August was an amazing month for my finances across the board, keeping the streak going at four months straight of net worth gains. Spending was low this month, so I made gains in my cash accounts and the market continues to move towards record highs. I have no big travel plans for this year, so I’ll just continue to enjoy what is left of the Summer. I might make a local trip in September but that is still up in the air, and wouldn’t involve any airfare or expensive hotels – so the hit on the cash accounts would be minimal either way.
August Liquid Net Worth:
The market was positive by a huge margin in August, but I was also able to build up my cash accounts once again which was nice. This is one of my largest single month gains, but still a little short of the numbers from March 2024.
August Total Net Worth:
There’s still hope for my net worth to hit $700,000 by the end of the year, but it’s likely a pretty small chance. The neighborhood home values still continue to increase even though sales are slowing down, so my estimated home value has also been increasing.
So let’s see how far my assets would take me at this point. I will calculate that using my average spending over the last 12 months. I’ll multiply that result by 12 months to get the total spending for the year, and then divide my liquid net worth by that amount. That’s how long I’d be able to live off my savings at that point in time.
$4316 average spending last 12 Months * 12 Months = $51,792 spending in a year
$456,638 net worth / $51,792 spending per year = 8.8 years’ worth of spending
Photo by Gene Dizon on Unsplash
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