August Net Worth Update – £107,045.10 (21.4% to FIRE!)

August was a busy month but a less expensive one. I’ve been on about four holidays between April and July this year, therefore it was time for me to spend some time reading, writing, and thinking rather than go on many different holidays. This had a drastic effect on my ability to save money, but I was also buoyed by the housing market supposedly still continuing to rise. My home equity is just shy of £100,000 and I have an outstanding (nonmortgage-related) debt of around £8,000 but most of that money is in investments of some description. It’s worth noting that this debt was also borrowed at a 1.5% interest rate, even putting it in any kind of savings account is going to be profitable.

I’ve launched 2 new websites that I’ve been taking up quite a bit of my time and I’m starting to rank in one of them. I am someone who has always struggled to focus on one thing at one time when I do manage to do this, I tend to be quite successful. I’ve consolidated my side hustles into three major areas.

My main side hustles will be this website and my two other websites, the other two are a niche that interests me just like personal finance where I have seen an opportunity to create an information website. I spent some of my time this month improving the SEO on many of my sites, and this saw an uptick in retention and also revenue.

The all-important number as of the end of August including my paycheck I am up to 107,000 and 45 pounds. However, I do not feel any wealthier. I feel I’m going to have to work very hard at my side hustles to increase my income during the economic downturn we are about to experience, I don’t think I’ll lose my job however if I did, I’m very comfortable with my ability to make a living – I almost relish this excitement, at least in theory.

Savings rates appear to be rising I believe there are some companies paying 2.5 to 2.8% which is not insignificant. I’ve switched to an income-driven portfolio whereby around 1/3 of my portfolio of bets is in dividend stocks on FreeTrade.io, a third of my money is in Blockfi and the last third I initially plan to put into Bondora which is a peer-to-peer platform. However, I am very hesitant about the future of the eurozone given the current war with Russia and the downward pressure on the euro versus the dollar I don’t really want my pounds to be devalued any more than they will be. However, part of me is unsure whether I should try and hedge my money, due to the size of my property in My Portfolio balancing any currency risks would not have a meaningful impact.

This puts me at 21.41% of my goal, my goal is 500,000 pounds in total net assets by the age of 35 I am currently 26 turning 27 in the autumn if you want to follow along you can join my newsletter to be notified when I post.

My total income for the month was – £3280 – with 0.76% of my income coming from my side hustles… more work to do!

You can find the rest of my journey here

Is it possible to build a portfolio of dividend stocks that pays you every single month: https://growingmoneytrees.org/2022/08/07/12-dividend-stocks-to-get-paid-weekly/

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