Road to $10 Million Update (Q2 2023)

Once more, the moment has arrived to assess my financial well-being and determine whether I am progressing towards the goals I have set for myself and hold myself accountable.

Currently I have 9 baby steps to help me set sail towards a $10 million net worth. The goal again is to arrive at the destination with the right balance in life.

Let’s get right into it, shall we?

Add 500 shares of QQQ to LBF Dividend Portfolio

I now own 53 shares of the Q’s with 447 more to go! 🤺

Achieving this objective may hinder the growth of dividends (QQQ yield as of today 0.58%), but the decision was made after considering several factors. One of these factors is the fact that I don’t require the extra income at the moment, as all dividends are currently being fully reinvested. I will remain open to seizing opportunities and primarily prioritizing the income aspects within this portfolio. Only yielding products will have a seat in this portfolio.

I will likely continue to add a mixture of CC CEF’s to supplement the lack of income growth due to this goal.

Invest at Minimum $1,500 per Month Into The Dividend Portfolio

I like to give each and every portfolio a salary. The LBF Dividend Portfolio had a total net inflow of $16,133.32 YTD ($2,688.88 per month average) by the end of Q2.

Reach a $50,000 Fundrise Portfolio

• iPO share price saw a slight uptick during the recent offering from $15.15 to $15.90 which amounts to a 4.9% increase. My iPO investment as of date is up 104.6%.
• Total combined value of Fundrise investments comes to $47,341.50 which is up 1.4% ytd.

Interested in Fundrise? Sign up using my referral link and get started!

Maintain steady portfolio growth between 6% to 12%

Do I still anticipate the year concluding with a high single-digit to low double-digit performance? Highly unlikely at this point. I grossly underestimated the strong start driven by AI-related stocks. There is a possibility of a catch-up trade in small-cap stocks, which could potentially enhance these gains if it materializes. Currently, my small-cap investments, which constitute approximately 6% of my portfolio, have significantly underperformed the overall market.

Here is a look at how my portfolio have been doing since the pandemic.

Invest $200 per Month into M1 Growth Pie

The LBF Growth portfolio had a total net inflow of $1,233.07 YTD ($205.51 per month average) by the end of Q2.

It’s amazing what a few hundred dollars can do overtime invested. This portfolio now has become a nice chunk of change and enough for a down payment on a car for many.

The changes I make to the pie are not updated on links from prior posts so if you are interested here is an updated link to my M1 LBF Growth Pie!

Sign up using my link and we both get $100 to invest! Sign up with M1 Finance!

Achieve positive cash flow every month of the year

April sunk down to the red due to some large expenses in the home improvement catagory.

Increase annual income by 6% every year

Income is up 10.8% compared to last year. Thank god inflation is cooling off.

Maintain long term average savings rate at or above 30%

PFSR(Post FIRE Savings Rate) is for me one of the most important in determining how successful my post FIRE life will be. As of end of Q2, we are right on the money folks.

Maintain beyond FIRE net worth growth average above 6%

Net worth YTD: +16.5%

The net worth has experienced a remarkable recovery this year. It is likely that this year will stand out as another unusual period in history, potentially resulting in lower returns in the years ahead, especially if interest rates continue to rise.

The hope is that I continue making improved investment decisions, which would contribute to a higher growth rate over time. However, im not stressing it and patiently waiting on the right pitch.

I am gratreful with the growth in my net worth this year, while a long-term average increase of 6% would be sufficient to keep me content.

ETA 10 Million

Taking into account current trends, projections, and expectations for future growth, the estimated time frame to achieve a $10 million net worth is as follows:

Number of years to reach $10 million net worth:

Best case to Worst case: 16 to 31 years

By what age?

Best case to Worst case: Between 58 and 73

What is the value of wealth without good health? Every time I revise this figure, it serves as a sharp reminder to embrace the present while we are young. At the age of 73, I may not possess the vitality to partake in activities I enjoy such as hiking. Perhaps, as I approach such age, giving will become an activity taking a larger role in bringing joy to my life.

While the pursuit of wealth is enjoyable and exhilarating, it serves as another reminder of the importance of balance in life. Looking ahead a decade from now, my desire is to reflect with fewer regrets, although it is inevitable that some regrets will always be a part of life.