(We’re Millionaires) Net Worth Update – August 2021

We officially have a net worth of just over $1,000,000!!!!!! It has taken 16 years to reach our first million, and I’m hoping we might reach the next million a little sooner.

Mid way through August we had our property officially revalued as part of our refinance. As a result our net worth was pushed into 7 figure territory.

We’ve always been super conservative with the value of our property so it was nice to get a formal valuation. What was even better news is that the valuation was based on the property not having a laundry, and missing a bathroom and a toilet (we are in the middle of renovations so these rooms were completely gutted at the time of the visit). Once our Airbnb renovations are completed we will need to get another valuation done for taxation purposes, and we expect this value to increase with the renovations finished.

If you would like to see all net worth posts use this link here.

Net worth August 2021 – $1,020,562 (up $54,929)

Net Worth Calculator available here
Net Worth Calculator available here

Assets August 2021 – $1,386,988 (up $54,207)

Our asset increase in August was made up from the increase to our property value, our retirement funds (called superannuation here in Australia), and our ETF investments (with a tiny increase to Crypto too).

So what did we do right?

We upped our investing in August and invested 3k a fortnight via Pearler’s auto investment feature (we normally invest 2k a fortnight as per our investment strategy). We have temporarily upped our investing as we are so close to hitting our super stretch goal of 200k invested by the end of 2021.

Our retirement funds continued to grow thanks to our generous employment benefits (My husband receives 17.5% employer superannuation contributions, and I receive 10% but also have deferred tax benefits for any super contributions that are made to my account).

So what did we change?

As mentioned previously we increased our fortnightly investing amount to 3k to hit our super stretch goal of 200k in ETF’s by the end of 2021.

What assets do we include?

Often I see a lot of chatter around what should be counted towards your net worth. I don’t believe there are any hard or fast rules, and as you know I’m a huge believer in the saying ‘You do you and I will do me – it’s a no judgement zone here‘.

For us we like to keep things simple and don’t count our depreciating assets like cars and the boat (otherwise we’d be constantly changing the prices every month).

I also count our primary place of residence towards our net worth as we intend on selling it as part of our financial independence plan in 8 years time. Our property value is based on a formal bank valuation completed in August 2021.

Additionally we count our retirement accounts (called superannuation in Australia), taxable share/brokerage accounts, and our crypto (yep I know super controversial to add this one in but what the hell).

Liabilities August 2021 – $366,426 (decreased $722)

Our liabilities decreased this month which was great, but next month our liabilities will increase to around $550,000. At the time of writing this post we have been formally approved and are just waiting for our mortgage refinance to settle. These additional borrowed funds and new home loan structure will allow us to start debt recycling to purchase more ETF’s. As part of the refinance we managed to secure a much better interest rate (1.99%) than what we are currently on (2.67%) which is a bonus.

What liabilities do we include?

For liabilities we keep things simple and include anything and anyone we owe money to.

Total Net Worth Increase in 2021 (to date) = $260,342

Net Worth Calculator available here

End of 2021 Goal 1 million dollar net worth: $1,029,562 (Completed August 2021)

How do I track our net worth?

I’ve tracked our net worth since mid 2019 and enjoy seeing it grow over time. I strongly believe that tracking can assist you on staying the course, because lets face it this getting wealthy business takes time (and it’s easy to feel like you’re not making progress and lose interest).

Being a bit of a spreadsheet nerd I track our net worth in a custom made spreadsheet which is available here for $5.50.

I also track it on a day to day basis on a free IOS app called ‘My Net Worth’ so I can see how I’m going over the month, and then I enter the details from the app into my spreadsheet.

How do you calculate net worth?

If you don’t want to download the free IOS app or use a spreadsheet you can calculate this manually.

  1. Writing down all of your assets and liabilities separately.
  2. Then add up all of your assets together to get a figure (write this down).
  3. Then add up all of your liabilities together to get a figure (write this down).
  4. Then take the sum of your assets and deduct the sum of your liabilities.
  5. This is your net worth.

Net Worth = (Sum of your Assets) – (Sum of your Liabilities)

Happy Calculating !!!!! If you don’t want to do the calculations yourself the Net worth Tracker I use is available in my Etsy shop for $5.50 (click on the image below for the link).

If you would like to have articles like this delivered to your inbox subscribe below.


    1. Andre says:


      Do you currently do, or intend to do, “debt recycle” your owner occupier loan? I’ve been reading about debt recycling. Considering i have a larger owner occupier loan (compared to my IP loan), it appears to a neat strategy. still reading about it, but curious if you are considering it.
      thanking you,

      Liked by 1 person

      1. FrankOnFIRE says:

        Hi Andre, yes we are currently debt recycling now with our new mortgage. I hope to do a post on it in the new year.


      2. I own my home outright and have absolutely no intention to get back into debt again, so the answer is “No!”
        Security is gold to me.

        Liked by 1 person

Leave a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s