August 31, 2018 – Kyle Colman – Medium
Today I’ll be quickly sharing with you my net worth report. This is my first net worth report and we begin with August 31st.
One of the purposes of this blog is to challenge myself and try to fulfill a promise I made to myself when I was 21 years old, and that was to become a millionaire before I turned 30 years old.
Today I’m 28 years and 4 months old. That leaves me roughly around 600 days left until my 30th birthday.
Even if I don’t reach that goal (I’m far from it), I’ll still continue to update this net worth report maybe as way to motivate myself and hopefully as a way to motivate you as well.
A little about me (you can read my full bio here). I don’t spend that much to begin with even while living in California.
I think I spend less than $1,200 per month for everything. I’m fortunate enough to have some financial help from family when it comes to my living situation. I don’t receive any allowance. I pay for my own food and bills. My living situation is free.
Besides blogging, I help run a family business and I run two other online businesses. I don’t make much money since I work for myself, and all of this is less than a year old. My income can change dramatically month-to-month.
I was also fortunate enough to save up some and make some money trading. That makes up a bulk of my net worth. I currently don’t trade.
I don’t have any debt even after getting a Bachelors’ and Masters’ degrees. I pay off my credit cards on time. I own four credit cards with a credit limit of about $25,000. I use only one card at a time to make sure I don’t forget to pay my bills.
Here’s screenshot of all my assets:
The first account is my personal account. This includes 3 months salary from my family business (haven’t been paid for August yet) plus my savings from trading. My salary for my personal account is roughly $1,600 per month after taxes. The total account is $34,449.18.
The second account is from one of my businesses. I just started it this year and I receive about $1,500 per month. This is the income after business expenses. I have invested about $300 into this business. The total account is $5,352.14. I will have to pay taxes on this business at the end of the year.
The third account is from my second business. This too was also started this year and its main purpose has changed a few times. The amount of $493.14 is actually a loss. I have invested about $1,500 into this business.
In total, my net worth as of August 31, 2018 is $40,294.46
I’m 4.02% of the way from becoming a millionaire.
Obviously there’s a lot of work to be done and so little time left.
Am I hopeful? I’m always hopeful, but I’m realistic and I know this is a monumental task.
I’ll update you next month on my net worth.
I’m not a financial advisor. This is used for educational purposes only. None of this information can be used without my permission.
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