Networth Update – 02/2021 (February)

Portugal is still on lockdown, every restaurant closed and only serving take-away, it’s cold outside and often raining. Nevertheless, this didn’t make an uneventful month!

February

We have gone back and forth with budgets about the renovation for the house and luckily we have now 2 people doing the demos so we started with that straight away. This category has been given a quote of ~10k and so far we’ve spent 1k with all the works almost done..we even added some extras like removing a tree and checking some of the plumbing. Besides that we also paid for the execution plan for the architects which cost us 3 431,7€.

On the P2P front, we got some money back from Mintos on our Monego loans (finally!) after a year waiting for that. It wasn’t the full amount but ~60%. That got transfered right away to our savings account.

Construction on the façade of our apartment continues and should be finished by next month. We all decided for some additional work (water drains and mailboxes) which has increased the construction for +900 on our side.

Reno Updates

General updates:

1- Construction: Got the new budget for 183k (wayyy above our capacity). We did a 4h meeting and changed construction approaches. Got the second reviewed budget for 173k. Still 23k above our capacity. We will now be sending the tasks we want them to complete (removing demos and some paintings) which should make 150k. I’m still wondering what we can do in the roof which seems to have now wooden beams in poor condition.

2- Tax gains “Mais-valias”: Got the anwser back from the laywer and there is no decisions going against our case, they recommend that we go ahead with submitting our tax returns and be prepared to show evidence. This research and consultation will cost us ~950€. (yes…legal advice is crazy expensive here…more than IT, go figure..) Additionally i’ve had a meeting with an accountant so that we can have a double opinion on this.

Savings Rate

I’ve made my peace with our Networth taking a plunge. We will be using the 40k given by the bank to proceed with constructions so this is only following the plan.

February Summary:

1) Health: Mrs.Firecracker had some exams on which we spent 400€ but got back 240€. Our farm also needed to be looked after and the grass cut for which we have paid 50€ to our neighbor.

2) Projects: nothing to add for now. I’ve done a proposal for a potential customer and invoiced another one for 2.5k.

Now, coming to our monthly networth…

Summary:

Our Networth value for February is 449 645.47€ (– 882.01)

Assets:

Investment accounts

  • ETFs Portfolio: 31 392.25 € (+181.04)
  • Retirement Accounts (aka PPR): 16 960.51 € (+76.61)
  • Certificates Deposit + Emergency Fund: 48 303.61 € (– 1 703.95
  • P2P Portfolio: 2 238.75 € ( – 228.96 )
  • Total Investment accounts: 98 895.12 € ( -1 675.26)

Real Estate (Based on Market Values)

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

Cars

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

Total Assets: 922 895.12 € (-1 675.26)

Liabilities:

  • Primary Residency: 188 464.12 € (-349.88)
  • Rental House: 284 785.53 ( -443.37)

Our Networth drilldown looks like this:

You can follow our Networth status always here

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