Road to $10 Million Update (Q2 2024)

This quarter has been bittersweet for me. After nearly 24 loyal years, I’m finally bidding farewell to my beloved 1999 Nissan Pathfinder, which still runs like a champ. It’s like saying goodbye to an old friend who never let me down.

I feel like I’m betraying my trusty steed for the new 2024 Tesla Model Y LR AWD. The car didn’t seduce me with its looks but with its ridiculously low price tag. While trying to remain faithful to my Pathfinder, Jensen Huang played Cupid, gifting me an early birthday present with NVDA shares skyrocketing to the moon in record time.

So, what did I do? I pulled the trigger. Sold a few shares, locked in some gains, paid my taxes and bought the Tesla, cash. I will never forget how the Pathfinder contributed dramatically to my efforts to build wealth. Less car equaled more investments, which led me to where I am today. Farewell, my friend. And hello, you weirdo car.

Onwards with the Q2 update!

Add 500 shares of QQQ to LBF Dividend Portfolio

Currently at 107/500 shares of the Q’s! 🤺

1/5th of the goal completed! Brick by brick folks!

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 $29,125.55 YTD ($4,854.25 average per month) by the end of Q2.

Quite a bit over the budget due to purchasing some shares of Nike.

Reach a $50,000 Fundrise Portfolio

• iPO share price remained the same for the quarter. Currently, iPO investment gains are up 104.7%.
• Total combined value of Fundrise investments comes to $45,742.79.

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

Maintain steady portfolio growth between 6% to 12%

M1 portfolio is acting like a troubled child with returns that are out of this world. I did quite a bit of selling in Q2. Paid quite a bit in federal tax deposits unfortunately. It’s extremely rare I make such moves being a long term investor but it only felt prudent after the ridiculous returns in such a short time span.

Invest $200 per Month into M1 Growth Pie

Check out the micro compounding in action! A few extra dollars from dividends to add right back into the portfolio!

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! Keep in mind that the turnover in this portfolio is relatively high, so the performance figures won’t accurately represent my personal performance. Instead, they will merely display the current holdings within the portfolio as of writing this post. 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

Buying a car all cash will create craters. No regrets. Thank you Jensen Huang CEO of Nvidia! 🙏

Increase annual income by 6% every year

I track my Investment income and cap gains separately. The chart above only represents my investment income. It’s important to keep them separate to estimate your tax liabilities.

Maintain long term average savings rate at or above 30%

That red should look better towards the end of the year when i calculate my cap gains. In the meantime, the red will have to do. 😐🔪

Maintain beyond FIRE net worth growth average above 6%

Net worth YTD: +18.8%

The popular “Rule of 72” would suggest that this rate of growth will result to a double in net worth in just a short 3.8 years. Never underestimate how huge such returns are in the long term. Warren Buffets cagr from 1965 to 2023 is something like 19%. That made him a billionaire. Studies show that average investors often underperform the broader market due to frequent trading and poor market timing leading to long term cagr’s in the 4% range. Let’s hope that we don’t fall into that statistic!

ETA 10 Million

I frequently adjust variables based on current trends, life priorities, projections, and expectations for future growth. Given these adjustments, 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: 15 to 27 years remaining

By what age?

Best case to Worst case: Between 58 and 70

That wraps up another update! I may achieve $10 million one day, surpass it, or even fall short. Regardless of the outcome, I’ll find contentment in knowing that I gave it my all and played my best game. Ultimately, that’s what truly matters, right?! Don’t forget to enjoy the journey everyone!

Wishing you all good health! Till the next!