June 2016 Net Worth Update

by Andy Hough on June 6, 2016

penniesIn 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.

Assets
Cash – $4111.14 (+$82.14)
IRA – $23,038.72 (+$361.07)
Roth IRA – $10,047.80 (+$182.47)
Car/Stuff – $4900 (-$100)

Liabilities
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.

Personal Capital

{ 3 comments… read them below or add one }

1 Mrs. Picky Pincher June 10, 2016 at 1:56 pm

Well bravo for making retirement savings a priority! I feel ya on the student loans; they can be devastating.

2 Millennial Moola June 17, 2016 at 10:20 am

Way to go for making paying down the debt a priority! I love the site name, very catchy. Check out DRB, SoFi, and Common Bond if you haven’t already

3 Andy Hough June 29, 2016 at 2:38 pm

Mrs. PP – Thanks. I do plan to max out my IRA again this year.

Moola – Paying down the debt isn’t too much of a priority since it is impossible for me to payoff at my current income level. I have tried Sofi and they declined me. I’m aware of the others, but until I’m able to increase my income I’m sure they would decline to give me a loan also.

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