In order to keep track of my financial progress or lack of progress I have decided to calculate my net worth a few times a year.
My net worth as of 02/2/2017 is as follows.
Assets
Cash – $7043
IRA – $24,745
Roth IRA – $10,598
Solo 401k – $1041
Car/Stuff – $4000
Liabilities
Student Loan – $131,813
Credit Card – $2238
Net Worth = $-86,624
My net worth improved slightly since I last calculated it. This was mostly due to a strong month of FBA sales in December. My net worth should continue to improve over the next couple of months since I’m working full-time at my seasonal tax job. If I were to not count my student loan I would have a positive net worth of $45,189. I’m going to start tracking my net worth both with and without my student loan to see how much of a negative effect the student loan is having on my net worth.
I now have credit card debt in addition to the student loan debt. This was actually good debt though. I took a 0% balance transfer with a 2% transaction fee from one of my student loans. This allowed me to take advantage of a credit card deal and also buy more inventory for FBA. I’ve already made a good profit from making the balance transfer. I could pay it off now, but since it is at 0% I’m delaying that in case I find another profitable use for the money.
I’ve been using Personal Capital