August 2019 – Net Worth Update

So… Its time to update my monthly NetWorth Update. I wish I could say that I had an exciting and eventful month filled with adventures across the mountains of China, but most of my time was spent tutoring little kids online with VIPKID. Fortunately, this kept my expenses pretty low.

I also  hit a milestone, by making the most money that I’ve made with VIPKID. There was also alot of activity in the stock market that affected my assets column.
Overall it was a great month with a positive NetWorth growth.

Income – $2,947

I made a little over $2900 this month. All of my income came from VIPKID. This is the first month that I lived completely on my VIPKID income. I was nervous about if I was going to make it work, but everything worked out. Earning money with VIPKID started off slow, but eventually I was able to create a decent income that seems sustainable.

Expenses

My expenses haven’t changed much from previous months. My largest expenses were rent ($471), taxes ($606), & tithes ($303). Nothing too exciting or surprising in the expense column.

Debt

Paying down debt is where I made the most progress. My total debt decreased by ($ 662)!
Credit Cards
This is great because my focus for the next few months is to eliminate my credit card debt. I paid off $462 in credit card debt this month! This puts me well on my way to accomplish my goal of being credit card debt free.
Student Loans
I payed off $200 dollars in student loans this month. This was from making my monthly minimum payment.
My approach to my student loans will remain the same for now. I will continue to make the minimum payments until I have eliminated the high interest credit card debt.
I do have a loan that has a balance of $700 that I am considering paying off early because it will add some additional cash-flow ($85) in my budget.

Assets

Cash
Next, I increased my amount of cash by $145 dollars. This wasn’t intentionally, but I was able to save some money in the expense column on international transaction fees.
Investments
The stock market took a little bit of a dive this month. I’m a long term investor, so downturns are ‘opportunities’, not ‘curses’.

NetWorth

Any month that my NetWorth increases is a great month! My networth grew by approximately $630 to ( – $2,732.60). I’m inching closer to that $0 break even point.
At this pace, I should have a positive Networth by the end of the year!

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