Hello, fellow FIRE enthusiasts and financial voyeurs! Welcome to my very first net worth update. Buckle up, because we’re about to dive deep into the numbers that keep me up at night (in a good way, mostly).
Why am I sharing this, you ask? Well, partly because I’m a shameless numbers nerd, but mostly because I believe in the power of transparency. By sharing my financial journey, I hope to inspire, be inspired, and maybe even get some sage advice from you wonderful readers. Plus, it’s a great way to keep myself accountable. Nothing like the fear of public embarrassment to keep you on your financial toes, right?
The Big Number: Net Worth Snapshot
Drum roll, please… As of August 31, 2024, my net worth sits at a cool AUD $898,369.51.
Let’s break down where all this theoretical wealth is hiding.
Where’s All My Money? Asset Breakdown
Cash: The Boring (But Necessary) Stuff
- A total of AUD $231,387
- Consists of my emergency fund, because life happens, and sometimes it’s expensive!
- Short-term Savings
- This is my “adulting” fund for things like home deposits and wedding expenses (more on that later)
Investments: Where the Magic Happens
- Index Funds: AUD $424,536 with the following ratio
- 55% in the US market (because I believe in apple pie and capitalism)
- 30% in the AU market (gotta support the local kangaroos)
- 15% in the global market (because FOMO is real)
Cryptocurrencies: My Wild Card
- Total Crypto Holdings: AUD $60,400
- A small but exciting part of my portfolio. It’s like the jalapeño pepper in my financial burrito – adds a kick, but too much might burn!
Superannuation: The Forced Savings I’m Grateful For
- Current Balance: AUD $179,613
- Ah, superannuation. The Australian government’s way of saying, “We love you, but we don’t trust you to save for retirement on your own.”
Shared Savings: The Couple That Saves Together, Stays Together
- My Portion: AUD $13,297
- This is where my partner and I stash our shared dreams (and the money for our Netflix subscription)
Liabilities: The Empty Space That Makes Me Happy
Guess what? This section is as empty as my plate after a good meal. Zero. Zilch. Nada.
I’m proud to say I have no debt. I always pay my credit card in full because I treat it like a debit card with benefits. It’s like having a rich friend who pays for dinner but expects to be paid back immediately.
Financial Goals: Because Dreams Need Deadlines
Operation Home Sweet Home
I’m currently squirreling away money for a home deposit. The Sydney housing market is so hot, I’m half expecting to find avocado toast included with the house keys. At this rate, I might be able to afford a lovely cardboard box under the Harbour Bridge by 2030!
The Big Day Fund
Ah, yes. The wedding. That magical day when you celebrate your love by spending the equivalent of a house deposit on a party. We’re budgeting to spend around AUD $30,000 with some buffer for our special day. Who knew that “happily ever after” came with such a hefty price tag? Luckily we both are okay with not having a big one and there is no pressure from the family!
Recent Financial Decisions: The “Responsible Adult” Stuff
The big question on my mind lately has been: To buy or not to buy (a house)? That is the question.
I’ve been eyeing the property market like a hawk eyeing its prey. Or more accurately, like a very nervous mouse eyeing a very expensive piece of cheese. I’m constantly juggling between wanting to buy soon and wondering if I should wait for the market to cool down (spoiler alert: it never seems to in Sydney).
To prepare for this potential plunge into homeownership, I’ve been:
- Keep on adding to my savings and dying inside because inflation is chipping at it.
- Researching first-time homebuyer benefits which in Sydney doesn’t seem to apply if you want to live in a decent area.
Reflection: The Deep Thoughts Part
Looking at these numbers, I can’t help but feel a mix of pride and mild panic. On one hand, I’ve come a long way from the day when I’ve just immigrated to OZ. On the other hand, the road to FIRE sometimes feels as long as a hamster wheel (infinitely keep rolling).
I’m making progress towards my FIRE goals, but there’s always room for improvement. Could I be saving more? Probably. Should I be investing more aggressively? Maybe. Do I regret not doing all of that because I also want to enjoy some life? Absolutely not.
The biggest lesson I’ve learned so far is that financial independence is a marathon, not a sprint. It’s about making consistent, smart choices over time. And occasionally treating yourself to overpriced and hooray capitalism goods!
Closing Thoughts: The Part Where I Get Sappy
Sharing these numbers is both exciting and nerve-wracking. It’s like financial skydiving – thrilling, but with a constant fear that I’ve forgotten to pack my parachute.
I hope this peek into my financial life has been helpful, or at the very least, mildly entertaining. Remember, personal finance is just that – personal. My path to FIRE might look different from yours, and that’s okay. We’re all just trying to figure out this money thing one spreadsheet at a time.
Stay tuned for next month’s update, where I’ll either be crying over Sydney housing prices or celebrating a sudden windfall from my long-lost Nigerian prince cousin. Until then, keep saving, keep investing, and maybe treat yourself to some avocado toast.