Monday 3 June 2024

Net Worth - MAY 2024

Chart updated to end of May in sidebar.

Stocks/cash increased $1,009 (+0.39%) to $259,831. Mostly due to making the quarterly contribution into the Investment Bond account, so not due to the market per se.

Retirement savings (SMSF etc) increased by $34,725 (+2.01%) to $1,76,503 pretty much just bouncing back from last month's market decline.

Est. valuation of our home (my half) increased by $16,583 (+01.44%) to $1,167,296. The 'Other real estate' (my 'lake house' and the investment apartment) decreased by -$52,954 (-2.42%) to $2,138,781. This reversed most of the exceptionally large rise last month, so is just a reversion to more typical price movement over the past two months combined. Goes to show that individual monthly estimates are quite 'noisy' so it is really only worthwhile looking at the general trend over periods of several years.

The outstanding balance of the investment property mortgage remains at $999,993 during the 'interest only' period of the mortgage. Another ~4 years remain of the 'interest only' period. During that time I will accumulate as much cash as possible in the offset account to reduce the effective loan balance.

Other assets (my online depository bullion account at Perth Mint, and the bullion value of my gold and silver proof coin collection) increased by $437 (+1.01%) to $43,669. Part of this rise was due to resuming my monthly 'savings plan' contributions -- adding $100/month to purchase $50 each of gold and silver. As I won't have to fund the monthly overhead expenses for my financial adviser registration/AFSL/ASIC levy etc. I will have some extra cashflow available. I will transfer most into my mortgage offset account every couple of months, but can afford to allocate a small part to my asset allocation into bullion.

I lodged my income tax variation application for FY2024-25 last week, so I should get the official response from the ATO by the end of June and will then have to pass it on the my employer's HR department to ensure payroll takes this into account and adjusts my PAYG tax withholding for next financial year (last time it took several months for them to eventually get the correct tax rate applied and had to have two attempts to make the correct payroll adjustment). I won't get as large a reduction in withholding tax as this FY, as I was fairly conservative regarding likely tax deductions for doordash business expenses, and didn't bother adjusting for the 'work from home' hourly rate deduction. So I'll probably end up with a small tax refund when I do my FY25 tax return.

Overall, NW decreased by -$200 (-0.00%) to $4,384,087 during May.

Subscribe to Enough Wealth. Copyright 2006-2024

No comments: