October finally reversed course for my finances, especially as the market dipped towards the end of the month. I also had to pay off some larger credit card balances from expenses in August and September, so that increased spending hit my cash a little harder than most months normally would. I also pay my car insurance up front in October, so that’s probably one of my largest cash expenses during the year.
October Liquid Net Worth:
Unfortunately it’s pretty much negatives across the board, but nothing too dramatic at least. It’ll be interesting to see how the market closes the year and how the election and the results affect November and December.
October Total Net Worth:
It does not look like I’ll be able to hit my $700,000 net worth goal by the end of the year, but we’ll see how close I do end up. Even if I’m not able to do that by December, it is looking like a solid milestone to hit for 2025.
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.
$4357 average spending last 12 Months * 12 Months = $52,284 spending in a year
$461,639 net worth / $52,284 spending per year = 8.8 years’ worth of spending
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