Net Worth update – New milestone – Net worth more than 500000!
As part of taking the journey to Financial Independent. It have been important for me to track my Net worth and set my goals.
Tracking your net worth is important to see you are heading the right direction and the growth is reaching our goals. This way you can take status on your progress and determine if any adjustment is needed.
Do you have a hard time seeing where your money is going, then tracking your net worth will help show where the money is ending up each month. Did you read august net worth update, where I went more in detail with my acount! Check it out
Benefit of tracking net worth
Before, I was tracking my net worth I didn’t realise how much my student loan actually dragged me down. Now I know exactly what i have in my account, however, considering the debt, I know where I could be there, but more importantly in reality where i am.
One time a month I’m going through my accounts to determining my income, saving and spending. It is rather manual, but have become a monthly routine which I feel have significance to my life. I highly enjoy seeing my account grow. Every single month I complain my high internet and electricity bill! But I only realize it because I’m going through my accounts
My new 1,000,000 dollar milestone!
In August I said I had 2-3 month until I passed my 500000 milestone. Now it is it time to reflect on what brought me here in less than 2 years. I’m considering tracking my income since 2018 when I arrived Hong Kong because truly I started from 0 dollar on the account. Every day im grateful and happy I’m been able to save up so much money for myself and my family.
My new milestone is 1,000,000 for my own account alone, they say the first million is the hardest. When I’m tracking my net worth it is my own account only (except the joint account, we barely use). The reason I’m not tracking the whole family balance is because I want to completely ignore we have that income so if I lost it it would not impact our life’s much.
So when I’m able to take nearly 50% saving rate it is excluding my wife salary. My wife actually able to save 100% of her salary because all fixed recurring expenses (except our Nanny) is charged out of my account. In reality she have spending every month so her saving rate is lower but if she keep her card in the pocket it is Immediately saved.
How to calculate your own net worth?
Net Worth = Assets – Liabilities
New target is 1 million in Net Worth!
As of 1 November, I’m just above with 565000 HKD in net worth.
If you are born poor it’s not your mistake, but if you die poor its your mistake.
If you don’t find a way to make money while you sleep, you will work until you die.
