Whoa! I exceeded my 2016 net worth goal! Exactly one year ago, I stumbled into minimalism and the financial independence community. These two lifestyle changes synergistically amplified my growth in 2016. I simplified my life by eliminating the nonessentials, and gained more time and money to grow personally, financially, and entrepreneurially.
For the new year, I plan to continue my personal, financial, and entrepreneurial growth. I will take the necessary steps to increase my knowledge, and develop new skills; travel more within the US and overseas, and most importantly, capture all those explorations here on this blog.
Now to the numbers!
ASSETS: $93,970 (↑)
Before delving into the details, I wanted to mention that, I because get paid biweekly, I had an extra paycheck to throw towards my debt this month.
- Cash ($1013) – This is basically my $1000 emergency funds plus any left-over cash from my budget. With no emergencies, this month, the balance remains a little over $1000.
- Car ($14,104) – My car loses value consistently every month. It’s hard to believe that I purchased it brand new for over $25K just three years ago. Lesson learned, I will never make this mistake again, it’s been the costliest one to date.
- Investments ($78,853) – This was another growth month for the stock market. The contribution to my 403B + employer match was the usual $630, and the rest was stock market growth.
Overall, my assets increased by $2,145 or 2.34%
LIABILITIES: $16,548 (↓)
- Student Loans ($-16,548) – I paid the typical $4000/month, plus an additional $1,627 from the extra paycheck. I still cannot believe I am under the $20K mark and on track to paying this off on or before May 2017. Just to recap my debt repayment journey: In one year (2016), I paid ~ $33,000 towards my student loan debt, over double the amount (~$15,000) paid over 5 years (2011 -2015).
This month, my liability decreased by an impressive $5,627 or 25.38%!
NET WORTH: $77,422 (↑)
My net worth increased by $7,772 or 11.16%. My goal was to achieve a net worth of $75,000 by December of 2016, and I comfortably exceeded it by $2400! Check out my other short and long term goals here.
Overall, 2016 was a great year for my financial independence journey. Using minimalism as a tool, I regained control of two finite currencies of life – Time and Money.