Net Worth Update for July 2016
I’m a little late to the Net Worth Update party for this month, It’s taken me a bit of time to write it up. To make sure you don’t miss out sign up for our newsletter here. Now let’s get to the juicy numbers.
As a background, I have been running my net worth numbers every month for 10 years. It’s been a huge factor in my financial development and success. If you are new to personal finance I would suggest you get familiar with all things net worth with this post, if you are looking for a quicker way to calculate your net worth you can check out Personal Capital.
Changes in Total Net Worth
(As I mentioned in the inaugural net worth update. When it comes to monthly reports I’m going a different route than a lot of others. Instead of going through the nitty-gritty of every detail on my net worth statement. I’m taking a macro view so we don’t get bogged down by the details.)
Our increase in net worth was a whopping 76% of our take home income!!! When I look at our numbers it’s mostly on account of our investments doing well. Mr. Market was kind to us this past month. These are the times you smile and know that it could be changed very easily but for right now I’ll take it!
Expenses for the month
Ok honestly our spending was bad this month (compared to the other months of the year), from travelling, to paying off the rest of our renovation, and having friends stay and getting to finally be a tourist in our own city (I had no clue there were so many awesome things to do here!). Our spending was a lot higher than I would like it to be. Still it’s summer and it’s been worth every penny, I wouldn’t change any of it.
Summer Spending Update
With the summer we spend more and also do more, it’s great to break away from the schedules and just do what we want when we want. We tend to overbook ourselves, but we like fitting so much in. It makes me feel like it’s all worth it for the saving that we do through out the year. Spending wise, we are halfway through and I we have managed to stay in our budgets that we have been setting for ourselves.
Passive Income for the month of July and The Grid
Our Passive Income for the month was it’s biggest year. Going forward, I’ll only be sharing the passive income numbers with members of the Family Money Plan newsletter. I would love to have you as part of our weekly newsletter.
If you would like to see our passive income, you will need to sign up for the newsletter in the box at the bottom.
A Few Other Notes
If you would rather track your net worth with software Personal Capital or Mint.com are good choices. Both are completely free. Most people swear by Personal Capital but it’s not available to us northern folk (a.k.a. Canadians).
If you are wanting to track your net worth either one are a good place to start. Personally, I absolutely love being able to see my net worth every day as it’s a huge motivator to keep making smart financial decisions.
If you are needing a primer on net worth, you should check out this post here.
Have you calculated your net worth for July? I’d love to hear how your month went, post a comment below.