Net worth update – The month after I became debt free, and I hit a major milestone.
If you are new to my blog, welcome and thanks for stopping by. Check out this link to view my previous net worth updates and financial goals.
This is a very late blog post, but I wouldn’t bore you with the excuses and explanations. Just know that I am back on track, and committed to writing more about my money savings strategies. I will also write more about my minimalism, because it is where my financial independence journey was born.
April was an interesting month!
It was the month after becoming debt free. This meant that all of the expenses that I had put off to focus on debt repayment, were now due. It was pretty much the “catch up” month and with multiple miscellaneous expenses to take care of. Despite this, I met my net worth goal of $100,000, refueled my emergency funds, and reinitiated contributions to my 403 B plan.
NET WORTH UPDATE
ASSETS: $101,028 (↑)
- Cash ($1000) – My emergency fund bucket was depleted last month to $213, to enable me to become debt free in March 2017. This month, I reinstated it back to its $1000 balance. The next goal for this account is to build it into a 3-month emergency savings of $6,000. The deadline for this goal September 2017. Check out this link for more of my short term and long term financial goals. As always, I am grateful for month #8 without a significant financial emergency.
- Car ($13,657) – The value of my car from Kelley Blue Book decreased again this month by $290, nothing new here.
- Investments ($86,371) – I am happy to report that I have resumed contributions to this account. The goal is to fully fund this account to the 2017 IRS limit of $18,000/year. To achieve this by December 2017, I will contribute $875 per paycheck to my 403B plan. This was the first financial decision I made after my debt was paid off. Most of the growth in my net worth came from this change. As you can see from the table below, I am at ~ 20% of my savings goal.
Overall, my assets increased by $3,300 or 3.38%
NET WORTH: $101,028 (↑)
Overall, my net worth (NW) increased by $3,300 or 3.38%. This is my 8th NW update and seventh consecutive positive growth in my NW.
I am thrilled to be part of the six-digit net worth club. Who would have thought, exactly a year ago, I had over $60,000 worth of car and student loan debt with a NW of less than $50,000. Check out the details of my debt freedom journey here. It’s amazing what happens when you change how you think about money. Minimalism played a huge role and it’s still a big part of my financial life.
I have also updated my net worth goals here. The next goal is achieving a NW goal of ≥$125,000 by August 2017.
See you next month!