I can’t believe 2023 is finally over. Personally, I had a great year, but professionally it was a trying one at best. I am happy to move into 2024 with some clarity for the first time in a long time.

Thoughts before calculating: I am absolutely going to see a fantastic increase in my net worth. I received a sizeable bonus at work and the market is screaming right now.

Somehow the year is almost over! For the first time in a really long time, I am actually excited to start up a new year. With the work and career changes I shared recently, I really believe 2024 is going to be different. I’ll go over goals, objectives, plans and ideas in my year end post but right now let’s do some calculations to see how I did month over month.

Thoughts before calculating: I am going to be up month over month. I have the tailwind of the market pushing me along.

Calculating my Net Worth

My Family’s Assets

While I have several asset categories, I don’t think they are particularly complicated.

  • Cash Equivalents – I recently determined how much cash I would like to have on hand, and I am woefully short of that. Notwithstanding, I am thinking middle of Q2 of 2024 I’ll have a plan to get my family there.
  • My Trading Account – This one account is both where I invest in my dividend growth companies and risky speculative option trades.  Recently, decided how I am going to handle the account in 2024, and so I am excited for the market’s first day of trading tomorrow.
  • My 401(k) – My 401(k) has some terrible investment options that have ridiculous fees, but I get a match so I have to participate. I just got a raise so I’ll have to make sure after my first paycheck that I am taking advantage of the full match.
  • My Traditional IRA – Just some companies that have caught my attention at some point or another. I think in Q1 I’d like to take a more intentional approach to this account
  • The Wife’s Roth IRA – Again, some companies that have caught my attention at some point or another. I think in Q1 I’d like to take a more intentional approach to this account
  • The Wife’s SEP IRA – The Wife was talking to my father in law a few years back who told her that she should have a SEP IRA, and since she is funding it with business proceeds, I was not going to argue. We were contributing $100/week to the account, but that has stopped since her business is really on the decline. It is my hope that some time this year she can start it back up again.
  • Crypto Currency – This account was basically started for FOMO purposes. It is a shitty reason, but it is mine nonetheless. Looks like I am back to about even with the account, but I stopped the automatic deposits and plan on largely ignoring it for now.
  • Life Insurance Cash Surrender Value – As described I own a number of permanent, cash value whole life insurance policies. Since the cash is accessible I include it in my net worth statement. This money is also accessible via a loan against the cash value. I have plenty of posts about paying it back and then pulling it back out and then paying it back, but as I sit here in December 2023 I have a loan against it and am aggressively paying it back.
  • Physical Gold – A few years back I decided to start buying physical gold, I am hoping one day to be that crazy guy with a stack of gold I can swim through.  I had been saying for months I should audit my safe and I just did it this afternoon. The number seems right but I didn’t empty the entire safe of papers. I’d like to pick up my small purchases this year.
  • My Rental Property – Every month I update a spreadsheet I keep for the minority owners of my rental property. This month I am going to take a CHUNK out of the debt on the property since a piece of it is on a variable HELOC.
  • My Main Residence – My Family’s home.

Currently, I do not include my investment club in my net worth.

My Family’s Debt

  • Law School Debt – Refinanced this to 2.6%, a year or so ago. I am toying with the idea of just paying it off so that I can save on my cash flow.
  • Mortgage and Home Debt – I have a mortgage on each home and a home equity line of credit on the rental property. Last month, I said I was toying with the idea of taking out the HELOC with my bonus, and I am going to do exactly that some time in January.
  • Consumer Credit Card Debt – I keep going from zero to a shit ton and it is killing me. I am hoping to get rid of most of it, if not all of it in 2024 and get it entirely under control. Fuck you, it is all gone! Let’s see how long I can keep that up.

My Net Worth Change

  • Month over Month my family’s net worth increased by about 6%
  • In 2023 my family’s net worth increased 19%.

I have to do my Goals and Objectives post this week, but I am really, really excited for 2024. Honestly, it is the most excited I am to start a new year, in a really long time. I’ll take the 19% growth, especially since 2022 was 0% growth, but I am hoping to really compound that in 2024!

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