While I knew August will be a strong month at July close, I didn't expect August to finish this strong. With the 8.0% jump in our family net worth, we finally crossed the important mark of $500,000. The day came much earlier than I could imagine one year ago -- with this kind of momentum, 7-figure net worth seems to be in reach before the end of the decade.
BALANCE SHEET RESULTS
HIGHLIGHTS OF THE MONTH
• With the help of a bunch of unsolicited customers and deals, we achieved the highest monthly billing and cash inflow in our family business in the history -- the August monthly revenue, if it could sustain, would almost make us a business with six-figure annual revenue.
• We were able to save of $12,000 from our job and business income and the family also indulged in a luxury vacation in a beach town.
• Our portfolio performance benefitted from positive market trends and appreciated over $12,000.
• I also had several rounds of stock option and stock award vested in August that amount to a total before-tax value of $9,800.
• Citibank continued to offer me amazing balance transfer deals -- I was able to transfer another $5,000 in a six-month, 1.99% APR, no-balance-transfer-fee transaction that will add $100 interest income to our strong balance sheet in the next six months. (The other part of the spike in our credit card balance is due to delayed claim of some campany benefits worth over $7,400 -- it will be reimbursed in September.)
• September will be another strong month since annual bonus will be paid out. I have been already notified of both strong merit increase and handsome bonus thanks to some strong results in my daily job.
• It is time to speed up the preparation of corporate tax in my small but incorporated business. I am tentatively setting the fiscal year to end in June so I have to complete the filing by October or ask for an extension.
• The realization of dual milestones of 1) $500,000 net worth and 2) six-figure annual revenue in our sideline business is a huge motivation and inspiration. I will soon revamp our long-term financial plan and start the thinking process of what I really want to achieve next in my personal life (now that financial independence is really within reach now.)