Chasing the Bull

Each month I post an update of our net worth. The 7% increase this month is actually due to an error in last month’s liabilities. I entered around $18,000 in other debt, when in reality it should have been $10,000. Without this $8,000 mistake, our net worth would have decrease about $2,000. This is mainly due to a decrease in out home’s value. This does not really bother me since I plan on living here for the next 30 years.

As I posted here, we will be getting a HUGE refund from the government this year, so this will help the cash portion of our net worth somewhat. Additionally, I am selling a bunch of stuff on eBay and will use the proceeds to pay down some of our personal loan.

Good things are happening here.

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If I am going to blog about improving my financial situation, the first thing I needed to do was to take stock of where I am and what I have. I tried using an excel spreadsheet, but finally settled on a basic tracker I found at Net Worth IQ. It does oversimplify things but it will work for now.

To gather all of this information, I had to log into my banks accounts, my online trading account, my student loan, and my credit card accounts. Doing so only took about 30 minutes, and it will provide the basis for the changes in my net worth from month to month. It should be noted that I pulled my car values from a Kelly Blue Book Website and I estimated that I have approximately $10,000 in personal property (TVs, computers, books, etc). That number could be a lot higher but I never plan of selling them so listing them as a constant will work just fine.

When all is said and done, my net worth was calculated to be approximately $81,000. I had planned on being worth $1 million by the time I was 40 ( which is 5 years from now). This goal may not be realistic, so I have set a goal of $500,000 by the time I turn 40. This should prove interesting to follow.

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