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Q1 2022 Net Worth Update—Almost Millionaires!

It’s been a long time since I’ve written (just over three months, to be exact). I’m toward the end of a long stretch of my busy season at work and have felt very burned out over the last few months. I worked late most nights and have worked in some capacity on the weekends, which hasn’t left much energy for me to write or do much of anything. I haven’t prioritized blogging, but I look forward to getting into a more normal writing groove as work (hopefully) gets back to a steadier pace.

My last financial update from early January recapped our financial lives from 2017 – 2021. Going forward I will be sharing quarterly net worth updates.

Q1 2022 Net Worth Update

 

3/31/2112/31/213/31/22
Net Worth$ 606,000$ 966,000$ 991,000
Investable Assets$ 679,000$ 1,073,000$ 1,095,000
Student Loan Balance$ 150,000$ 146,000$ 145,000

Q1 saw some volatility in the stock market, which meant our net worth didn’t progress nearly as much as the last few years. We ended the quarter at $991k, up $25k quarter-over-quarter and up $385k year-over-year. That year-over-year growth is pretty incredible to me upon reflection, and especially blows my mind compared to two years ago, when we were at $201k. We’ve been working our tails off and it’s nice to see that paying off financially.

If you read my post on Alibaba, you’d know that I put some of our idle cash to work in BABA. I added to my position throughout the quarter and now have nearly 1,100 shares at a cost basis of ~$116. I don’t plan to add anymore to this position as it reached a significant portion of our assets. This quarter was a wild ride for Alibaba (high was close to $140, low was around $73) and I expect it to be bumpy for the foreseeable future. I plan to hang onto this position for a while so I’m not too concerned with the recent volatility, though I’m certainly paying attention to it!

The last seven quarters saw quarter-over-quarter net worth growth of at least $92k, so it was certainly a different feeling to only be up $25k vs the prior quarter—I know you’re playing the world’s smallest violin for me. I’m still a bit in disbelief at the run we’ve had over the last few years and I’m definitely not complaining at all. We were still higher than the last quarter and I’m quite happy about that.

My wife and I didn’t spend very much this quarter as I’ve been so busy at work, i.e. I have no time to spend anything, and it was winter so there wasn’t much to do anyway. We both drive 17 year old vehicles and started looking into the possibility of buying a new car. My wife wants to get an SUV eventually. I’d like to delay the purchase for as long as possible and drive our current vehicles into the ground, especially given how difficult / expensive it is to purchase a vehicle these days. We’ll see what happens but it doesn’t seem like now is a good time to look for vehicles. I wish there were more electric vehicle options with decent range as I’d like to buy one. Buying a Tesla is my dream, but even their entry level cars are at least $45k or so these days, which is a bit more than I’d like to spend on a car.

Wrap-up

I’m really excited that work should slow down soon, giving me more time to have fun, sleep, write, and do whatever the heck I want! In the next quarter (and possibly bleeding into Q3) I’ll have some sizable work bonuses that should give our net worth a boost—more on that later. I also plan to start looking for a new job in the next month or so, so I’ll have plenty to write about in the coming months to keep you all updated (all one or two of you!).

Thanks for reading and see you again soon. In the comments, how has your net worth progressed lately?

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