Crossing $400K in Net Worth

I am happy to report that I achieved another milestone on this journey to financial freedom: crossing the $400K mark in net worth! It is great to celebrate these milestones over the years. Keeping track like this means you can really see the progress. It was way back in October 2017 that I crossed the $250K mark in net worth. Next it was July 2019 that I crossed the $300K mark in net worth. After the hiccup that was 2020, I finally crossed the $400,000 mark in wealth. This means all of my assets (stocks, bank accounts, home, etc.) are now worth over $400K.

Things have really progressed forward since I started this blog. Indeed, this is shaping up to be the year for milestones. The half a million ($500K) net worth milestone is next and that is a major one. I am hoping to hit that in the next 18-24 months if everything goes well. That is the half way point to one million dollars! The key to building wealth is to spend less than you earn and wisely invest the difference. You will be amazed at how large the snowball with grow over time. I wish I had started this in my early twenties (or heck, even earlier).

In addition, I added a new category under the umbrella of net worth. I bought some precious metals, namely silver bullion. I consider this less of an investment and more of an insurance against economic catastrophe (a collapsing dollar/hyperinflation). While the value could appreciate over many years (or decades), the hope is to never have to use or sell it. After all, to have to use it means some kind of economic disaster happened.

Unlike owning stocks that pay dividends, silver bullion does not produce a cash flow. For example, my silver rounds will not sprout new silver coins or bars from them (although that would be pretty cool). Rather it is simply an insurance position I took. I find that it is good to diversity and I will probably continue to buy little bits of silver over the years.

And that is that. Crossing $400K in net worth was a nice milestone. Other then that so far, August has been calm and I have been able to just chill and head out to the beach a bit. I am looking forward to new milestones in the future. My portfolio is now set to generate $11,785 in dividend income over the next 12 months. I am in the homestretch for the $12K mark in dividends. Oh man, I can taste it!

So, how about the rest of you? Do you track you net worth? Also, have you crossed any milestones lately? In addition, does anyone else own any silver, gold, or any metals on the side? Let me know in the comments below!