Happy New Year Everyone!
With the help of cross-the-board gain in financial markets, we closed the year of 2010 in a high note with over $37,000 net worth increase in the month of December. For the full year, our net worth grew a handsome $152K to a new height of over $1.1M.
As we combing financial statements and analyzing thru software, slightly more than half of the annual gain, or $82K, comes from savings. Some highlights of the year:
- We saved nearly 40% of our $200K+ after-tax income, which aligns with our annual financial plan at the beginning of the year.
- I have renewed career challenge in my current job. In 2010, I had been able to lead a huge project team of over 50 professionals to bring a product to market.
- My wife is taking her freelancing job to a new height by almost doubling her take-home pay from a job she truly enjoys.
- Our son is about 9 now. Although his private school tuition takes over 10% of our budget, it's so great to see him growing up and becoming an energetic young man with many interests.
- We continued to resist the temptation of buying a property -- our rent, at 20% of our budget, is approximately 40% what it would cost us if we bought the property we currently lived in.
- We allocated over 15% of the budget to travel. The family continued its world exploration and set foot in Dubai, US East Coast and most recently Guam and the Philippines. The family has been to over 30 countries now.
So here is the balance sheet at the end of 2010.
Stay tuned for some more posts about our planning for 2011 and beyond.