January 2016 Net Worth Update

penniesLast month I calculated my net worth as part of comparing my lifetime earnings to my net worth.  In order to keep track of my financial progress or lack of progress I have decided to calculate my net worth each month.

My net worth as of yesterday was as follows.

Cash – $3801.76
IRA – $21,243.28
Roth IRA – $9605.37
Loan – $1350
Car/Stuff – $5000

Credit Card – $6992.74
Student Loan – $125,777.25

Net Worth = $-91,769.58.

That is a $2,140.42 improvement from my last net worth post which was just three weeks ago. I’m pretty happy with that improvement. If I were able to increase my net worth that much each month I’d get to a $0 net worth in 44 months.

The improvement was mostly from lots of Amazon sales the last half of December.  Sales have already dropped off this month. My Amazon earnings will take a hit making it difficult to repeat last month’s net worth improvement. I also have to get four new tires and pay $410 for my annual bar enrollment fees this month so it will be an expensive month.

In the three weeks since my first net worth calculation my student loan balance went up $446. The interest on this loan is brutal.  I’m being charged over $21 a day in interest. I’d like to refinance this loan to a lower rate, but haven’t had any luck so far. Although my credit score is great lenders don’t like my debt to income ratio. Now that I’m self-employed it will likely be even harder to get the loan refinanced. I just have to keep paying it down as quick as I can.

Although I doubt I’ll match last month’s progress I am hopeful that I’ll still be able to make decent progress this month.

6 thoughts on “January 2016 Net Worth Update”

  1. Is your student loan debt potentially eligible for the Public Service Loan Forgiveness program?
    If so, you might seriously consider aggressively pursuing a public-sector career while you still have a chance.

    • My student loan would be eligible for the Public Service Loan Forgiveness program. Getting the loan forgiven after 10 years would make any public service job much more lucrative. I’ve applied for a couple of qualifying jobs in the past but didn’t get them. If the right opportunity came up I’d consider a public service job. It isn’t something I’m currently pursuing though.


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