but some exciting new developments and changes have boosted my net worth. I plan to get back on track and get more consistent updates going again.
First off: THE PLAN! Remember a post a long time ago when I was laid off and looking for work? When I wanted to get myself to a level where I know my skillset will be utilized? To not just have a job, but start a career? How I wanted to get myself a higher level of income to achieve my goals, ultimately: Financial Freedom? It has proceeded to another step, and I was able to be promoted again at work!
About three years ago I was laid off and on unemployment… I found a temp job and income was around $26k. They decided to hire me full-time, and then I was sitting at around $33k a year income in a manual labor position. A year into that I got a small promotion to a more office-environment job, and the income went up to around $40k a year. A few months ago I was awarded with another promotion, and my new income is sitting at around $59k a year! Woot!
Through nothing but hard work and dedication over the past three years, I was able to more than double my income. NICE!
On to the next exciting development, I was the recipient of a small windfall recently. A dear friend of mine (he’s about 80) taught me about the stock market long ago. He is substantially wealthy, and one day we put together stock portfolio as part of a lesson / showing me the ropes. Over the course of 4-5 years, we let the portfolio sit and we observed, made trades, and rode the roller coaster. Recently we decided to call it quits. In the end, the portfolio had gained around 25%. He is a kind enough man that he decided to gift me the capital gains (after all fees and taxes) so I could use it to pay off debt. How cool is that? For now, the windfall was around $13k. There is potential for more coming in 2017, as the capital gains were around $25k.
I did exactly what he wished: used that stuff to build myself up and pay off those debts! The $4,500 truck loan is GONE! My student loan has taken a near $9,000 reduction! I was also able to beef up my emergency fund to around $5,000 – a number I feel good with that – my Roth can be a second $8k emergency if it’s life or death. Thanks to this friend’s generosity and our trust in each other, I have been able to make a huge dent in my debt and increase my net worth by thousands. Now, on to the newest numbers!
Roth IRA Basis:
Contribution Basis: 4,400
Company Match: 4,400
Total: 8,800 (+2038)
12,000 (reworked, +4,600)
“Liquid” Assets (cash, stock and retirement):
Balance: 13,200 (-9,422)
Credit Karma scores: 767 TU / 759 Equifax
FICO score: 773
Chase Transunion: 767