Bogan Wealth – February 2017

Sucker punched! A month of bills and bad luck puts my net worth back in its place.

In my new job, I’m paid more but less often, which makes me budget like hell towards the end of the month. An over-eager reverse sweep shot during the annual Australia Day Twenty20 cricket match saw me smash someone’s windscreen. On top of that, I also had to pay electricity, gas, internet, phone, and insurance bills all at once.

While my pride was just as damaged, my net worth still continued ticking up – that is, until my 2nd property was revalued. I used some profits from my shares to pay off a bit of debt to make up for it. Here’s how I fared:

Property

2 houses on large blocks, still standing. Total value now at $440K with $380K debt, although I have a plan to extract more value from these. Interest only loans. Equity: $60K (Change: -$10,000)

Shares

$26,958 in seven companies. No dividends this month! (Change: +$6,756)

Cash

$4,723 in an offset account, saving me 4.2% in interest. (Change: -$419)

almost

So close! Now we rebuild..

Previous net worth: $95,344

Current net worth: $91,681 (-$3,663)

It looks like that elusive 100K is still out of reach. Now that I’m paid monthly I might have to wait until March or even April. My shares performed pretty well leading up to reporting season so here’s hoping that continues. I’ve done some impressive shit in my job (well, I think so) so I shouldn’t get fired yet.  Most importantly, I’m going to try to smash fewer windscreens this month.

COUNTDOWN: 52 Months Until I’m 30

It’s now been 33 months since I started investing & my net worth has grown at an average of $2,778 a month. At this rate, I have a projected net worth of $236,148 by the time I turn 30. This doesn’t look good, but I’m maintaining a positive attitude – things can turn around pretty quickly.

This projection doesn’t factor in any potential pay rises, increases in rental income or equity, nor does it include my super, HECS debt, or my fully sick highly collectible V8.

Watch this space.

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