July 2017 Net Worth Update

I can hardly believe July is already over. The year really seems to be flying by. In the month of July, I finished reading seven books, vacationed to both Florida and Hawaii, and somehow we managed to grow our net worth another $12,800 to $680,980.

If you’re looking for a good read, the best two books I read this month were:

Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall by Neil Barofsky

A Splendid Exchange: How Trade Shaped the World by William Bernstein

July 2017 Net Worth Overview

Cash

As you can see, our cash balance continues to be stagnant, and this months excuse is a trip we took to Hawaii. It was totally worth it (left 3/4 kids at home!), and we snuck it in before school started. With school starting, we’ll be staying put for a while and should see our cash start to grow in September (we’re finishing up a backyard patio in August or September). At least our cash is paying a whopping 1.1%, right?

Investments

Again we continue to do nothing different or special with our investments. The S&P 500 was up 1.93% in July and we continued to invest. I keep about 1% of our investments available for more speculative, risky investments and one of those investments is Amazon. I’ve always said that I love the company but hate the stock but decided to buy some early this year on a dip in the $740 range. I still hold it and continue to be surprised at how much it’s gone up, despite recent declines.

Cars

Nothing new to report here, but Kelley Blue Book periodically shows an increase in the value of our SUV. Tesla launched their new Model 3 last week, and I now have a somewhat renewed desire to buy one but my little Corolla keeps chugging along so nothing planned here.

Side note – when we went to Hawaii, we couldn’t reserve a rental car online since the trip was planned at the last minute when we found really good flights. As a result, the cheapest car we could rent was a BMW 7-Series (non-luxury SUV’s and Minivans were available but even more expensive).

So for a few days, I went from driving a $3k 2005 Corolla to a $85k+ 2015 BMW. You know what’s crazy though? I didn’t like it. The gear shifter was confusing, the doors always took two tries to close, and I didn’t figure out how to unlock the doors without the key fob until the second day. There were other issues, but you get the idea.

Sure, it was roomy and comfortable, but it was a really big car to navigate through crowded streets (Waikiki is awful, it’s much more enjoyable out of the city). The island was also too small to really test out the powerful engine. My takeaway though was that I don’t get much enjoyment out of driving a really nice car.

Our Hawaii rental where we went to see a beautiful sunrise.

House/Mortgage

We continue to pay extra on the mortgage and our home value increased slightly, boosting our equity by $3,700. Our next door neighbor is getting ready to sell, that should help us gauge our own value. His house is smaller and needs some updates but he’s got great neighbors so it should sell quick, right?

We need our net worth to increase by $4k per month to hit our goal of $700k by year end. The concrete patio should be the last big house project for the year and travel will slow with school in session. Next year I’ll be excited to really start making a big dent in the mortgage.

 

2 thoughts on “July 2017 Net Worth Update”

  1. July sounds like it was a great month! Thanks for sharing the update and congrats on the solid net worth gains. In a past life, the 7 series was my daily driver dream car. Funny to hear you didn’t even really care all that much for it.

    1. Don’t get me wrong, I’m not opposed to nice cars (if you can afford them). This one just didn’t feel so much better than cars that cost half as much to justify the cost. That, and it just wasn’t right for where we were driving.

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