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 04/2/2017 is as follows.
Assets
Cash – $9995
IRA – $25,679
Roth IRA – $11,035
Solo 401k – $1078
Car/Stuff – $3800
Liabilities
Student Loan – $122,490
Credit Card – $9000
Net Worth = $-79,903
My net worth improved by almost $1000 last month. I’m okay with that increase. It is nice to see a 7 instead of an 8 at the beginning of my net worth. It makes it seem like I’m at least making progress. At that rate my net worth would get to $0 in 80 months. I hope I can do it faster than that. I decreased my liabilities by almost $3000, but my investments declined a bit leaving me with just a $1000 improvement in net worth for the month. I hope I’ll do better this month. I’ll continue to aggressively pay down my student loan. If my investments at least hold steady it should be a good month.
I’ve been using Personal Capital
You’re definitely moving in the right direction! It’s great you decreased your liabilities by $3,000! Think of all the interest you won’ t be paying on that money! You can’t control the markets, but you can control how much you lower your debt and you’re doing great!
Jax – Thanks for the support. It does help me keep motivated knowing that people are following my progress.