Starting Net Worth: $130,162
October was a tough month for our overall net worth as several large expenses, both expected and unexpected, came up all at once. Just a few days before moving into our new home, we went furniture shopping and picked out everything we needed. Our previous home was only 450 square feet, and our bed was more than a decade old, so we needed quite a few new pieces to fill the space and replace worn-out items.
Then, only two days after moving in, my car’s exhaust completely fell off. When the mechanic inspected it, he recommended selling the car rather than repairing it because the cost of repairs would exceed the car’s value. Buying a new car is always exciting, but in this case, it was definitely not how I hoped it would happen. I also would have liked to enjoy being without a car payment for a little longer.
On top of that, we had to spend over $1,000 on repairs to our rental property to get it ready for a new tenant. Fortunately, we already had someone lined up, and he was able to move in just a few days after we moved out.
To make matters worse, the stock market declined in October, which caused our investment balances to drop despite our continued contributions. While it’s never fun to see account values go down, it’s important to remember that market declines also present an opportunity to buy more shares at lower prices, setting the stage for future growth.
Ending Net Worth: $107,525
None of the above information is a recommendation. This blog is purely intended as commentary on things that have happened along our financial journey.