I discontinued tracking my investment income earlier this year because I didn’t feel it was accurately portraying my finances. Now I’ll be tracking our net worth on a monthly basis which should more accurately portray the state of our finances.
Stocks: $11,574.09
IRA: $6,997.85
Cash: $4,552.57
Total Assets: $23,124.51
Liabilites: $0
Net Worth: $23,124.51
It has been a long time since I’ve figured out our net worth. It was nice to see that we are not as broke as I thought. We really should have a lot more in retirement savings by this age though. One of my main goals for the rest of they year will be to increase our retirement savings. I also want us to have at least $5,000 in cash though because I don’t feel comfortable having less than that.
On the plus side we don’t have any debt payments right now. We do have some medical bills from the accident in June but the insurance company should pay those eventually. I also have a lot of law school debt but it is on income-based repayment and with my current low income I don’t have to make any payments. I do expect that my income will increase enough in the next year that I have to start making payments. There is also a good chance that a large part of my loans will eventually be forgiven. Since I can’t be sure how much I’ll have to pay I’m just leaving the law school loan out of my net worth calculations. This should allow me to make a fair comparison of our net worth from month to month.
Looks to me like you’re doing pretty well! Way to go & keep it up! 🙂
Thanks.
I think it would be better if you use your stocks, Ira, cash or $23k to buy a 60k house. You can pay off your house in 4 years, after your home is paid off then your rent or mortgage will be $0 every year which would make you rich.
We might buy a house next year. Not sure if we would be able to pay it off that quickly but I do think it would increase our net worth.
Andy,
You need more dividend stocks.
Best Regards,
Dividend Growth Investor
That is my plan but first I need to increase my income.
Yes, you do need a job. Relying simply on your “business” income could be fun, and leaves you with all the time in the world.
But trading 40 hours/week for money could provide you with a source of income to cover your expenses and then use savings from your job and ALL business income to reinvest in dividend stocks.
My plan is:
– Work and save
– Buy dividend stocks with rising dividends
– Reinvest dividends into more rising dividend stocks
– Rinse and Repeat
It’s so simple, a Caveman can do it ;- )
Andy, you are doing great 🙂 I wish you the very best.
Come on ! Do you really think it’s fair to exclude that
student loan debt? 🙂