Target net worth reached

At the beginning of the year, I had a stretch goal in mind. Which is to reach $1m in net worth by the end of the year. It would have required an annual increase of $240,000 or average monthly increase of $20,000 to reach that goal. I didn’t think it was possible during the 1st half of the year. Especially with our household expenses climbing as spending on the baby went up, bear markets due to lockdowns from the virus crisis and increased retrenchment fears because of the recession.

The situation started improving in the 2nd half of the year as our household expenses stabilised, markets rebounded due to improvements in the virus crisis and lowered retrenchment fears because of the recovery. This goal came back into focus and I finally reached it with my end Nov 2020 net worth update. 1 month before the end of the year. $1m represents an achievement in many ways. Most importantly, it shows that our approach to personal finances is working. Nothing fancy, just a consistent and disciplined approach to employment, investment and spending.

We are not fast movers but we move patiently and steadily at our pace. Having a balanced state of mind is essential because it’s so easy to get lost in all the noise and comparisons with everyone else. We just believe in focusing on our own progress and learning from others. But it can be difficult and tough to do most of the time. We try not to laugh, poke and make fun of people regardless of how different their approaches and progress are from us. We are all on our own journeys through life and towards financial independence. We also choose what we want to do once we have achieved it. Let’s be kind to one another and share positively in our collective experiences.