2020 Mid Year Money Check In

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Whoaaaa we’re halfway there! Wow 2020 has been a wild year. Just wanted to check in with you guys and share my mid year progress.

Savings Rate: 62%

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What a drastic difference from 0% in January to now 95% in June. I moved back home in March so you can see that’s the inflection point where my savings rate went through the roof. Then in May my rent was taken over on my LA boosting my savings rate into the 90% range.

I want to keep that up at least through October, but am planning on holiday shopping starting during Black Friday so November and December I’m giving myself grace to save below that!

Side Hustle Income: $14,879

This year I’ve done so much freelance work, more than I’ve ever done in my life ever. Prior to this year I hadn’t done really any freelance design work as I don’t love to doing design work after working all day. In January and February I was only freelancing, so this amount covers those two months.

This number also includes the approximately $650 I’ve made through Poshmark sales.

9-5 Pre-Tax Income: $39,862

This is my pre-tax income for my 9 to 5 job. I love having a 9 to 5 for the structure and stability of an income and just in my life generally. I could never go back to freelancing design work on my own, but I’m so glad I tried!

YTD Gross Income: $54,741

My goal for this year is to earn six figures gross income (pre-tax) so I really needed that side hustle money to keep me on track for that since I only started my 9-5 job in March.

As long as my job remains steady I should be able to achieve my goal!

Net Worth: $193,000

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I thought I could make it to $200K by June, but no such luck. Still a good effort! By end of July I will achieve it through my paychecks so long as the market doesn’t drastically crash!

Financial Independence Progress: 18% to FI

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I’m up 5% from January on my progress to achieve financial independence and retire early. When I hit 25% FI I’m throwing myself a little quarter retirement party. It’s possible that it could happen as early as the end of this year, but if not, definitely Q1 of 2021.

Overall I’m super pumped with the progress I’ve made from this year! Can’t wait to see what the second half brings.

xo, Catie