Networth Update and Money Game update
I finally got around to somewhat doing my networth. Some of my numbers are estimates, btu they're close enough. Part of the problem is I have no idea of the mileage on my wife's car, and so that has some affect. My company's 401k is also being moved to a different company and not all of the money has come over yet, and I can't access the old account so I have to guess how much money I have there. Also I skipped December's networth. I did this for two reasons (1) I was going on my honeymoon and things were crazy and I just didn't have time (2) we received money as gifts from our wedding, but I knew most of this was going to my tuition this semester and I didn't want to see the rollercoaster ride in my networth.
As you can see, my networth has dropped a bit. Part of this is my lower savings. Part of this is because we spent more than I wanted to on our honeymoon. It didn't drop THAT much though. Also, my depreciation on our cars went down a lot, but I think I may have used the private seller option before, and this time I did the trade-in option. I will try to be consistant and use the trade-in value from now on.
On the other hand, our investments went up (except for my private stocks...). After our tax return our savings will also go up a bit, even though this money will all go towards my summer tuition.
The Money Experiment
I have finally gotten this started, as mentioned in an earlier post. In HSBC I have $6,983 gaining 6.0 APY interest (until April 30th). Since I'm being experimental, I also put $5000 into a brokerage account. That balance has changed a bit, but I'm going to ignore it for another month or so. I'm now just waiting for $9000 more from Discover, which is taking ridiculously long to be transferred onto another credit card. That money will also go into HSBC. My goal by January 1st is to have made $1000 from this experiment. This of course requires me to make mroe than 5% off of the money.
As a side note, I understand that I should just put all of the money in a savings account rather than risk it in a brokerage account. I'm doing this as an experiment, though, am using a certain amount of money that I know I can cover if a problem occurs, and I'm taking risks because I'm partly impatient and partly I want the ability to get more than what a savings account can provide. I may make mistakes (as I have easily done with my lucky timing at picking stocks), but it's a learning experience.
As you can see, my networth has dropped a bit. Part of this is my lower savings. Part of this is because we spent more than I wanted to on our honeymoon. It didn't drop THAT much though. Also, my depreciation on our cars went down a lot, but I think I may have used the private seller option before, and this time I did the trade-in option. I will try to be consistant and use the trade-in value from now on.
On the other hand, our investments went up (except for my private stocks...). After our tax return our savings will also go up a bit, even though this money will all go towards my summer tuition.
The Money Experiment
I have finally gotten this started, as mentioned in an earlier post. In HSBC I have $6,983 gaining 6.0 APY interest (until April 30th). Since I'm being experimental, I also put $5000 into a brokerage account. That balance has changed a bit, but I'm going to ignore it for another month or so. I'm now just waiting for $9000 more from Discover, which is taking ridiculously long to be transferred onto another credit card. That money will also go into HSBC. My goal by January 1st is to have made $1000 from this experiment. This of course requires me to make mroe than 5% off of the money.
As a side note, I understand that I should just put all of the money in a savings account rather than risk it in a brokerage account. I'm doing this as an experiment, though, am using a certain amount of money that I know I can cover if a problem occurs, and I'm taking risks because I'm partly impatient and partly I want the ability to get more than what a savings account can provide. I may make mistakes (as I have easily done with my lucky timing at picking stocks), but it's a learning experience.
posted by MoneyFwd @ 11:34 AM
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