February was a very stressful month for me.
I mostly ate & drank lattes through it.
I also bought stuff like this awesome belt from Emerson Fry to feel better.
I’ve also been crunching my projected net savings as well… and so far came up with this.
PROJECTED NET WORTH FOR 2015 END: $400,000
NET SAVINGS of $100,000 after Taxes & Expenses
Currently, February 2015 (end of), I am sitting at around $330,000 net worth.
Net savings: $8400 a month (after taxes and expenses), conservatively speaking. It will be slightly higher but I want to underestimate.
$8400 x 10 months to go in 2016 = $84,000 in net savings
$330,000 net worth + $84,000 net savings = $414,000 at 2015 year end
So I’m going to estimate that I will save about $100,000 net this year and underestimate that I will end up with around $400,000 as my net worth at the end of 2015.
Assuming I bill again for 2016 (I am going to ask for at least about $10,000 – $30,000 more because I’m greedy like that).
I may not get the increase, so I can assume that I will be looking at another $100,000 in the bank after taxes.
I should have about $500,000 as my net worth by the end of 2016.
End of 2017, $600,000 as my net worth, and I think at this time I’ll take a break.
By end of 2016, we should also be ready to put the preliminary 25% down payment on a condo and be able to clear it in cash (in full) by 2018.
This is my projected plan.
My partner is already on board and has to cash to cover his half of the condo; which will also help as we don’t pay interest and will have significantly lower expenses as a result ($750 a month less, for each of us).
I am still considering taking a mortgage if the interest rates are still at around 2.5%. Considering strongly, depending on what kind of proof they need, seeing as I’m a freelancer.
Maybe my proof is I just show them I have the cash in the bank to clear it and I don’t need their mortgage but would like it anyway.
(Probably won’t work on bankers, as rationality seems to be a scarce in that industry.)
INCOME = $19,303.74
- Mostly from my day job
- … but I’ve been selling a ton of stuff here too; just added a Diane von Furstenberg wrap dress in a size US 6 / 8
EXPENSES = $2984.33
Squeaked under $3000. I can do better. Just need to control my eating…
TOP 5 CATEGORIES OF SPENDING
I desperately wanted to buy a new camera but held off.
I don’t need it.
I don’t need it.
I don’t need it.
SPENT: ON FOOD
I ate my way through this month. Just eating eating eating.
SPLURGED: ON CLOTHES INSTEAD
Specifically, a very expensive belt…from Emerson Fry.. which I LOVE
NET WORTH: $329,242 or +$28,662.19 or +9.54%
I went up almost 10% this month, but that’s all due to the stock market recovering and doing slightly better.
Speaking of net worth, I’d like to draw your attention to this awesome calculator made by DQYDJ. It’s net worth by age.
I’m in the 92% centile. By next month I should be in the next centile as I’ll surpass $347,800.
Maybe I can just aim to keep climbing a centile each month; but I will reach a ceiling because I can’t possibly save a million before 34… soooooo…
MY 5 FAVOURITE POSTS FROM THIS MONTH:
- I once dated a guy who was homeless at one point
- Ask me anything – Part One and Part Two
- Where to find quality clothes at various price points
- Observations of a New Mother – Round 5
- The Bare Bones Packing List
..to a better March. Hopefully a wardrobe-free one. I’m really trying to stay busy and to NOT SHOP.
I have to stop window shopping online, and in place of that, I am going to watch episodes of my favourite shows and movies.