Bogan Wealth – March 2017

Net worth remains steady while net fun increases. Here’s what I was up to this month.

Mad March! Adelaide is abuzz with the Fringe Festival, the Clipsal 500, and a bunch of other shit that bogans can spend money on! I love it!

Tenants moved out of one of my properties, completely out of the blue. A quick spruce up, and some simple repairs, and she was back on the market at a higher rate. Fast forward 3 days and it’s been rented to a young couple. Their lease starts next week so I’m going to try to improve the place a bit more before then. I also paid off a little bit of debt this month – nothing to wet your pants over though.

It was reporting season on the ASX and every company I’d invested in announced record profits for 1H17. And yet, one fell dramatically and a few slipped backwards. An overreaction in my opinion – but nonetheless it doesn’t look great. It’s not a loss unless you sell so I’m holding on.

I live in South Australia and the Government announced a plan to secure our electricity supply with the world’s largest battery and a gas-fired power plant – great news. This should improve my job prospects. Hopefully it also reduces my bills.. strewth.

I also made a significant purchase this month. It starts with ‘M’ and ends in ‘Otorbike’. I exclude vehicles from my net worth calcs, so it looks like I’ve gone backwards, but in reality I’m heading forwards – at speeds of over 100 km/h.

I’d also like to take the time to say I’m glad we have free healthcare in Australia. As far as my net worth goes, here’s an update for March:

Property

2 houses on large blocks, still standing. Total value now at $440K with $379,876 debt. Interest only loans, and the interest rates are rising! Equity: $60K (No change)

Shares

$23,687 in seven companies. All reported record profits but some have been more volatile than others – in the long term I’m still confident they’re winners. Many went ex-dividend as well but I’ve not received the cash. (Change: -$3,271)

Cash

$6,250 in an offset account, saving me 4.4% in interest. (Change: +$1,527)

Net worth march.PNG

Previous net worth: $91,681

Current net worth: $90,060 (-$1,621)

It looks like that elusive 100K is still out of reach. Bloody hell. Shares dropped. Tenants moved out. It’s been rough but I’m hoping I can get back on track and smash through the six-figure barrier soon.

COUNTDOWN: 51 Months Until I’m 30

It’s now been 34 months since I started investing & my net worth has grown at an average of $2,649 a month. At this rate, I have a projected net worth of $225,165 by the time I turn 30. This continues to drift further away from my target.

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 and bike.

I have a good feeling about this coming month though. Stay tuned.

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6 thoughts on “Bogan Wealth – March 2017

  1. How do you determine the value of your properties? I have several IP’s I bought a long time ago, never could really figure out an easy to include their values in my figures…

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