June 2021 Financial Update: Savings, Dividends, Options and Investing

Another month has gone by which means I am one more month closer to financial freedom. This month saw some challenges but finished as a positive month. I continue to work my plan and it is bearing fruit. Let’s take a look at my progress this month.

Spending/Savings

Spending was up this month. The main reason was the hot water heater broke and had to be replaced. I had to dip into the emergency fund to cover the expense of replacing the broken hot water heater. This resulted in a drop in savings this month of about $800. The emergency fund served its purpose to cover an emergency. It will take me a little while to build the emergency fund back up. This was a relatively minor expense and there is still sufficient funds in the emergency fund to cover another emergency.

Dividends/Options/Interest

This month I received $360.36 in dividends. This is the most dividends that I have received in one month so far this year. In June 2020 I received $262.22. Seeing the year over year growth in dividend income is exciting and helps to keep me motivated to stick with my investing plan. So far this year I have received $1,779.33 in dividends.

Income from options premium this month totaled $215.19. For the year I have received $1,781.56 in options premium.

Money from interest was down this month due to savings being down. I only received $5.97 in interest this month. For the year, I have received $59.05 in interest.

From dividends, options premium and interest combined I received $581.52. This is well behind my goal of $1,000 a month. The total amount of income received so far this year is $3,619.76.

Debt

My total debt went down by $3,250.26 this month. This is well above my monthly goal $2,083. For the year, I have paid off $14,703.36. I am well ahead of the pace to reach my goal of paying off $25,000 of debt this year.

Traditional IRA

The Traditional IRA finished the month on a positive note being up by $592 over the previous month. The account is now at $115,893 compared to $83,725 at the end of June 2020. That is a gain of $32,168 year over year. The estimated annual income from dividends increased to $3,726 which is up $99 over last month. This account used to be funded with $35 a month but I no longer contribute to this account. A couple months ago I decided to move the $35 monthly contribution to the Roth IRA. I continue to be impressed with the growth in this account from both the capital appreciation and the dividend growth.

Roth IRA

The Roth IRA finished the month up $73 over last month to $617. The estimated annual dividend income increased to $25 which is up $3 over last month. The Roth IRA was not opened until this year so there is not a year over year comparison. Currently, this account is funded with $60 per month. This account is growing slowly now, but with time it will become much larger.

401k

The 401k is up by almost $409 over last month to $7,725.70. At the end of June 2020 this account was at $2,475.80. Year over year is up by almost $5,250. This account is funded bi-weekly with $164 so most of the gains is from contributions but there has been some capital appreciation.

Taxable Account

The taxable brokerage account is up about $55 over last month to about $292. This account was created in January 2020 so there is no year over year comparison. This account is funded with a $25 contribution monthly. It is nice to see this account in the positive after being down for quite awhile.

The total amount invested is now up tp $124,527 which is up $528 over last month. At the end of June 2020 I had $86,201 invested. Year over year that is an increase of $38,326. My net worth increased to $46,132 which is up by about $2,765 over last month. At the end of June 2020 my net worth was -$18,519. Year over year my net worth has increased by $64,651. This just goes to show that having a plan to pay down debt and invest can work. For me it is working better I could have imagined. Thanks for following along on my journey to financial freedom.

*Disclaimer – I am not a financial professional. The information shared here should not be considered financial advice. I am just a factory worker sharing my experience as I strive to achieve financial freedom. Before investing or making any financial decision do your own research and due diligence or consider seeking the advice of a financial and/or tax professional.

Here are some of the businesses that I use that I thought some of you might be interested in.

I use the free version on trackyourdividends.com. This is a quick an easy way for me to track my estimated annual income from dividends.

This image has an empty alt attribute; its file name is 2021-02-28-7.png

Lolli has a variety of stores that it is affiliated with and offers rewards for shopping at these stores. I use Lolli when I shop on Chewy and I get bitcoin as a reward. Who doesn’t want free bitcoin! If you are interested in Lolli and want to help support the blog here is my referral link: https://www.lolli.com/share/XP7gxDgqC4

This image has an empty alt attribute; its file name is 2021-02-28-m1-logo.png
https://m1.finance/ktIiFeOI5zDr

I use M1 Finance for my taxable growth account. M1 Finance offers promotions for signing up. At the time of writing this post, the promotion is for $30. These promotions vary from time to time but is usually a $10 bonus. If you are interested M1 Finance and want to support the blog here is my referral link: https://m1.finance/ktIiFeOI5zDr

If you use the referral links listed above I could receive compensation. Please take the time to read the terms and conditions before signing up.

Published by Bill

I am just a blue collar factory worker trying to reach financial independence by spending less, earning more, saving and investing.

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