Welcome to the first DWM Net Worth Update.  This is inspired by my great friend/ colleague/ fellow blogger Future Proof MD. He’s such a smart and organized dude that I decide to use his template for my net worth updates  🙂

 

Below you will find details on how I manage my money.  I plan to update this bi-annually so you can grow with me and help hold me accountable.

 


ASSETS:

date assets amount pre or post tax
7/30/2016 cash -7327 post
rainy day fund 0 NA
Roth IRA 17,976.11 post
Roth 403b 30074.28 post
401k 810.69 4% pre, 96% post, & 4% pre from employer match
H.S.A. 0 pre
529 2000 post
taxable  investment 500 taxable
home euity 0 NA
car 0 NA
total 44034.1

 

  • Cash – negative $7327 (accounts for the personal debt I have)
  • Emergency Fund– $0 ($50k from any new credit card open, available in 14 days)
  • Roth IRA- $17,976.11
  • Roth 403(b) – $30,074.28
  • 401k Roth/Traditional blend- $ 69
  • Mini’s 529-$2000
  • Health Savings Account (HSA) – $0
  • Taxed Investments– $500
  • Car- $0 (was a generous gift/hand me down from family, so I don’t count it as asset)
  • Total- $ 44034.1

LIABILITIES

  • Big zero. Zero mortgage, student loan, credit card debt  🙂

SELF ASSESSMENT:

 

  • Last net worth was debut on WCI in June 2015, at -31k (it was net worth on the day of January 2015). So in 19 months, my net worth increased by to $44034 by 75k. that’s pretty good! I’d have to thank the big banks for lending me negative to 0% interest rate money to invest/pay expensive debts like student loans, allowing me to build my net worth much faster than I could have otherwise.

 


GOALS:

 

  • My 2016 goals are to max out my Roth at 23.5k, get 4% pre-tax 401k match from BUMC (~1k for the last half of 2016 as I transitioned to banner July 1st, 2016), max out Mini’s 529 @ 14k, max out her Roth IRA @ 5.5k, and try to contribute a couple k’s to my and Mini’s SEP-IRA.
  • Since the last day to contribute money to tax-sheltered saving accounts is on tax day. I will give myself until then to accomplish my goals.
  • This means I need to save $31689/9.5 months= $3,335 per month.
  • That’s not a small number for a PGY3; but I’ve always been able to exceed my goals, not just financial, but in most aspects of my life.
  • Sources of my income include: PGY3 W2 pay, internal moonlighting, writing, blogging, books, and tutoring/consulting.

 

date assets amount pre or post tax
4/15/2016 cash -7327 post
rainy day fund 0 NA
Roth IRA 17,976.11 post
Roth 403b 30074.28 post
401k 9000 4% pre, 96% post, & 4% pre from employer match
H.S.A. 2000 pre
529 14000 post
taxable  investment 500 taxable
my SEP IRA 2000 NA
Mini’s SEP IRA 2000 NA
Mini’s Roth IRA 5500
target total 75723.4
gap= work to do 31689.3

 


Thank you for your time. I will check in and let you know how I’m doing. Feel free to submit your net worth update as guest post. We are here to inspire and encourage each other!

 If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.
DWM First Net Worth Update Since 2015 January (on White Coat Investor)
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2 thoughts on “DWM First Net Worth Update Since 2015 January (on White Coat Investor)

  • August 24, 2016 at 7:53 pm
    Permalink

    I’m honored and flattered to be the inspiration for this!

    Congratulations on a great job with your finances. I believe you are very much ahead of the curve compared to many of our peers. Look forward to growing with you. 🙂

    Reply
    • August 25, 2016 at 6:19 am
      Permalink

      thanks so much. FPMD!

      it’s really been an awesome shared journey so far. you’ve taught me lots of things that I don’t naturally think of. for instance, i’m using Robinhood now (no transaction fee) to buy FB and APPLE stock.

      as you decided to go all index funds, i’m starting to buy a few stocks in about 10-20% of my portfolio. It’s great to put all the awesome financial ideas from PoF, WCI, you, passive income MD and many other awesome FI bloggers together.

      in the end, we will all do really well financially.
      the camaraderie we share and the service we deliver will be the most rewarding of all 🙂

      Reply

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