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 07/1/2017 is as follows.
Assets
Cash – $7676
IRA – $26,364
Roth IRA – $1623
Solo 401k – $1097
Car/Stuff – $3500
Liabilities
Student Loan – $114,398
Credit Card – $6935
Net Worth = $-81,073
My net worth declined a little over $1100 last month. A decrease was expected since I had very little income while on sabbatical from my full-time job. All of my investment accounts declined slightly as well. My student loan balance increased slightly despite making a $500 payment during the month. Unfortunately, my loan accrues more than $500 interest every month so a $500 payment isn’t enough to keep the balance from increasing. On the positive side, I did decrease my credit card balance by over $800. The credit card has a 0% interest rate so it would make more sense to delay paying down the credit card and use that money to pay my student loan instead. However, the 0% interest rate will end next year and I want to make sure I have the credit card paid off before that happens. Since I’m now back at work and will have two full paychecks this month I will be able to get my net worth going back in the right direction.
I’ve been using Personal Capital