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
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.