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March 2024 net worth update

March 31st, 2024 at 07:06 pm

An exciting milestone: Our assets reached $2 million! I joked that we're multimillionaires but of course A) That's just assets, not net worth and B) There are 3 of us, so each of us has less than a million to our name. Still, it was a great one to reach!

A couple of interesting property things have happened that I'm not counting toward net worth: My dad transferred all his West Virginia properties to his kids. AS and I now each own 1/8th of the property that's my dad's main vacation destination, and I own 1/4th of three undeveloped properties in WV. They're not worth much and I wouldn't be able to sell them even if I wanted to, so I didn't count them. But the uninhabited ones especially may yield future deals with energy companies, so they're worth holding onto. (My dad also changed the title on his Virginia home to a "transfer on death" deed with me and my 3 sisters the eventual owners, but I'm hoping that doesn't change anything for many years!)

Another kinda cool thing: I checked our CoastFIRE calculations and realized I'd estimated our rental income to be $1500, but it's actually closer to $1700. When I lowered the monthly amount we'd need in retirement from $66,000 to $63,600, our right-now CoastFIRE number decreased from $916,186 to $882,871! We're at $874,651 in retirement savings right now, so in that light, CoastFIRE is much more within reach.

I mean, we're kind of Coasting now anyway; with AS and I still working to build our business up to income levels we're happy with, we've barely been able to put away any retirement income since June. NT has some amount going to retirement--$250 a month maybe?--with the 401(k) for his part-time job. Even just that little amount takes us to 3 years from CoastFIRE!

That's very good news, because even though running my own business is hard, I do not miss working for someone else, and I'd love to be able to keep doing this. The income isn't predictable, which is the main challenge. But knowing we don't need to be going full-tilt on retirement contributions makes it a lot more feasible, especially in these early days of it when we're still building a roster of ongoing clients.

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 $122,319    
NT's Roth IRA $81,688    
NT's SEP IRA $6,965    
NT's AAC acct $2,654    
AS's trad. rollover IRA $30,627    
AS's Roth IRA $114,269    
AS's SEP IRA $82,262    
AS's Nevada acct (approx amt) $380    
CJ's trad. rollover IRA $264,417    
CJ's Roth IRA $88,216    
CJ/NT/AS house ($630,000 value -6%) $592,200    
CJ/NT/AS rental property ($588,000 value -6%) $552,720    
TOTAL ASSETS $2,019,571 retirement only: $874,651
Main mortgage $339,495    
Rental property mortgage $382,569    
Loan from friends (main house) $9,000    
TOTAL DEBT $731,064    
Current Estimated Net Worth March 2024 $1,288,507    
February 2024 estimate: $1,265,728    
Change in net worth $22,779    

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