March was a wild month! We are in full-scale wedding planning mode and paid for several expenses ahead of our big day coming up in June. The stock market continued it’s gains, helping to push our investments to record highs. And on the income side, my fiance received an unexpected raise at work. All combined, we recorded another monthly GAIN to our net worth. This makes 10 straight months of gains!
As of the end of March 2006, our net worth has increased by $5,362 to a new total of $79,660.
Noteworthy highlights for the March 2006 update:
– Income was a little higher this month because of my fiance’s raise at work. It wasn’t a large amount, but it’ll add an additional and consistent $50/month into our pockets moving forward. I also took on a small side job fixing some personal computers for co-workers. I earned an additional $150 from those types of jobs this month. It may not happen every month, but I’m always open to opportunities whenever needed.
– Our expenses this month were HIGHER than usual. As we continue to get closer to our wedding date in June, there are various expenses that are starting to hit. This month……I purchased a wedding band. And wow, at $1,700 it was expensive too! Not as bad as the engagement ring, but still more than I am used to spending all at once! There were also invitations, catering deposits, and more. In total, we spent a little over $2,500 for the month.
– Even after all our extra expenses, we had so much cash sitting around (in our checking and money market accounts) that I decided to do some larger Roth IRA contributions this month. In total, I invested $3,000 between my fiance’s and my accounts. Our plan is to maximize contributions into our Roth IRA this calendar year. The most we can put in is $8,000 as a couple ($4,000 per person). Now I did budget a consistent amount per month, to be dedicated for our Roth IRA accounts. This move is just me “front-loading” those contributions.
– The rest of the BIG increase in our Roth IRA accounts came from the stock market continuing it’s…
Note From Author
The full “March 2006 Net Worth Update” post has been back-dated to 3/31/2006. But it was originally published to the Financial Independence Champion (FIChampion.com) Blog on 08/24/2016.
Why Back-Date Posts?
I mentioned in my first post how this blog will be a little different than any other ones you may follow. I still plan to talk about personal finance, rental property, travel, and the pursuit of financial independence. But to give all these topics the right context and the full picture, I need to start at the beginning. I need to fill in the details of life from 2005 until now. I want you to see the successes, the struggles, and all the milestones we passed along the way. Therefore most of the “new” content will be back-dated to their appropriate dates in 2005, 2006, and beyond — until we’re caught up!