(This is a bi-monthly update covering October and November of 2010.)
Our net worth continues to build up after it breaks the million-dollar mark in August. In the last two months, we have grown our asset base by $17,000, largely thanks to savings from job income and healthy investment returns during the period.
On the income side, it is worth calling out that my wife's freelancing job business is growing rapidly, and her income in 2010 already exceeded the full year proceeds in 2009 by over 70%. The steady income from that business is providing another meaningful leg to our financial house now.
On the investment side, we've substantially increased our exposure in the China market now that the market is hitting a new nadir after a recent dive. Other than that, we are adding some positions to some floating rate fixed income holdings but still park 47% of our asset in cash or cash-like vehicles. If anything, it seems the global economy will get worse before it gets better.
The holiday season is around the corner now and overall, we are happy of what we've achieved in 2010 both personally and financially. Some activities on the horizon:
1) Vacation: The family will relax in a beach-front resort in Guam during Christmas. Despite the craziness of life and the world, the family has expanded its footprint to more frontiers, including Dubai, Abu Dhabi, Niagara Falls, Boston and Epcot.
2) Personal Finance Software: With Microsoft finally cutting off the online data feed by the start of 2011, it is time for me to bid goodbye to the software that we have been using to track our financials since 2000. It'll be a painful switch to Quicken. Hopefully I can find time during the vacation to make a smooth switch.
3) Annual Planning: And with every new year, I will devote time for the annual financial planning. This year will be special as we are expanding our horizon to target a build-up of $3M asset base by 2020. How can we make 2011 a successful first year in our next 10-year plan?