financial planner exposes their net worth (Q3 2022 net worth update)
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- Опубликовано: 10 фев 2025
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We're back with another net worth update for September 2022. Better late than never, right?! Let's see the progress we've made over this quarter! Did we grow, or did we backtrack?
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Great video and breakdown. Very refreshing to see especially from young people.
Thank you for watching! -Akeiva
Why not write a check and pay off your debt except for mortgage and then roll your net income all towards your mortgage. You would increase in your net worth drastically because the net income would be going towards asset pay down via mortgage and buying stocks/bonds and investment. ( my net worth is $700K, 35, married, black, Chicago)
I agree. I’m hovering around that half a million marker single 33 y/o. Gotta be aggresive at their age. I’d be all in on that student loan. It’s so freeing when you don’t have that monthly expense.
Also, i am not sure why the cash reserves are so high either. That’s too much money not making money.
All that said, I do see progress from them. They are at least moving in the right direction.
@@TheCreoleSon89 I appreciate their transparency and I use to think like that in terms of cash. Then you realize you want your cash working for you not to mention the immense savings in amortization in interest. The $70k would save them hundred and hundreds of thousand dollars in interest.
@@milesa2005 exactly. They have so much liquid cash. I may keep 15k at max in my savings. Any emergencies can be explained away with my credit card which gives me 30 days to absorb the blow and pay it off in full. I live 3 mins from both of my jobs. If an issue arose, I would just ride my bike to my jobs. If it’s a house issue, I would repair with CC and liquidate investments if need be to pay it off. Ally pays 3.4% but that’s just not enough to curb inflation for me. It was this year but it isn’t most years.
@@milesa2005 I was wondering are they planning to get into real estate maybe? I only see that much liquid sitting around for 2 reasons. 1. Real estate endeavors or to shield from problems that occur in real estate or they are just cautious and very conservative and want peace of mind.
Love the discussion here! We're never going to fast-pay our mortgage lol... especially in this environment as the interest rate is way too low. All our student loans are still in forbearance, plus we already paid off all of them over 5% interest. So long story short, we're still accelerating student loans a bit, but have no desire to eliminate them in one fell swoop at the expense of the goals we're stocking cash for. It would have such a minimal impact on our net worth. If anything, it's a cash/spending vs. investing decision for us now. We've been upping our investment rate gradually over time. -Akeiva
Some small tips I’ve been doing to shield my net worth from market fluctuations.
1) I got a second job so I wouldn’t constantly watch what is going on in the market and wouldn’t have time to spend money. They say the best place to go when you are broke is to work but it also works when you want to control your spending. I opened a 401k up at the second job and got cheaper and better dental/eye insurance there.
2) I cut my grocery bill by buying gift cards on raise. I use my 2% cash back card to buy them at 2-5% discount on the card with places like raise and card cash. I did that on a southwest gift card and carnival cruise card recently for 10% off. It has helped me curb inflation.
3) 8 months ago, I switched jobs and stop commuting to my full time job. My drive is 2 miles from my house and I make 2k more. I don’t even think about gas prices anymore. I fill up once a month (but I’m always at 1/4 of a tank when I do). My stress level is way down and I don’t have to deal with Atlanta traffic.
I see you are very conservative with cash. Could I ask why so much cash? Are you planning a real estate venture? Or are you all people who like peace of mind? Just curious. That’s the one big thing I would change other than avalanching through those student loans.
All and all great job being a young successful black couple! I love the yes I will become a millionaire. Put that in the atmosphere always. I’ll be right there with you!
I agree with you. Cash is good until a certain point and then it works against you. I would throw it on the student loan and whatever their income is coming in throw into the house or throw into another real estate position and rinse and repeat. Overall I am very proud of them. I follow the money guy and he make a comment that sticks with me. " Wealth sneaks up on you" When you got your head down and your working consistently on saving, investing and pay down debt you look and you surprised on what you accumulated. That happen to me. when i was 20 i barely had $3k to my name and a credit card. my advantage was i didnt have student loan debt, my focus was to save 20k. the housing market crash and that 10k turned into $50k and then I house hack and started to flip. by time i was like 28-29k i was worth like 150-200k give or take. started a business, did a couple more real estate deals. pay down debt, pay down debt on my business pushing me around 700k. my 40 would love to be 1million-1.3 million. My advice play the long game because in the end time is your most pressure commodity. Give them 10 years they should be sitting at 500-1 million and in 20 years give or take 2-3 million.
Love it! Thank you for sharing your experiences. Not having a commute is a beautiful thing.
It's been a while since we've gotten the classic "you guys hold too much cash" comment! Hahaha I promise it's mostly for good reasons! I should clarify a few things:
Cash reserves include half of our emergency fund, various sinking funds (including a large one for an anticipated major life change within the next year or two & $9k earmarked for student loans), plus the cash that's in our business bank account! I'm wondering if we should split out the business account in future updates... -Akeiva
@@TheBemused i figured it was something like that. I am not mad at any of your decisions just was curious. I started maxing out my 401k the second I paid off my house. I’m sure you got a great rate on your house so I wouldn’t be in a rush to pay it off either. But once I paid off my house, and had my EF where I want it ( I’ll be honest, I get heavy on cash accidentally because I have two jobs, savings interest, dividends, other various incomes from passive and active sources and cash rewards) I just shot everything to investments. It has paid off so far especially last year. I was able to grab so many shares of stuff for cheaper. And now that it is slightly recovering, I am seeing the big jumps. Just something to think about since your expenses are well under control.