This past month continued on the right path financially, with an updated net worth figure of $20,269. This is an increase of $68,497 since starting The Money Sloth blog in mid-2020. Ever since reaching a positive net worth in May 2021, it has managed to stay positive. This month’s increase is the result of continued saving and some modest investment growth.
Relocation is Paying Dividends
One development that should start paying dividends is relocating to a lower cost of living area while still being able to work from home due to the Covid-19 pandemic. While living in Washington, DC, I managed to keep my expenses quite low compared to my peers and spent about $3,000/month. Now that I’ve moved to a lower cost area, I expect my monthly expenses to stay at about $1,500/month. The longer we can remain on work-from-home status, the more money I can save.
This relocation has not been without trade-offs though. The most significant trade-off being that I ended a part-time job I held in DC in order to move out of the area. In hindsight, it was a great decision as it was an extremely stressful and draining job, but I’m now without that extra $700/month it was bringing in for working about 50 hours per month. If I can maintain the new budget of $1,500 and account for the $700 loss of income, that means the move is providing me with an extra $800/month and 50 more hours of personal time. To me, this is a win-win.
Positive Net Worth Four Months In a Row!
The longer my net worth has stayed above zero, the more confident I have felt in the progress I’m making on my journey to Financial Independence. My goal for investment balances and cash at the time of early retirement is $650,000 and I am currently one-third of the way there. The loan balance that is keeping my net worth down is made up entirely of student loan debt. These student loans will be forgiven as part of the Public Service Loan Forgiveness (PSLF) program in about 7.5 more years.
Net Worth = Assets minus Liabilities
| Assets | Amount | Change from Last Month |
| Checking/Savings | $54,406 | |
| Retirement Accounts | 151,383 | |
| Taxable Investments | 4,372 | |
| Misc. (Gold/Silver/Cash/Collectibles) | 9,500 | |
| Total Assets | 219,661 | +5,141 |
| Liabilities | Amount | Change from Last Month |
| Credit Cards | $7,245 | |
| Student Loans | 192,146 | |
| Total Liabilities | 199,392 | -2,845 |
Net Worth = $20,269
Change in Net Worth from last month: +$7,987
Total Change in Net Worth Since July 2020: +$68,497
One Year Anniversary of The Money Sloth
Last month I celebrated the one-year anniversary of The Money Sloth and several very cool things have happened since then!
Won a scholarship to attend FinCon21
The Money Sloth FinCon21 Scholarship
Added to WealthTender
The Money Sloth on WealthTender
Added to Camp FIRE Finance
The Money Sloth on Camp FIRE Finance
It’s been a slow grind over the past year, but I continue to forge ahead and am glad that I am starting to see some progress on getting the word out about The Money Sloth blog. While I hoped to be able to attend FinCon21 in-person this year, I’ve decided to attend virtually due to the rapidly evolving Covid-19 pandemic. I am glad that FinCon organizers are offering a virtual version of the conference so that I can attend for the first time and I look forward to joining everyone in-person for the 2022 conference in Long Beach, California!