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 08/2/2017 is as follows.
Assets
Cash – $2435
IRA – $26,603
Roth IRA – $1660
Solo 401k – $2115
Car/Stuff – $3400
Liabilities
Student Loan – $114,608
Credit Card – $0
Net Worth = $- 78,395
My net worth improved about $1600 last month. This was mainly due to receiving two paychecks from my full-time job. My student loan balance increased slightly despite making a $450 payment during the month. Unfortunately, my loan accrues more than $500 interest every month so a $450 payment isn’t enough to keep the balance from increasing. On the plus side I went ahead and paid off my 0% balance transfer credit card. It would have been a wiser financial move to wait until just before the 0% rate ends in January to pay off the credit card. I didn’t like having another debt so I went ahead and paid it off. The student loan is once again my only liability. It is a pretty big liability so I don’t really need any others.
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.