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June 2016 Net Worth of $515,500 and Self-Employment Income of $6450!!!

This post may contain affiliate links.

It’s that time again! I like to use monthly income and net worth updates for motivation. Posting them pushes me to try harder, I am forced to actually work the numbers, and I started blogging so I could share with all of you and get feedback. I would also like to inspire more people to create income streams out of something they truly enjoy.

I would love to work from home and earn $6450. That is definitely enough to allow me to be a stay at home mom who still earns money. It is so motivating to read stories of couples who are location independent and have built their own online businesses. I want to start a blog myself now!

My Backstory for New Readers

I worked in a dead end cubicle job after college from 2005 through July 2011. My department didn’t have a career ladder up and $35,500 was the highest salary I ever received. My plan was to stay there for 30 years and retire. That plan went to crap for two main reasons. First, I wanted to truly connect with people. Secondly, I finally realized the position was the definition of “dead end”…I needed more.

That led me to creating Budgeting in the Fun Stuff in February 2010 even though I had zero professional writing experience, and I had just been a blog reader and commenter for a few months. It grew faster than I expected (thank you!), and I have been fully self-employed since July 2011. BFS itself has made more than $100,000 since I started.

My husband and I live on the income we earn through our online business, professional pet sitting, and our first house which is now our rental property. We currently bring in $70,000-$100,000 each year – 100% self-employed. If you’d like to start your own site, I worked out a special for my readers with Bluehost – lower rates on all 12+ month packages (for example, $3.49 per month for 36 months for their “basic” plan).  I use Bluehost too, but I signed up for the 36 month package with their “Plus” plan since I have multiple domains.

I also just republished a free three part series to help:

Or if blogging isn’t your schtick, check out my recommended tools and services to help you save money! I’ve also personally done all sorts of side hustles including being a jewelry reseller from online to pawn shops in my late teens, being a cow mascot in my early 30’s, selling my hair for $100+, and starting my own professional pet sitting business in 2014. Email me any time for ideas as well since side hustles and entrepreneurship have become my whole life!

Onto this month’s update!!!

June 2016 Self-Employment Income

  • Crystal for Hire (Freelancing like Writing, App Review Replies, and Blog Ad Management) – $1750
  • Budgeting in the Fun Stuff – $1100
  • My Other Blogs – $300
  • Affiliate Ads – $100
  • eBook – $25
  • Professional pet sitting (also Mr. BFS and me) – $2100
  • Renting out our first house – $1250
  • Sports officiating (hubby’s hobby job – between seasons) – $0
  • Total = $6625

June 2016 Main Self-Employment Expenses (Taken Off the Top)

  • Normal Expenses (Paypal fees, Staff Writer for Marriedwithdebt.com, Etc.) – $155
  • Domain Renewals and/or hosting renewal – $20
  • Total = $175

Overall, we brought in about $6450 in June 2016

Our Target

To put things into perspective, we need about $6000 a month just for our monthly nut. $4150 covers our monthly bills like the remaining mortgage ($1000), health insurance ($575), my car payment ($275), property taxes and insurance on both homes ($1300 a month), and income taxes ($1000 a month). The other $1850 a month usually goes to food, utilities, car maintenance and gasoline, life insurance, and splurgy extras. You can check out our our budget anytime.

The extra after that $6000 is divided between savings, investments, and even a little for fun. It also helps make up for not-so-good months that pop up.

So, even though we only brought in $450 more than we needed, the fact that I had paid some bills in May and low expenses in June mean we still were able to bank some earnings (see below).  I’m concentrating on growing affiliate income on BFS now, so hopefully that number will increase each month too…

Our main financial goal is to continue making enough overall to work from home as long as possible since we both prefer self-employment over “normal” day jobs. Our secondary goal is to use the majority of any extra money that we ever have to reach financial independence as soon as possible (we are aiming for age 50 or before). We may still choose to work even if we ever have enough saved not to, but we would like to make that choice ourselves.

Disclaimer

Please keep in mind that this income comes from 30+ hour work weeks online divided between me and Mr. BFS. We put in another 20-40 hours a week split up into pet sitting (60+ hours during the holiday weeks like the one we just had). When it’s a sports season he’s involved in, Mr. BFS puts in about 20-30 hours a week into reffing. My personal minimum work week has become about 50-60 hours.

We also end up paying about 20-25% in income taxes since we do have to cover the employer’s part as well. I was working 100+ hours a week personally for over a year before I was able to leave my old day job. I just want to be clear that this isn’t easy money in any respect. I want to inspire everyone to accomplish their dreams, no matter what it takes. I am not saying it will be simple or fast. It just can be done.

Net Worth Update – End of June 2016

Assets

Cash (in all checking and savings accounts) – $94,650 (+$3850)
Stocks – $18,650 (+$700)
Retirement – $163,000 (+$2100)
Home – $306,000 (same)
Rental House – $122,000 (same)
Cars – $14,850 (same)

Liabilities

Home – $193,650 ($450)
Car – $10,000 ($200)

Total Net Worth = $515,500
Last Month: $508,200
Total Monthly Change: +$7300

My Thoughts

YAY!!! We stayed above that $500,000 mark even after the Brexit crap!!!  Sadly, I never got online during the craziness and invested more like I planned, but still extremely happy.  🙂

It was an uneventful month except for a crazy pet sitting schedule the week leading up to the super, extremely busy July 4th. We banked our extra income and had a little return in our two Roth IRA’s and SEP IRA.

Our home values are still spot on right now thanks to the official evaluations we just had done in April. Our car values are based off of Kelley Blue Book.

In case you are ever wondering, the car loan is at 0.9% interest, so we are not planning on paying it off early…although I am starting to hear that siren call of debt freedom…

Our cash reserves do have a little more than necessary in them right now, but not much when we take into account what we are aiming for. Overall, we want $60,000 broken up in the following ways – $5000 in checking, $20,000 in our emergency fund, $20,000 in our blog income account for paychecks, $10,000 in our rental home account, $5000 in a car account for our next down payment.  And we have two accounts that build $2000 per month (hopefully) throughout the year (so at $24,000 right now). One of those accounts is the one we use to save for and pay our income and property taxes as well as our home insurance and HOA dues. The other is to save up for this year’s SEP IRA contributions as well as the following year’s Roth IRA contributions.

So in our reality, we have about $10,000 that we should probably use in a better way than just sitting there. My car loan is at 0.9% and our remaining mortgage is at 4%, so we may be making a principal payment on the mortgage this coming month…

Overall, I’m optimistic for 2016. We already hit my $500,000 goal, woot! Now we are working on the BIG goal set at $550,000 (a 10-15% increase over last year).

How have you been doing lately? What are your short-term and long-term financial goals?



FYI:  I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year.  I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home.  If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!).  Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!
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9 thoughts on “June 2016 Net Worth of $515,500 and Self-Employment Income of $6450!!!

  1. Hi Crystal,

    It is so exciting to see your progress and I am impressed by your ability to keep the momentum going. Congrats to another great month!




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  2. @Ginger, thank you. I think recalibrating yours was a good idea. I do that about twice a year…sucks when home values affect so much. There are some people who don’t take the home value into account unless they are underwater with the mortgage…I like counting mine since I really could sell it.

    @Funny, nah, but we do go out of the way to stay self-employed. Just stubborn. 🙂




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  3. Crystal, congrats on the crazy income numbers! I wish I could’ve kept at it. This is Aaron Hung by the way, if you don’t remember that’s okay. I recently started a new blog so just want to see where it’ll lead me this time:)




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  4. Hello! First of all, I just found your blog and I really truly love it! Glad that I stumbled across it 🙂

    I’m trying to understand your net worth posts, and my brain is struggling a little bit 🙂 So you brought in a little over $6,000 this month, but you said that most of it goes towards paying your bills and anything over that goes towards savings/investing/fun…but then how did you have an increase in your cash accounts of almost $4,000 and a total monthly change of + $7,300? Does the cash increase include money that will eventually go towards paying taxes, insurance, etc? And is the retirement increase solely from an increase in value or are you putting money in there on a monthly basis? Sorry for all the questions! I feel like your site is SUPER helpful, and I just want to make sure I understand so that I can follow along and learn from you 🙂




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  5. @Aaron, hi again! Congrats on the new site!

    @Alexis, Yep, spot-on. The cash we set aside for income taxes, property taxes, HOA dues, and home insurances are included in the $6,000 a month expenses but are indeed stored as cash in the meantime. That is also why you will see me usually take a huge hit in November-December to the tune of $11,000-12,000 in property taxes. You will also usually see me mention cash hits for estimated income taxes 4 times a year, but this year we let the IRS keep our refund so we won’t owe any more until a little in September.

    And you will see me mention when we make retirement account investments (we fully funded both Roth IRA’S already this year), so right now the increase is just from increased value and dividends.




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  6. I absolutely love the fact that you have diversified income while you are growing your blog to full-time income. A lot of people get discouraged in the early days because their blog isn’t doing what they want it to do. You’e set a great model for the rest of us! My freelance copywriting income is almost 100% of my income, right now. I am so glad that I did it that way so I am not stressed about the blog.

    I think I love following people who are not gurus. You’re regular people just like me. I can’t wait to see what your next income report says. Thanks for sharing!




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