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)
- June 2017: $114,775 (↑9.01%)
- May 2017: $105,917 (↑4.84%)
- April 2017: $101,028 (↑3.38%)
- March 2017: $97,728 (↑8.51%) & $0 debt
- February 2017: $90,063 (↑9.67%) & $8,694 debt
- January 2017: $82,123 (↑6.07%) & $13,610 debt
Net Worth Updates (2016)
- December 2016: $77,422 ↑11.16%) & $16,548 debt
- November 2016: $69,649 (↑11.23%) & $22,175 debt
- October 2016: $62,616 (↑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)
- December 2017: Net Worth of ≥$150,000 with six months emergency savings of ≥$12,000 (Goal met December 2017)
- December 2018: ≥$220,000, with 12 months emergency savings of ≥$24,000
- Long-term (> 12 months)
- December 2019: ≥$320,000
- December 2020: ≥$400,000
- December 2021: ≥$550,000
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