Grow my Net Worth

Grow my Net Worth:

This has always been my goal, that’s why I have developed a good rapport with Warren when we first met.  As fellow insurance pros, as well as entrepreneurs, we have similar interests and risk tolerances.

My focus on personal finance has been a challenge and journey that I truly enjoy – which started first day after college graduation (I should have started sooner).  Although stressful at times, things are starting to do well with an almost 7 figure Net-worth, my strategy was working.

Moderation and limiting expenses has been personally rewarding as well as financially rewarding helping me grow my net-worth, but there are a few others ways I’ve made this happen.

 

My approach

Grow my net worth has always been one of my main financial objectives (with lower risk).  As well as focusing on passive income growth to establish financial freedom (more recent goal).

My dream has been and continues to be working from a beach somewhere, writing articles or managing my portfolio, while ordering a drink, finishing up a run, or going to the gym.  Sounds like an annuity? that’s the idea but with better returns and money under my control…

For my generation, growing up and seeing the impact of the Great Recession, there has been a shift in my attitude from a feeling of certainty to a focus around financial security and financial freedom.  As a Millennial, I am still focusing on growing my net-worth, paying down mortgage debt, saving for retirement, and at the same time growing my passive income streams.

We live a pretty conservative lifestyle with low attention to lavish luxury goods, and a focus on needs vs. wants.

Investing in low cost index funds and waiting will be an approach that utilizes the benefit of time (which I have) and power of compound interest.

 

Other Tips

I have learned a few tips, in addition to focus on Net-worth, already since joining the InsuranceShark team.

For example, prior to joining the team here, I had a rental property that I thought (naivete) I was efficiently managing, plus seeing my net-worth grow.  The advice I received about using better tools and lower cost labor, management expenses, taxes, evaluating new properties,etc. all were helpful tips plus I learned a few other financial tips for future use.

A few things that have helped me recently include:

  • Budget carefully, stay disciplined
  • Maxing out my and my wife’s retirement accounts -401k, IRA, etc.
  • Reduce spending on our largest household budget items (i.e. housing, food, transportation)
  • Utilize all forms of Tax deferred or protected accounts
  • Grow my real estate portfolio for passive income generation
  • With only one rental property – expenses should be carefully managed
  • Grow my online business/brand – another form of passive income
  • Utilize free online tools like Mint.com and PersonalCapital.com
  • Read other personal finance blogs for insight

 

Thoughts

The saying there are a lot of “different ways to skin a Cat” may hold true, but I like the advice and thoughts of some of the people who have been their before me.  I will continue to ask for advice and share going forward. I encourage other Millennial readers to do the same, ask for advice.

Some of my success thus far has been combination of good timing, risk tolerance, no credit card debt, a good partner who understands our goals, etc.   But staying focused on my goals and disciplined are main components of achieving my net worth objectives.

I also can’t discount the fact that no of this would have been possible without my stable and lucrative insurance career.  Which is also my largest form of non-passive income, and where I honestly spend more time focused.  But one day… more time on the passive income, now just growth and planning mode.

 

If you have thoughts, comments, or advice you’d like to share please comment below. 

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The Millennial Shark

The Millennial Shark

The Millennial Shark is a contributor to InsuranceShark, focused on topics that include Millennials in Insurance, personal finance, insurance topics, risk, the future of underwriting. He currently works in the industry and will be a regular contributor on various topics.

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