Over the past 15 months, I’ve been documenting my journey towards reaching two goals:
- $30,000 in passive income by 2025
- $1 million net worth by 2027
It’s been a bumpy ride thus far. Here’s an up-to-date spreadsheet of my current holdings.
And today is my 24th birthday. So I have 6 years left before I need to reach my net worth goal.
Career & Market Update
This past month, I started a new job. I’m working part-time as a law clerk at the same law firm where I will be an attorney if and when I pass the bar exam.
It’s in real estate law. I had aimed to get a job in that area, so I’m very glad I landed the opportunity.
The knowledge and perspective I’ll gain in my young legal career will help my investing endeavors, and vice versa, which has always been my goal with whatever job I was to end up with.
It’s nice to have the bar exam behind me, but there’s always a worry that I didn’t pass. I’ll know my results soon enough. Then I can finally move on from the law school phase of life.
Anyways, let’s get into the numbers.
April 2021 Net Worth Numbers
As a reminder, my net worth last month was $73,017.99.
Assets – April 2021
We have about the same amount of cash as last month.
The market has been fairly turbulent, so our portfolio took some damage.
However, I’m still working part-time so I’m not making a significant amount of income yet.
In addition to my part-time job, I’m working on a blogging side hustle where I write and edit articles for people. I’m primarily writing for law firms. I’m waiting on a fair amount of money from that.
We also received our stimulus checks. Thanks, Fed.
I added a little bit to my cryptocurrency holdings. I won’t add much more until we see a significant change in my income or within the cryptocurrency sphere. As I mentioned last time, this is a very speculative position.
The major addition here is in our retirement account section: I opened a new IRA with M1 Finance, and I now have a 401K through my new job.
In other news, LendingClub’s investment platform is closing. I opened my LendingClub account about two years ago, so now I’m slowly moving money out of it.
This leaves our assets at $391,607.14.
Liabilities – April 2021
I actually have a negative balance across my credit cards. This is just because I made a fairly large purchase but ended up returning it. No cause for alarm.
The tuition for EmilyAnn’s school continues to mount. It’s almost the home stretch though, and we’re definitely looking forward to being done with it. Here program ends in August 2022.
There’s no huge rush to pay the student loans down, seeing as though no interest is accruing, but when we have a bit more income coming in, that’ll become a priority for us.
In short, that leaves us with $320,078.21 in liabilities.
My Net Worth – April 2021
All in all, our net worth is $71,528.93.
That’s a decrease of $1,489.06.
That leaves our debt ratio at 81.73%.
And our passive income remains at about $350 per month.
What’s Next?
I’ll be receiving the results from my bar exam soon. That means I’ll be able to start working full-time and bring in more income [if I pass, of course!].
Naturally, that income will be used to pay down debts and buy more assets.
My bar exam results will determine what I need to do for the summer. If I need to retake the bar exam, that’ll obviously change my plans.
However, if I pass, I’ll be working a pretty tough full-time schedule in my new law firm.
But it will be a huge boost to our financial situation.
Whatever the case, I’ll be sure to keep you posted.
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