Wow! My net worth increased $82,983 between July and August!
To put that in perspective, here is a graph showing the median net worth of American’s:
The chart shows that the average American my age, 45, has a total net worth of $84,542… and only $25,006 of it resides outside of their own home.
I really had no idea that the average American was in such horrible shape financially until I did research on the topic. Just now!
Now if you’re one of the “average”, my net worth blog posts probably upset you! And they should. I’ve only done a mediocre job (in my opinion) of accumulating wealth. If I would’ve known then (when I started real estate) what I know now, I’d have double or even triple the net worth!
But that’s my point. I’m here sharing personal information about my finances and mistakes to help you. Not to brag. What good does it do me to brag to you? I don’t know you (most all of you), and will likely never meet you. I’ve already had several responses of agents being “put off” by these types of posts. I don’t care!
If this can help you, learn from my mistakes… then I’m happy.
Nobody ever helped me financially with this type of information. I’ve had to learn it on my own. And I’m still learning it, because I continue to make mistakes that could and should have been avoided. Do you think the microeconomics class I had at Vincennes University has helped me financially? No! Of course not. We don’t learn practical financial advice in school. And typically we don’t learn anything about money from our parents, either!
I can’t go around sharing this type of information to the average American. I share it with you because you have all the same opportunities I’ve had. We are in the single greatest small business in the world. And likely you’re not taking advantage of it!
Please send me your stories. Your questions. Your comments. I want to know how I can help you financially. Don’t be shy!
I’ve been broke. I’ve had credit card debt. In fact, in 2000 (my first full-time year in real estate) I racked up $27,000 in credit card debt! Paid it off, and then did it again in 2003. Amassing a whopping $32,000 in cc debt! Still didn’t learn. In 2008, at one point I had $38,000 in cc debt!
Now I have none. Zero. Zilch.
Haven’t had any credit card debt in several years now. I still use a credit card. In fact, I try to use it for everything that I can. We then pay it off in full every single month. My credit card points fly me all over the country for free on Southwest Airlines.
So if you don’t mind, I’ll be getting into some personal finance thoughts as we go along together. I hope that you enjoy.
Without further ado, here is my August Net Worth screen shot:
Here is my current cash balance:
The current cash balance is WAY higher than I like it to be. For the most part, excess cash in the bank rots away. With the average bank savings account interest rate being around .5% and the inflation rate currently hovering around 1.5%… our money loses value every second we store in a bank savings account. So normally I would move a chunk of this money into a better earning position. However I have a plan for this excess cash.
The reason for my high cash balance… I will save for next month’s Net Worth post!
Have a wonderful day!
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