In this series, I’m documenting my path towards two goals:
- $30,000 in annual passive income by 2025
- $1 million net worth by 2027
If you’re interested in real-time updates on the numbers, you can check out my net worth tracker, which I update on the 1st of every month. This is the 17th month of the series!
And this month marks a major milestone in my career.
First Day as an Attorney & Real Estate Hunt
Today is my first day as a big law attorney!
As of a few weeks ago, I am officially licensed to practice law in the state of Illinois. I am starting as a commercial real estate law attorney at a large firm in Chicago.
Now that I have a full-time income, I’m eager to begin investing much more aggressively than I was before.
As we discussed last month, I’m on the hunt for another property. Given that I have a full time salary again, I’ll be able to more easily get pre-approved for a loan.
I’ve been looking at the market every day, but the supply chain issues have made it fairly difficult.
If all goes well, I’ll have something in the next few months.
Otherwise, I’ll be focusing on my first few weeks of full-time work as an attorney. It won’t be too much different than what I was doing part-time as a clerk, but it’s definitely a different level of pressure.
That said, it’s an exciting opportunity with an experienced team of attorneys. I’m looking forward to learning a lot as I build my skills as an attorney.
With that said, let’s get into this month’s numbers.
June 2021 Net Worth Numbers
As a reminder, my net worth last month was $74,954.73.
Assets – June 2021
Our cash remains relatively unchanged.
However, our stock portfolio did go up quite a bit in the past month. This is mainly because of our gold holdings, which I’m using as a hedge against inflation.
I’m still slowly liquidating the LendingClub portfolio, as I mentioned before, because the investor platform is shutting down. This should be empty within the coming months as loans come due.
On the side hustle front, I officially have to stop writing blogs for other law firms now that I’m full-time at my new law firm. I still have some invoices outstanding for work I did before this point.
My speculative cryptocurrency holdings, which make up a very small portion of my assets in any event, took a dip.
But the big picture remains pretty similar to last month.
This leaves our assets at $405,157.29.
Liabilities – June 2021
To clarify, I always pay my credit cards off before any interest is charged. This is not an overdue balance, it’s just an outstanding balance as of today. I always pay them down before they are due.
This summer, EmilyAnn’s tuition bills are going to slow down. She won’t be taking as many classes and will be doing more clinical work for her audiology degree, so the bleeding will stop a little bit there.
We still have $60,000 in HELOC available if we need to use it. That’s ready to go at any time for potential investments, at a 2.25% interest rate. But it is a variable rate, so it stay there forever.
All told, our liabilities this month are $328,835.88.
My Net Worth – June 2021
That means our net worth is $76,321.41.
That’s an increase of $1,366.69.
That leaves our debt ratio at 81.16%.
And our passive income remains at about $350 per month.
What’s Next?
I’m excited for this next month not only because I’m starting at this new job, but because I can begin to get a little more aggressive in my search for a new investment property.
I suppose the major question moving forward will be: how to allocate our salary between debt versus investing?
Given ongoing inflation concerns, I would rather invest than pay off fixed rate debt. My biggest debt paydown priority is my HELOC, as that’s revolving and variable rate.
However, I think we’ll lean towards more aggressive investing in the meantime. We have much more flexibility than we did when I was making a part-time salary.
That will probably mean doing some real estate deals in the next couple of years.
Regardless, I’ll keep you posted about whatever happens.
See you next time!
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