Okay so I sat down and calculated my net worth last weekend.
I’m up 2.48% from May. July’s wealth total was $386,959.70, up $9,377.09 from May’s $377,582.61.
The major long term drivers of the growth have been:
A. Appreciation of my condo unit. The value of the condo increased by about $1,000.
B. Growth of my stock – I was able to make a substantial deposit of around $4,000 into my SEP-IRA. I bought shares of APO, MNST, and took a larger position in the Vanguard S&P 500 index. All these are up at least 20% since I’ve bought them.
C. Debt reduction: I was able to get about $6,000 worth of credit cards paid off. And the amount owed on my mortgage has been ratcheted down a bit also.
Here are the specific figures:
There are a couple of things I’ve done so far this year that are working.
I put an investment into Streitwise – it’s a semi-private commercial reit. Its been reliably paying since I purchased it six months ago. Its become a bit less interesting for small investors recently. They upped their minimum from about $1,000 to $5,000. But its been sending its dividends of $0.21/share or 8.4% annualized – so that’s been working. They’ve also managed to survive the worst of Covid related commercial real estate crunch, so that’s good news.
Also, I’d put a limited position into a small business bonds marketplace – TheSMBX, which has turned into a neat little operation. I’ve been putting as much money into them as my cash flow comfortably allows. The bonds are yielding 7.5% to 8.0%, which should give me some decent returns over inflation. I’ve got my portfolio up to about $150 in that platform. They’ve been a bit slow to add in new companies looking for funding, I think because they’re still building their assets under management.
“Get Stock For Signing Up” Type Offers
I’ve been scouring the web for “get stock for signing up” type offers – I’ve signed up for virtually everything I could find. I’ve also been working some some of my friends to get referral stocks. This has given me maybe about $500. It’s not a huge money maker, but if you’re cash constrained, its a good wealth building option. Companies to check out in this space are Robinhood, Firsttrade, Public and SoFi.
Per crunchbase, BlockFi is a secured non-bank lender that offers cryptoasset-backed USD loans to cryptoasset owners. The story there is they offer something like 7.5% interest rates if you deposit funds with them. I don’t entirely understand what they’re doing to generate returns higher than 7.5%, so I’ve only got about $50 in the platform.
The Main Takeaway
Here is the takeaway for my July net worth update. I recently started tracking my net worth – and the results have been incremental improvements on a quarterly by quarterly basis. I think the main point here is pretty clear, if you spend your time on building wealth, eventually you’ll get results.
For more on net worth and building wealth, read these