This is a GIANT milestone for me. When I started Budget Girl, I was sharing my debt-free journey trying to pay off my $33k worth of student loan debt. I dreamed of the day when I’d be able to be debt-free and consistently increase my income and net worth. I’m a completely normal person who has not done anything extraordinary other than manage my money and work my way slowly up to more streams of income and higher earnings. This is all to say, this milestone can be achievable for you too!
Today I’m going to share how I doubled my net worth in a year with some tips on how I did it!
Budget, budget, budget
This shouldn’t come as that big of a surprise but I’ve been using a budget spreadsheet for the last seven years and it’s honestly been my secret to becoming successful with money. If you know how much money you’re making and where it’s going then it gets rid of so much guesswork and worries. It also helps you plan for a better future.
Multiple streams of income
I currently have 7 streams of income, which is another key to doubling my net worth. If I were to only rely on my full-time salary job I wouldn’t have been able to continue my net worth at this rate. In my full-time job, I make around $50k post-tax, which means that the rest of my net worth is made up of my other income streams. This includes Budget Girl, which is my website, youtube channel, paid sponsorships, Etsy, and affiliate links. I’m also a landlord and have a separate investment portfolio.
I don’t run Budget Girl solely by myself anymore, I have a wonderful team of people whom I pay to help with various aspects of the business. They’re helping me to grow Budget Girl so the cut that goes toward paying them is definitely worth it!
My duplex is a large part of my growing net worth because it has appreciated in value since I bought it, which is amazing. My new AG wagon Airbnb will be my newest income stream for the year, adding to my property investments. I’m very thankful that I’ve been able to venture into more streams of income and look forward to growing my property portfolio in the coming years.
If you’re not currently tracking your net worth then I highly encourage you to do so now! Tracking my net worth has been one of the best things that I do for my money. I have my own easy (plus it’s only $8) net worth tracker that I sell that I’ve been using for years now. It gives you a bird’s eye view of your finances, it’s also been great to see year on year how you’re doing.
This post is not meant as a way to brag but rather to use my story as motivation to show that in only seven years I went from a net worth of -$33k to +$200k. Managing money doesn’t have to be complicated but it does have a bit of a learning curve, which is why I hope you’ll continue to browse through Budget Girl to learn more to help you on your own money journey.
I hope that you had a fruitful financial year in 2021 and that 2022 is shaping up to be the same. As you know, the world can be unpredictable but know that you’re doing great whether you’re working your way out of debt or are steadily growing your net worth.
These articles will be sure to help you on your money journey:
My 7 Income Streams – How I make money!
How to make money as an author
Budgeting inspiration for when you’re feeling discouraged or just starting
What The Hell is Cryptocurrency?