In order to keep track of my financial progress or lack of progress I have decided to calculate my net worth a few times a year.
My net worth as of 04/2/2017 is as follows.
Assets
Cash – $9995
IRA – $25,679
Roth IRA – $11,035
Solo 401k – $1078
Car/Stuff – $3800
Liabilities
Student Loan – $122,490
Credit Card – $9000
Net Worth = $-79,903
My net worth improved by almost $1000 last month. I’m okay with that increase. It is nice to see a 7 instead of an 8 at the beginning of my net worth. It makes it seem like I’m at least making progress. At that rate my net worth would get to $0 in 80 months. I hope I can do it faster than that. I decreased my liabilities by almost $3000, but my investments declined a bit leaving me with just a $1000 improvement in net worth for the month. I hope I’ll do better this month. I’ll continue to aggressively pay down my student loan. If my investments at least hold steady it should be a good month.
I’ve been using Personal Capital (affiliate 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. All blog income, including affiliate income, goes to paying down my student loan.
You’re definitely moving in the right direction! It’s great you decreased your liabilities by $3,000! Think of all the interest you won’ t be paying on that money! You can’t control the markets, but you can control how much you lower your debt and you’re doing great!
Jax – Thanks for the support. It does help me keep motivated knowing that people are following my progress.