Woohoo! Our net worth finally crossed $1 million mark. After twelve years of tracking our net worth, I got to see how it feels after hitting the 7-figure mark. There’s a sense of satisfaction, but unsurprisingly it’s just normal like every other month.
Since surpassing $1 million, our net worth actually fluctuated below the 7-figure mark twice already. We are still in accumulation phase so we could still see our net worth falling below a million dollar again if there’s a big drop in the market. In fact, it’s actually good for us if there’s another bear market. The stocks would be cheaper for us to buy as we are still in the saving mode.
Similar to past years, I am going to max out of my 401(k), HSA, my Roth IRA and spousal IRA. Here’s the contribution dollar amounts for 2017:
- 401(k): $18,000
- Roth IRA: $5,500
- Spousal Roth IRA: $5,500
- HSA: $6,750
Future Game Plan
I have increased my 401(k) to 25% of my paycheck to fully contribute to the plan sooner. That way I can start contributing to my after-tax 401(k). In the past, I didn’t have enough spare money to contribute much into the after-tax 401(k). Now that we have paid off all debts, I want to max out the after-tax 401(k) as well. The goal is to be a 401(k) millionaire within 10 years.
Newsworthy Events This Month
In March, I got two-week time off at home and it coincided with my daughter’s spring break. That’s a very nice break so our whole family headed to Disney World’s Hollywood Studio. The expense was offset by the unusual three paychecks this month.
We still have another big expense coming up when our whole family will vacation oversea this summer. I already bought four flight tickets on Delta for the family and paid the required visas. Here are the expenses:
- Adult flight ticket for me: $1,220
- Adult flight ticket for wife: $1,220
- Child flight ticket for son: $980
- Child flight ticket for daughter: $980
- Visa: $260
We have budgeted $14,000 for this two-month trip. Our emergency fund will remain intact and our saving plan for retirement is still on schedule. The only thing that negatively affect our saving plan is that I have to delay paying for my two-year-old son’s college tuition this year. But that’s not a big deal since the money we spend on experience is well worth it.
Earlier this year I paid a lump sum of $29,024.67 to Florida Prepaid for my daughter’s 4-Year University Plan. I plan to do the same thing early next year for my son. If something happens to me, I know that my two kids’ college tuition will be covered.
What other stuff I did in March? I opened a Chasing saving account and deposited $15,000 to take advantage of $200 promotion bonus. I welcome the free money.
I have been using Personal Capital to see all my accounts together. Personal Capital updates all my bank accounts, investment accounts and credit cards. It also helps me to quickly update my Net Worth spreadsheet.