October 2021 Net Worth Update

Net Worth

This net worth update continues the streak of positive growth since breaking above a zero net worth in May 2021. The change this month would have been a couple of thousand dollars higher had I not splurged on some purchases over the past month. While I no longer publish a regular monthly budget post, this month I decided to reward myself with some new electronics. Specifically, I wanted to upgrade my audio gear and purchased some audiophile headphones made by Focal and some high-end In Ear Monitors too.

 

I’ve always been into higher end audio equipment since my days as an amateur sound engineer for local concerts. My old pair of Sennheiser studio headphones was falling apart and was purchased more than a decade ago so it was time. Add in a Chord Mojo and Poly amplifier, DAC, and wireless upgrade and the damage came to about $2,500. Yep, that’s probably more than most people will spend on headphones in their entire lifetime. But, when I tell you the upgrade in sound quality is worth it, believe me. Music I’ve listened to for years suddenly has new qualities to it that I never noticed before with lower quality equipment. But anyway, I digress. Let’s take a look at the numbers… after spending $2,500 on headphones!

 

Net Worth = Assets minus Liabilities

 

Assets Amount Change from Last Month
Checking/Savings $54,449  
Retirement Accounts 152,071  
Taxable Investments 11,461  
Misc. (Gold/Silver/Cash/Collectibles) 9,500  
Total Assets 227,481 +3,055

 

Liabilities Amount Change from Last Month
Credit Cards $2,961  
Student Loans 191,958  
Total Liabilities 194,919 -104

 

Net Worth = $32,562

Change in Net Worth from last month: +$3,160

Total Change in Net Worth Since July 2020: +$80,790

Summary

I had a slight decline in liabilities over the month, with a steady increase in assets. The increase in assets is mostly attributable to my cryptocurrency activities. As I mentioned last month, I’ve moved my holdings from more traditional crypto like Bitcoin and Ether and into the Hive blockchain where I can actually participate in the ecosystem and continue to build my holdings. I’m planning to write a more detailed blog post about my Hive blockchain earnings last month. The interesting thing about Hive is that you can get paid to blog on their platform and my blogging there earned me over $400 last month (the first month I took it seriously)… compared to zero here on the main web after over a year of writing on The Money Sloth dot com.

Remote Work

I’ve further reduced my housing expenses by house-sitting and being able to work remotely from anywhere. I am using this increased cashflow to start plowing money into my tax-deferred retirement account. The goal is to reach the $19,500 elective deferral limit by the end of the year.

My employer is still not discussing when a return to the office will occur and they are also unwilling to discuss permanent work from home as an option for those of us who would choose to do so. The coming months will be very interesting when it comes to employee retention as employers begin trying to force their workers back to the office, despite plenty of evidence that productivity has increased with employees at home.

 

Going Back to School

One aspect of my budget that may change is that of tuition expenses. In order to make myself more well-rounded and competitive in my field, I am seriously considering enrolling in a Master’s degree program that would start either in mid-October or early January. Thankfully, the program I’ve found is extremely affordable at only $330 per credit hour. Additionally, my current employer may pay for some of the courses. The downside is the time commitment that something like this will entail. I’m already failing to keep The Money Sloth as active as I’d like it to be so this could be a challenging new endeavor.