Tracking my net worth is an essential piece of my Financial Independence (FI) Journey. Posting my net worth updates publicly keeps me accountable and will hopefully, inspire others on a similar journey.
I officially started tracking my net worth in September 2016. I started with a net worth of $60,483 and aiming for ≥$800,000 by March 20th 2024, when I turn 42.
Net Worth Updates (2017)
- May 2017: $105,917 (+$4,888 or ↑ 4.84%) & $0 debt
- April 2017: $101,028 (+$3,300 or ↑ 3.38%) & $0 debt
- March 2017: $97,728 (+$7,664 or ↑ 8.51%) & $0 debt
- February 2017: $90,063 (+$7,940 or ↑ 9.67%) & $8,694 debt
- January 2017: $82,123 (+$4,701 or↑ 6.07%) & $13,610 debt
Net Worth Updates (2016)
- December 2016: $77,422 (+$7,772 or ↑11.16%) & $16,548 debt
- November 2016: $69,649 (+$7,033 or ↑11.23%) & $22,175 debt
- October 2016: $62,616 (+$2,312 or ↑3.53%) & $25,689 debt
- September 2016: $60,483 (Started tracking) & $47,060 debt
Net Worth Goals
- Short term (<12 months)
- December 2016: ≥$75,000 (Goal Met Dec 2016)
- June 2017: Become debt free! (Goal Met March 2017)
- March 2017: Net Worth of ≥$100,000 (Goal Met April 2017)
- August 2017: Net Worth of ≥$125,000
- September 2017: Three months emergency savings of ≥$6,000
- December 2017: Net Worth of ≥$150,000
- Long term (> 12 months)
- February 2018: Six months emergency savings of ≥$12,000
- March 2018: ≥$175,000
- March 2019: ≥$250,000
- March 2020: ≥$350,000
- March 2021: ≥$450,000
- March 2022: ≥$550,000 -> Age 40
- March 2023: ≥$650,000
- March 2024: Net worth ≥$800,000 -> RETIRE (Age 42)
I plan on achieving this by following these simple difficult steps
- Pay off my outstanding debt and avoid future debt at ALL COSTS
- Spend less than I earn (target savings of 65-75% of my income)
- Invest the difference in low cost index funds