Tracking Finances: Where I'm at, Where I'm going
Updated: Feb 22, 2019
I hit a milestone last month. My net worth crossed $100,000 for the first time in my life. It was a target I'd been aiming at for a while. Due to the magic of compounding interest, the journey to the next $100,000 and each one after that will keep getting shorter and shorter, if I stick to my plan. This article from The Four Pillars of Wealth breaks it down nicely.
One of the main reasons I'm doing this blog is to keep myself accountable on that journey. I know the right steps to take
Invest in low cost index funds
Save as much as possible and put that money in the index funds
Rebalance every 3 months
Don't do anything stupid like buying individual stocks or trying to time the market.
I will go into a lot more detail and give citations for each of those 4 points in future posts, but for now, I just want to give a quick overview.
The problem is sticking to it! Hence, the blog :) Every quarter, when I rebalance, I'll post a chart of my progress and asset allocation. Right now, it's a little out of whack because I have to keep more cash on hand due to the fact that in Dubai, I have to pay my rent all at once, but I'm reimbursed from my school in installments, so until I pay the rent in June, I have to make sure have enough in the account, along with the "correct" amount of cash that I should have (6 months of expenses, but I'll get into that in another post).
Total as of January 23, 2018 = $100,400
Again, if you want a great step-by-step breakdown of investing using this model check out the amazing Millennial Revolution Step-By-Step Guide To Investing or heck, just read their whole blog. I'm stealing their disclaimer as well! Thanks you amazing humans!
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Disclaimer: The views expressed is provided as a general source of information only and should not be considered to be personal investment advice or solicitation to buy or sell securities. Investors considering any investment should consult with their investment advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decisions. The information contained in this blog was obtained from sources believe to be reliable, however, we cannot represent that it is accurate or complete.