Another remarkable milestone has been achieved. I officially crossed $500K in new worth!
It is great to celebrate these milestones over the years.
I remember, it was way back in October 2017 that I crossed $250K in net worth.
Next it was July 2019 that I crossed $300K in net worth.
After the hiccup that was 2020, I finally crossed the $400,000 mark in wealth in August 2021!
And now, I stand at over $500,000 in wealth.
Keeping track like this means you can really see the progress.
How did I accomplish half a million in wealth?
No Debt and Minimalist Living
Well, half the battle is being debt free and living a minimalist lifestyle.
For example, I have no loans, no mortgage, and no credit cards.
I live in a studio apartment in NYC that I bought over 7 years ago and pay minimal housing costs (such as rent, maintenance, etc.)
I don’t even own a car (I walk to work and back each day) and use public transportation when needed.
I have no debts, therefore no liabilities.
Let less you owe, the more money you can save. This leads to the next phase of the battle.
Invest in Assets
When you have zero debt, you can steam roll the money you save into investments that will further compound and grow your wealth.
I have spent the last 10 years actively investing in the stock market (almost exclusively dividend paying stocks and I have re-invested those dividends).
While nothing is 100% guaranteed to go up in value, stocks and real estate have historically been hugely successful vehicles of growing one’s wealth.
In fact, since 1926, the average annual stock market return has been a little bit over 10%. Real estate (depending on the type) has shown similar average returns.
Grow your passive income and take advantage of compound interests over the years and decades!
As of this post, I have a stock portfolio of over $375,000 in value and earn over $15,000 a year in dividend income.
My growth in net worth has largely been driven by the increasing value of my stock portfolio over the last 10 years.
Conclusion
And so, I have happily crossed $500K in net worth!
It was a fun but tough journey to get there. Of course, in the short term, net worth will fluctuate.
But over the long-term I am confident my net worth will be leagues higher then today.
Thus, the journey continues!
So, how about the rest of you? Do you track you net worth? Also, have you crossed any milestones lately?
Let me know in the comments below!
Check out my Getting Started page if you are interested in beginning your own journey to financial freedom!
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