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 03/3/2017 is as follows.
Assets
Cash – $11,356
IRA – $25,909
Roth IRA – $10,988
Solo 401k – $1086
Car/Stuff – $3900
Liabilities
Student Loan – $131,908
Credit Card – $2202
Net Worth = $-80,871
My net worth improved by about $5000 last month. I’m quite pleased with that increase. The rising stock market and increased cash savings from my job proved to be a potent combination for increasing my net worth. Although my assets had a nice increase my liabilities only decreased by about $100. I need to do more work on them. That will be the subject of an upcoming blog post. My net worth not counting my student loan would be $51,037.
This month should also be a good month for my net worth since I will be getting three paychecks from my job. I hope to keep increasing my net worth each month and hopefully one day I’ll get to $0.
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.