Featured Image May 2021

May 2021 Update

Hey Everyone!

I hope you enjoy reading our 2nd monthly update, May 2021!🙂

April 2021


Total Net Wealth = $905k

I feel it was only a few weeks ago when we hit the big $800k, so it’s a bit crazy to be writing an update so soon.

May was a month of craziness. WE BROUGHT A HOUSE!

Well, technically we won an auction, it’s not 100% ours until settlement date, so fingers crossed everything goes smoothly. I’ll write up a blog post about the entire process of buying a house at auction (first home buyers). It’s been really easy and relatively stress free so far, so keep an eye out and read all about it later 🙂

Back to May… We didn’t have too much side income during May as we were really concentrating on house stuff, but we did manage to make $120 of pocket money. Our 9-5 day jobs are BY FAR the main source of our income, I guess that goes to show that you can have amazing spending habits, but also being on a stable wage helps alot. Fortunately, we were quite lucky during COVID to remain fully employed. I say fortunately, but I read so many mixed accounts… So people we know received the full job keeper payment and only worked a few hours a fortnight, and others worked full 80 hour weeks and received about the same, not sure who the lucky ones were 😉 Apparently this is a personal fiance blog and not political so let’s skip past that!

For the data nerds… PowerBI continues to give me valuable insights into our financial position and spending habits. The May 2021 dashboard is below:

Dashboard of the May 2021 update

Clicking on the file should open in full screen for a better look

If you compare to last month, you’ll notice that we reduced our share portfolio (by about $55k) and added it to our cash., which you may think is insane, however most (Pretty much all of it) is going straight towards the purchase of our first home.

I’ll go into more detail about the setup of our mortgage in another post, but we really wanted the smallest loan we could get instead of parking large amounts of cash into an offset. 

The fees and taxes associated with our house purchase is $25,000, so our net wealth next month might take a hit and slip below the $900,000 mark, but we’ll see 🙁

Also… $25,000 is a crazy amount in fees and taxes. I knew stamp duty and everything would be expensive but woah, property is so much more expensive to get into than shares!

To put it into perspective…Our $781,000 property will cost $25,000 in fees. If you purchased $781,000 worth of shares you’re looking at around $900… That’s huge (Shares also cost $0 per year to hold and maintain, and nothing ever needs replacing. $25,000 is abit of a hard pill to swallow, I really don’t know why the government needs to take such a huge amount whenever a house changes hands… (If you know where it goes, please let me know!)

Our income was pretty standard this month, no extra cash from side gigs and no dividends.

Expenses remain crazy low due to us living with the in-laws. Our biggest expense are taxes, and we transferred some funds to our friend to cover the holiday we took a while ago. We also enjoyed a wonderful 4 day holiday to the Gold Coast where we celebrated our 3 year wedding anniversary 🙂 We got a pretty awesome package deal, so that stretched our dollar even further 🙂

I also setup a fun little metric for the line chart, which is our net wealth since we started. I’ve added in a 2 year forecast, which is guessing where we next wealth could be in two years. It’s saying we could have 1.3 to 1.7 million haha I think it’s wrong.. but you never know? haha

The last 12 months has been pretty strong for us, with a 36% increase in net wealth, mainly from the share market streaming ahead 🙂

Thanks all, looking forward to writing up about buying a house when that’s all done and dusted. Bye!

Thanks everyone 🙂
Mr & Mrs MoneyPlant

 

 

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April 2021 Update

Hey Everyone!

This is our first monthly blog post, which we plan on publishing once a month after our finances are updated!

I hope you enjoy reading 🙂

April 2021


Total Net Wealth = $886k

We recently hit $700k outside super (and $882k including super)

It’s been a crazy last 12 months!!! We’re up nearly 30% since this time last year which I wasn’t expecting… and our passive dividend income is looking to be around $25k at the end of the fiscal year

We’re been focusing on topping up on Mrs Moneyplants’ share portfolio over the last 12 months to distribute the income (and save some tax when we decided to have a baby and she goes part-time / time off).

We created our Instagram account which has been quite fun and exciting so far 🙂 @MrMoneyPlant for those on the Instagram 😉 Instagram gets the content first, but it’s quite simple and basic, the blog is where all the detail is! 😀

For the data nerds… I’ve dived into PowerBI this month and have been creating some dashboards so I can appreciate our finances better. Our most recent monthly update is below!

Clicking on the link should open the file for full screen

What’s been really interesting has been the huge shift in income from interest to dividends. With interest rates so low we aren’t getting much from our online saver (house deposit money) but dividends just blow it out of the water…

We’ve earned nearly 1.3 million in our working lives so far (Since 2009), which averages around $50k each per year.  You don’t need to be on a crazy high income to start investing.

I think it’s quite exciting to see that NEARLY 10% of all we have ever earnt, has been through passive income. This isn’t shown in this particular dashboard but I’m working on another one that shows the full picture, so hopefully it’ll be ready for ne


Other things of note:
  1. We’ve been aggressively trying to buy a house in the last 12 months, kicking ourselves we didn’t buy sooner but… fingers crossed as our $200k cash in the bank is doing nothing for us. 
  2. Our jobs have both stabilised unfortunately, so no huge pay rises in the near future unless we jump across, which isn’t on the agenda atm. 
  3. We took our private health insurance in March (just before I hit 30) so this should help reduce tax slightly, more so next year as we are hitting above $180k per year combined now. We managed to secure the cheapest plan that covers us for the medicare levy surcharge and it works out to be roughly the same compared to paying the tax so why not.
We have been telling more people about our finances to try to encourage discussion with our friends and family, which has been a really positive experience. We helped our friend avoid paying ~$8,000 for a financial planner to buy index funds on her behalf and instead helped her setup her own broker account with Commsec. I don’t think it came to a surprise for many people as we live a comfortable, frugal lifestyle.  I don’t feel this is an oxymoron, it simply means we don’t waste our money. We spend it when we need to, but it’s driven by need and research as opposed to ‘must have the latest and greatest’.
We also moved out of our rental and in with the in-laws to put more into the house buying fund. We were only paying $340 a week to live 4kms away from Brisbane CBD so we aren’t saving huge $$$, but it certainly helps save for a house.
We also currently have an offer on a house for $800k flat, no conditions. We have been told we aren’t the highest figure, but we’re extremely competitive with our conditions, so… hopefully we get some good news!! Eeeek.
Would love to hear what other metrics would be quite useful to know to build into our dashboard?
Thanks everyone 🙂
Mr & Mrs MoneyPlant

 

 

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