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 today (8/2/2016) is as follows.
Cash – $4393.42 (-$415.14)
IRA – $23,839.74 (+$373.76)
Roth IRA – $10,320.25 (+$324.94)
Car/Stuff – $4700 (-$100)
Student Loan – $129,775.17 ($642.75)
Net Worth = $-86,521.76
My net worth decreased by $459.19 since the last update. Although I had a nice increase in my investments they were not enough to overcome the decrease in cash and the over $600 in student loan interest. Some of the decrease in cash is due to an increase in Amazon FBA inventory. I hope to be able to turn most of that inventory back into cash this month.
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 need to increase my income dramatically to be able to get ahead on this loan.
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.
1 thought on “August 2016 Net Worth Update”
I have been following net worth blogs for years, I finally started one of my own;
Please check it out, any advice/tips is appreciated