Home > June 2023 net worth & other updates!

June 2023 net worth & other updates!

June 30th, 2023 at 05:04 pm

Lots going on in the ceejay household! As reported last month, I was laid off from my longtime job and my last day was June 2. I was the last person in my household with a full-time job; AS left hers about 10 months ago and NT was laid off during lockdown.

AS has been doing freelance work and talking to someone about a possible job opportunity; that will start in September as a 3-month contract, and if it works out it could become a full-time gig. NT has a half-time job and manages our rental property; he might look at going up to 3/4 time at his job in the fall. I'm currently on severance through August, and I've been booking some freelance clients. I actually think I could beat my old full-time salary with part-time work if I play my cards right! I have two clients already and that's without much networking or hunting. Both say they have tons of work, so if they like what I do for them initially, they could both be pretty regular/substantial sources of income.

Our rental property was vacant in May but we managed to rent out one half of it in early June. We're finalizing details with some renters who should move into the other half in mid-July. So we lost some ground but it's looking promising that we'll be set for a year.

My dad randomly gifted us $10K without even knowing about my layoff and that was a HUGE help in covering expenses and not accruing additional debt while the rental property was vacant. I was even able to pay off some appliance debt from our kitchen reno where the deferred-interest promo period was about to end.

On top of all that, the market is up, so it's been a great month for net worth--we're up nearly $40K! I checked CoastFIRE and while we don't have any set retirement contributions right now, if I managed to put in $500 each per month in our Roths and 10% of our projected gross income, we would be 5 years away from CoastFIRE, a considerable improvement. I have to go through and work out our budget through the end of the year with severance, booked contract income and new healthcare premiums figured in, but I'm hoping things look stable enough to start putting some toward retirement. We do need to also be rebuilding our EF and paying down our HELOC after our giant tax bill last year, so I won't be able to ramp all the way up probably, but I'm encouraged we might be able to make progress after spinning our wheels on retirement for nearly a year. (I did have my 401k going during that time but most everything else was put on hold.)

Honestly, even if we don't get to Coast that fast, if we're able to scale back from full time work and still be contributing to retirement, it'll almost be like we're ALREADY Coasting!! I am now prepared for whatever curveballs; I feel like I've fully accepted that we're not in control of our destiny, but it feels hopeful to try and control what we can, barring unforeseeable circumstances.

NT's UK pensions:      
AV1: 25,760 pounds (new number 22,000) $32,200    
SW: 31,522 pounds $39,403    
AV2: 7,401 pounds $9,251    
NT's trad. rollover IRA $106,697    
NT's Roth IRA $70,370    
NT's SEP IRA $6,034    
AS's trad. rollover IRA $26,771    
AS's Roth IRA $98,185    
AS's SEP IRA $71,675    
CJ's 401(k) $235,958    
CJ's Roth IRA $76,057    
CJ/NT/AS house ($630,000 value -6%) $592,200    
CJ/NT/AS rental property ($554,000 value -6%) $520,760    
TOTAL ASSETS $1,885,561 retirement only: $772,601
Main mortgage $347,450    
Rental property mortgage $388,088    
HELOC $33,000    
Appliances CC $778    
Loan from friends (main house) $9,000    
TOTAL DEBT $778,316    
Current Estimated Net Worth May 2023 $1,107,245    
May 2023 estimate: $1,067,604    
Change in net worth $39,641    
retirement goal $1.65 million by 2039 (CJ age 65)    
Current age: 49      
Retirement age: 65      
Annual spending in retirement: $66,000      
Monthly contribution: $2,250      
Investment growth rate: 7%      
Inflation rate: 3%      
Withdrawal rate: 4%      
Current invested assets: $772601      
Coast FIRE number at current age: $880,948      
Current status: 5 years from Coast FIRE number: $1.072 million    
Coast FIRE budget      
Housing $0 (rents covering prop expenses)      
Healthcare $1,500      
Groceries $1,000      
Fun $1,500      
Travel $1,000      
Utilities $500      
Giving $500      
Home improvement $500      
Gifts $250      
Transportation $250      
Monthly $7,000      
Minus rental income -$1,500      
Total monthly $5,500      
Annual $66,000      


3 Responses to “June 2023 net worth & other updates!”

  1. LivingAlmostLarge Says:

    Congrats and good luck with work. What scares everyone is health insurance. What did you figure out about all being part-time or freelance? How does it work out?

  2. ceejay74 Says:

    I've booked my first piece of work with one of the two freelance clients, just $1000 article but I'm happy to start slow since I'm still on severance and the summer is so busy! Health/dental insurance premium isn't too bad, at least for now: less than $1K per month for me, NT and the two kids. I need liability insurance to work with the other client; found a policy for about $30 a month and am in the process of signing up for that. I'm also booking an appointment with a tax advisor to talk about how they could help us figure out our household situation, which keeps getting more complicated it seems!

  3. Dido Says:

    So sorry to hear about the layoff--it sucks not being in control of that--and congrats on the freelance client and best of luck in the freelance world.

    Once you build up income sufficiently there are lots of tax benefits such as self-employed retirement plans and of course there's the self-employed health insurance above-the-line deduction. Those all help.

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