In 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 (7/1/2016) is as follows.
Assets
Cash – $4808.56 (+$697.42)
IRA – $23,465.98 (+$427.26)
Roth IRA – $9995.31 (-$52.49)
Car/Stuff – $4800 (-$100)
Liabilities
Student Loan – $129,132.42 ($515.16)
Net Worth = $-86,062.57
My net worth improved by $457.03 since the last update. That was mainly due to the increase in cash due to depositing paychecks from my temporary document review job. Surprisingly, I made money from my investment last month even with the sharp stock market drop after Brexit. My accounts must have been up quite a bit before the stock market drop.
As I’ve stated before this massive student loan makes it difficult for me to get ahead financially. Since it charges over $600 a month interest I start in a pretty big hole each month. I am thinking of starting a private practice in order to hopefully be able to make enough money to qualify to refinance the loan and start paying it down. I don’t have a lot of confidence in my ability to make it own my own so I’m putting that idea off for at least a couple of months.
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. All blog income, including affiliate income, goes to paying down my student loan.
I think that sounds like a great idea to start a private practice. You are a smart guy. I know you can use that degree, pay back the debt, and help people. Sounds like a winner all the way around.
Thanks. I hope you are right about starting a private practice being a great idea.