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 05/1/2017 is as follows.
Assets
Cash – $11,103
IRA – $25,998
Roth IRA – $1,591
Solo 401k – $1081
Car/Stuff – $3700
Liabilities
Student Loan – $114,688
Credit Card – $7875
Net Worth = $-79,090
My net worth improved a little over $800 last month. I decreased my liabilities by almost $9000, but a big chunk of that was from withdrawing money from my investments so the reduction in my assets was almost as big as the reduction of my liabilities. There won’t be any paychecks in May which will probably result in my net worth declining for the month. I’m hoping my investments do well so I can at least make a little progress.
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.