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 11/1/2016 is as follows.
Assets
Cash – $3263 (-$447)
IRA – $23,212 (-$665)
Roth IRA – $10,281(-$169)
Solo 401k – 969 (-$19)
Car/Stuff – $4400 (-$100)
Liabilities
Student Loan – $130,775 ($594)
Net Worth = $-88,651
My net worth decreased by $1997 since the last update. That was the worst decline since I’ve started tracking my net worth. The decline was mostly due to a downturn in the stock market. My student loan interest continued to accumulate as well. I am making a large payment towards my student loan this month which will almost cover the monthly interest. If the market recovers a bit I should be able to reverse the net worth decline this month. If the market declines or stays flat then my net worth will likely decline since I’m not making enough money right now to add to my investments or pay much extra on my student 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.