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 9/1/2016 is as follows.
Assets
Cash – $3313.19 (-$1080.23)
IRA – $23,904.31 (+$64.57)
Roth IRA – $10,378.74 (+$58.49)
Solo 401k – 992.54 (NA)
Car/Stuff – $4600 (-$100)
Liabilities
Student Loan – $129,663.70 ($111.47)
Net Worth = $-86,474.92
My net worth increased by $46.84 since the last update. An increase is better than a decrease but my net worth is still less than it was in July. I need some bigger increases. I’ve put in a couple of job applications the past week. I’m hoping one of those comes through so I can increase my income.
Although I paid over $700 on my student loan last month the balance only decreased a little over $100. Since the loan charges over $600 a month interest it is really difficult to make progress on paying down the loan. I need to increase my income dramatically to be able to get ahead on this loan.
I’ve been using Personal Capital