Financial Update Report – February 2019

Michael QuanFI / FIRE, Investment, Misc, Net Worth4 Comments

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Financial Update Report – February 2019
Financial Update Report – February 2019

Below you will find a snapshot of our personal financials for the month for February 2019.  This includes a brief synopsis of our net worth and monthly cash flow activity.


Curious as to WHY I calculate and share our personal net worth?  I explain it here.

Want to track your finance the same way?  See how I use Personal Capital to help create these financial reports absolutely FREE.  Also, download my FIRE Budget spreadsheet – How to Budget Like a Bad Ass!


February Overview

February was short and sweet.  With the markets returning close to their highs, our net worth took a decent jump back up.

I can’t say that I foresaw the volatility swinging us upward this past month, but  I’ll take it.  😉

I finally started digging into our taxes towards the end of the month, but there’s still a fair bit to do.  The biggest item was ensuring I had accurate inventory numbers for my FBA product and then update my accounting figures.  Once I had it all figured out, I used Loom to document the entire process for next year.

Other than that, we made a quick trip back up to the Bay area for a one-year-old birthday party for our good friends.  Thanks to travel rewards/hacking we were able to use Chase Ultimate Rewards points for the car rental and hotel.

FBA sales have been a bit slow recently. I received my first 1-star review which was incredibly unfair given the postal service broke the product. This knocked me from a 5-star rating to a 4.2-rating.  I don’t know how much this has affected sales, but I’m sure it didn’t help.

Net Worth Summary

Net Worth was back up this month with little pop in the equity markets.

We finished the month at $2,117,011 vs. $2,087,108 this past January.  This is a +$29,903 increase in our net worth or +1.43% by percentage.

This can be attributed primarily to an increase in the value of our equities.

Cash Flow Summary     

Cash flow for February was positive… barely!

We ended up with +$203 of positive cash flow for the month.

Income for February was $13,250 and down ~$2k from last month.

Income for the month was pretty uneventful. No extra real estate checks this month.  I would have liked to see online income up higher, and I hope to find an optimal price point to ramp up FBA sales in March.

Our recurring income is primarily made up of my wife’s teacher salary, rental income, dividend income, misc investment income, coaching, and online income (FBA).

Expenses

February’s expenses were up the month.  This is partially due to $1500 in insurance premiums we paid.  Half of this was for our auto policy and the other half was for our 20-year term life insurance policies.

Restaurant expenses were up as well due to my daughter’s 7th bday party which we catered from a Hawaiian restaurant.

Portfolio Balances (Equities)

February’s upward swing was a nice surprise.  We did trail the DOW however as we’re a little heavier weighted in foreign equities.  I did ask our wealth manager about this recently and it was interesting to see they had some alternate ways of classifying equities.

Final Thoughts

Although it’s technically March when I’m writing this, I’m super excited to see that Southwest announced their very first flights to Hawaii!  So far they are going from San Jose, CA and Oakland, CA, but word is they are supposed to bring direct flights from San Diego as well.

On the travel rewards/hacking front, I signed up for 2 more cards (1 business & 1 personal) and also had my wife to pick up a Southwest card.

Here’s what I’ve received in the past couple of months:

  • 80,000 Chase Ultimate Rewards points worth at least $1200
  • 40,000 Southwest points worth $700

In the next month (or 2 max), I should receive:

  • 60,000 Southwest points worth $1000
  • Southwest Companion pass good thru 2020

In the next month, my wife should receive:

  • 30,000 Southwest points worth $500
  • Southwest Companion pass good thru 2019

Not counting the 2 companion passes which are incredibly valuable, we’ll have collected $3400.  Not bad for a few hours of work!  (Applying does take some time, in addition to strategically spending to meet the minimums.)

If you’re interested in picking up some free travel money too, check out my overview post here.

Readers, how was your month of February?  Have you been sticking to your 2019 financial resolutions?

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4 Comments on “Financial Update Report – February 2019”

  1. I just completed our taxes yesterday but won’t be filing until the 15th deadline because we have to write a $22,000 check – $100,000 in taxes wasn’t enough!!!

    Since my wife qualifies as a real estate professional, we’re looking to get a rental in the back half of the year (after our home mortgage is paid off), and will be doing a cost segregation study in order to take a huge depreciation expense in year 1 (thanks to the Trump tax plan). My wifes’s real estate professional status will allow that paper loss to flow through to our earned income to reduce our taxes.

    If we buy herein SoCal, we estimate that this could save us $30,000 to $70,000 in taxes for 2019. Still a bit more due diligence to complete and we have to find the right property, but it’s very compelling.

    Dom

    1. Haha, yeah I’d wait too, Dom! That’s so cool your wife qualifies as a real estate professional. Those deductions can be rather significant since it can knock down your humungous AGI. Good luck.

  2. I’m planning on applying for the Southwest card, mostly because we’re starting to plan our first family trip to Disney World. Thanks for the reminder that I need to do it!

    1. Awesome, I just started talking with my wife about a Disney World trip last month. Since we’ve got Hawaii and a few other places to go first, we’ll probably shoot for a couple of years out.

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