Every month has been a steady increase of my net worth except for January 2015. If I recall the markets weren't so hot, and part of the reason was because I cashed out an old 401K account. When I received that cash, I ended up putting some of it into individual stocks back in February. This is why February was such a great month for my net worth. I may revisit this chart every quarter in order to continue keeping myself accountable.
One of my goals for the year was to establish a 50K net worth by the end of the year. I focus on sub goals within this goal. So I want to try turning 20K into 30K which is almost accomplished. Once I get to 30K, I need to focus on turning that into 40K. Then I can achieve my end result of 50K. I find it very helpful for me to focus on the sub goals and figure out quicker ways to increase my net worth 10K at a time. I should be at 30K by the end of March but I am already thinking of how I can speed my way up to 40K.
- Should I invest in higher growth companies such as Nike and Starbucks?
- Buy a multi-family home and rent out the extra apartments for cash flow.
- Invest aggressively in my company's 401K. (I'll finally be able to do this in March and they match 100%!!!!)
- Sell aggressively on Ebay for extra income.
What do you think of my net worth strategy?
Congrats on the growth. It is such a great feeling to see the graph go up higher and higher in the long run. My portfolio worth dropped in Jan as well along with the broader market, but rebounded in Feb. Looking forward to seeing your March numbers.
ReplyDeleteDGJ
DGJ,
DeleteI am also looking forward to seeing my numbers in March. Although it will be an expensive month in terms of expenses, the passive income should look good. I have a bunch of dividends coming up and it will probably be my biggest month yet.
That's a nice jump! Congrats on almost hitting $30k.
ReplyDeleteTawcan,
DeleteThank you very much for the compliment. I am hoping to hit 40K by August. I really have to discipline myself and stay consistent. I think my 401K will help take me to 40K in no time.
Great progress! Some good ideas to address too! Dividend growth is almost always what I'm going for when comparing two good companies.
ReplyDeleteDivGuy,
DeleteI am also looking at companies like NKE, SBUX, MDLZ, DIS and AAPL as possible additions to my portfolio. These seem a little pricey right now and I am just waiting for a better opportunity to pull the trigger on these. However I am confident that the growth of these companies could propel my portfolio to new heights.
always take the free 401k money! wish i had I had learned that earlier in life
ReplyDeleteCG,
DeleteI am going to be taking a steep hit in my new income, but I simply couldn't pass up the free money. I can always adjust my contributions in the future. This will be a nice addition to my current assets for sure.
Getting the 401K match is a smart move. It is unfortunate that your company does not immediately provide this service to you.
ReplyDeleteAs a side note, did you "cash out" your old 401K or did you roll it over to an IRA?
DGI,
DeleteI think they wait 3 months as somewhat of an initiation period. I did cash out my previous 401K which was only a couple of thousand. When I calculated the penalty it was only like $200. I put some of the money into stocks and some of it into a savings account as an emergency fund.
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ReplyDelete