Networth Update – 01/2021 (January)

Welcome to the first Networth update of 2021, January! I know i’m still slacking on my 2021 goals but they have been hard to pin-point with some uncertainty we have currently going on. Mostly the real estate invesment.


Now imagine. On the other side. Me working all day…for 3-4 months. 🙂

The good news is that one of our 2020 Goals was/is being accomplished as we speak. Late December we finally got the permit accepted from the municipality and the construction company came last week to put the protection around the building.

In order to proceed we needed to pitch in for our part which was ~2.9k thus killing our savings rate this month. Otherwise we would have saved ~23% of our income.

I’ve also removed the P2P monethera entry from our network. The website is down and altough i’ve joined the telegram group i dont wish to spend my energy getting my hopes up about receiving any of this money…

How about the rest?

Portugal is now one of the worst countries in the world managing the pandemic with the biggest new daily infections per 100k habitants. We are having a number between 10k-15k on a daily basis with >200 people passing away every day. Our numbers of critical care patients (UCI) is now >800 which makes a lot of pressure in our national health system. Adding to this even with the number of vaccines being distributed in a good pace we got several cases of pety corruption with people bypassing vaccination priorities (eg. the husband of the secretary of a hospital manager). This causes social unrest as it could be imagined.

Trying to contain those numbers, the government put us in a more strick lockdown. Restaurants are closed, going outside only for small walks (when the weather allows), no crossing between municipalities on weekends (etc). For us this meant less spending with eating out.

Reno Updates

General updates:

1- Construction: Contractor gave notice that the designs would greatly go over the 150k mark so i’ve asked the architects to review the plan and put it in a minimalistic version. The idea for lowering the floor on the attic to have a 1 bedroom has been cancelled we will transform the ground floor 2B into a 4B duplex taking advantage of the stairs already next to it. Most of the changes will now be cosmetic and wont change the layout of the building.

2- Tax gains “Mais-valias”: There are several options on how the IRS will see this. Good news is that we now have someone knowledgeable on the topic. The advice was to wait for the IRS delivery happening in March to see what is the best course of action. Most likely this will generate an alert and we will have to clarify the tipic

There are some doubts on how to consider what was invested from our side and if that is applicable to the whole building. In the best scenario we will be taxed extra with 1.3k (great!) and in the worst with 34k (not good…).

Savings Rate

As previously stated, this month we had to chip in for the building facade renovations eating away our savings.

January Summary:

1) Changes : received a 66€ refund from medical expenses. We bought some gifts for babies of our friends and we only managed to give them in january.

2) Projects: Received 2k from an invoice from September. I will have some expenses with this so i’m antecipating my net return to be 400 € on this one. I’ve made a post just on my entrepreneurship journey – here.

Now, coming to our monthly networth…


Our Networth value for January is 450 527.48€ (-6 060.13)


Investment accounts

  • ETFs Portfolio: 31 211.21 € (+895.27)
  • Retirement Accounts (aka PPR): 16 883.90 € (-77.13)
  • Certificates Deposit + Emergency Fund: 50 007.56 € (– 2 591.72
  • P2P Portfolio: 2 467.71 € ( – 5 079.28 )
  • Total Investment accounts: 100 570.38 € ( -6 852.86)

Real Estate (Based on Market Values)

  • Primary Residency: 300 000 €
  • Farms: 70 000 €
  • Rental House: 414.500
  • Total Real Estate: 784 500€


  • Mr.Firecracker Car: 20 000 €
  • Mrs.Firecracker Car: 18 000 €
  • Scooter: 1 500 €
  • Total Cars: 39 500€ (=)

Total Assets: 924 570.38 € (-6 852.86)


  • Primary Residency: 188 814.00 € (-349.60)
  • Rental House: 285 228.90 ( -443.13)

Our Networth drilldown looks like this:

You can follow our Networth status always here

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