This is just a quick retrospective on the process of our wealth building. Briefly, we are on the road to achieving a net worth of $4,000,000 by the time we retire, if not sooner. One of the things we’ve commuted to doing is taking periodic snapshots of our progress by sitting down and calculating our assets and liabilities. In a nutshell, we’ve managed to increase our net worth pretty significantly over time, but we’ve also seen a great deal of fluctuation.
Here are a few snippets from years past if you are interested in seeing how our net worth had progressed. Just after we started blogging, and just before we were married, in April 2006 our net worth was at $303k. We saw a quick 9% gain by the next month, in May 2006 to $330k, February 2007 at $308k - due to student loans and wedding expenses, March 2008 at $311k, April 2007 at $329k, June 2007 at $359k, October 2007 at $383k, May 2008 at $393k, then we finally broke $400k in June 2008!
With the crash of the economy in 2008, our stocks also took a thrashing and by April 2009 we down to $313k. However, the rebound was pretty quick and by December 2009 we were back up to $389k. As you can see from our progress, we’ve both experienced steady gains in many ways, as well as taken the hits that life throws at you. We weren’t tracking our finances as closely in 2010 and 2011 as James was in Afghanistan working for the Army. That said, our most recent update reflected an influx of family money as well as investment in several rental properties, bringing our total wealth to just over 850k.
Folks, as always, if you have any ideas about how to build your wealth more quickly, we would love to hear about it.
Miel & James