This is the second month that our net worth stays over $1 million. Unlike the previous month, our net worth didn’t fluctuate below the 7-figure mark. Net worth is the value of all assets, minus the total of all liabilities. As we have no debts, in our case net worth is simply the sum of our cash, retirement accounts, houses, cars and college funds.

Most of the increase in net worth this month came from the retirement accounts. As mentioned in March, I intentionally increased my 401(k) contribution to accelerate the saving rate. At the moment the contribution rate is at 30%.

Future Game Plan

I intend to keep around six months’ worth of living expenses in the emergency fund. As long as my cash holding continues building up, I will keep on increasing the contribution rate to retirement accounts up to 50%.

Newsworthy Events This Month

I opened up an online savings account with Capital One to easily earn a $200 bonus. To receive this bonus, all I did was to open an online 360 Money Market account and deposit $10,000. Capital One already gave me $200 after I fulfilled the required condition. Eventually, I’ll transfer all the money to my main savings account at Ally and close down the promotion account.

I also successfully applied for US Bank Cash+ Visa Signature Card. I’ll receive $200 after I spend $500 in the first 90 days of account opening. I welcome the free money that requires very little effort.

I have a large crack on the windshield of my work truck for two years now. Finally I went to a Safelite AutoGlass shop to get it replaced. The initial price for the windshield replacement came out to over $500. Two years earlier I already got an estimate for the replacement at different shop at $520, so the price they gave me this time was decent.

While the technician’s doing the work, I asked the manager for the discount by applying some bargaining skill. Well, there’s nothing to loose if he said no. To my surprise the manager gave me a $40 discount so the total came out to be $459.42. Haggling does save money!

I have been using Personal Capital to see all my accounts together. Personal Capital updates all my bank accounts, investment accounts and credit cards. It also helps me to quickly update my Net Worth spreadsheet.

Here’s My Net Worth Over Time:

Net worth really accelerated the last few years. If you look closely, the first $100k took five long years after graduation from May 2005 to Mar 2010. Then it took another 2 full years to get to $200k. Each additional $100k came much quicker and easier.

Now that $1 million has been reached after 11 years of tracking the net worth, we’ll see if the second million dollar will come quicker than the first one. Throughout our journey to financial independence, I’ll document the slow and steady process to get there. Please feel free to bookmark the page and join in the discussion.

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