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2 February 2021

January 2021 – Net Worth Update

By firebynumbers

As part of my FIRE blog I will be tracking my total net worth on a monthly basis and compare it to where I want to be when I reach my FIRE number. I will also compare it to where it was sitting last month. A summary of my assets are as follows:

Explanation of each category:

Property

My Net property value increased by over $40,000 over the past month for two reasons:

  • I moved $30,000 from my Cash account into my offset account
  • One of my properties increased in value by $10,000 as per the website www.onthemarket.com.au (I typically use this website to keep track of my property value, however it should be noted it is only an estimate, if I needed an accurate value I would look at getting the property adequately valued.

Cash

My Cash account went down by around $65,000 over the past month, as discussed last month I am in the process of bringing money back from the US and putting it into my shares/property. This month the money went into the following:

  • As discussed above, $30,000 went into my offset account
  • I deposited an additional $39,500 into my SelfWealth account

It should be noted that the AUD/USD exchange rate did go slightly in my favour which helped a bit.

Shares

My share portfolio has increased by over $42,000 over the past month. As stated above I deposited an additional $39,500 into the account and the rest was capital gains achieved over the month. Dividends were also reinvested using DRP during the month.

Superannuation

Fairly steady, small drop towards the end of the month but hopefully it will rebound

Other

Minimal change from previous month

Plan for February 2021

I will be submitting my final US Tax Return this month, and after talking with my US based accountant it appears I will have a fairly significant tax bill (around $20,000 US). I am not looking forward to this, but it was taken into account in my calculations and unfortunately tax is one of the necessary negatives when it comes to earning money.

Once this tax bill is paid for I will be able to bring the rest of my money back over from the US and close all of my US bank accounts and finally be able to just focus on everything from one country.