July is over and I’m ready to give you my monthly update for the 31st time! Time flies 🙂
Personal life: What happened in July?
Last month has been slow in the MoneyMow household.
My wife is on maternity leave and I had a whopping four weeks of summer vacation. It was AMAZING!
We decided to spend the summer in Denmark. Who needs to travel abroad when Denmark is at its best during summer?
We spent days relaxing, taking long walks, visiting friends and family – and eating out more than we used to.
Our spending went up on restaurant/café visits, but we almost didn’t buy any personal items or furniture in that period.
I received a small bonus which we used partly to invest and mostly to renovate a room in our apartment. This also caused a slightly lower savings rate for the month. Hopefully, we’ll get this back once we sell the apartment.
As I teased last month, I have some news on the job front. After becoming a dad, I have decided to quit my job. Boom!
Being a management consultant is an exciting job, but it is not aligned with the kind of dad and husband I want to be. There’s a lack of predictability and lots of travel, which doesn’t go well with the type of calm and nice family life I prefer. I decided to make the decision now and not when it really could become a serious problem.
So what am I going to do? Which income will fuel our way to financial independence?
To be honest, I don’t have a new job yet, but there are a few things cooking. Hopefully, I can share more about this next month 🙂
Financials: How are we tracking on our FI goal?
July was another great month financially.
We managed to get a savings rate of 33%, which was decent. To be fair, if we hadn’t renovated the room in our apartment, the savings rate would have been 73% because of my bonus.
Our combined take-home income was at 93,437 DKK (14,375 USD) and we managed to save 30,512 DKK (4,694 USD) resulting in the 33% savings rate excluding income from the blog.
Our savings excluding the renovation would have been 68,012 DKK (10,453 USD). We expect to get the “lost savings” back when we sell our apartment, but we don’t include it in our real estate net worth yet.
Our net worth increased significantly this month once again. Our savings were part of that equation, but also my pension investments and apartment increased in value:
Our total combined net worth is 2,649,416 DKK (407,602 USD), which is 2.0% higher than last month. Our assets are mostly illiquid, but our liquid assets are growing faster:
Investment returns for the month were good, although stocks remained flat.
Pension increased with 2.4% (excl. employer contributions).
Stock indexes remained flat with a -0.2% decline after a strong increase of +7% last month.
Bonds declined slightly with -0.2%. I am losing money on this investment every day because of inflation, so I am seriously considering whether it is worth it.
Crowdlending increased with 0.8% with my average returns going up slightly.
Cryptocurrencies had a rough month with a decline of -29.8% after a few strong months.
All our three financial independence goals increased this month.
For the first goal, we are now more than halfway with 54.3% (up from 53.6% last month) of the way towards having three years’ expenses in savings.
For the second and third goals, we are 36.5% (up from 36.0% last month) of the way towards reaching our optimistic financial independence goal and 9.4% (up from 9.2% last month) of the way towards reaching traditional financial independence.
Blogging: How did income and key metrics develop on MoneyMow?
Traffic on MoneyMow has declined slightly this past month with small fluctuations. I have some way to regain the traffic I lost after my site was attacked, but hopefully, it will come at some point.
The metrics last month were:
- Visitors: Number of visitors was 6,055,and decreased by 5% compared to last month
- Pageviews: Pageviews were 9,040 and decreased by 10% compared to last month
It’s still a lot of people visiting my blog, so I’m not complaining at all 🙂
Favorite posts of the month
My favorite posts of the month were:
- ESI Money wrote a great post on “semi-retirement”, which is a concept that is quite aligned with the way I approach FIRE – I don’t want to stop working entirely, so I could perhaps “semi-retire” before reaching FI.
- FIREthe9to5 wrote about my favorite topic; what actually happens when you retire. The post is about “things I haven’t done since I retired early” and makes a retired lifestyle seem quite cool
- Becoming Minimalist is one of my favorite blogs. Joshua publishes a weekly newsletter that I recommend if you find minimalism inspiring.
That’s it for this month. I hope you’ll have an awesome August!