In order to keep track of my financial progress or lack of progress I have decided to calculate my net worth each month. This month’s is a little delayed since I was hiking at the beginning of the month.
My net worth as of today (6/5/2016) is as follows.
Cash – $4111.14 (+$82.14)
IRA – $23,038.72 (+$361.07)
Roth IRA – $10,047.80 (+$182.47)
Car/Stuff – $4900 (-$100)
Student Loan – $128,617.26 ($451.38)
Net Worth = $-86,519.60
My net worth improved by $74.30 since the last update. That isn’t much but it is better than the decrease I had the previous month.
As I’ve stated before this massive student loan makes it difficult for me to get ahead financially. I applied to refinance my loans earlier this month and was declined. That isn’t too surprising considering the amount of my debt compared to my income level. At my current income level it is almost impossible to make any progress on my loans. I’m hoping I’ll be able to increase my income considerably by the end of the year and do have an idea of how to accomplish that.
I’ve been using Personal Capital (aff link) to help track my net worth. It keeps track of all of my financial accounts and my student loan making it pretty easy to calculate my net worth each month. It is free to sign up. If you would like to sign up I’d appreciate you using my link.