Financial Status – 1Q 2008
I read a lot of finance-oriented blogs, many of which discuss personal net worth. Consumerism Commentary provides an excel spreadsheet for determining this value. So, I downloaded the form and gave it a shot.Â After going through my various accounts (checking, savings, 401k, etc.) I arrived at a number that was just a little bit surprising: ($325).
After factoring for thousands in student loans and an auto loan, I’m only down by $325. By my next paycheck, my total net worth will actually be in the green for the first time in at least 8 years(since incurring all of that debt in college).
What this tells me is that my automatic deductions into my savings account (one of the key reasons my net worth is steadily growing) and my increased auto-loan payments are continuing to push me towards a more financially secure future.
Currently, my short-term goals are to finish paying off my car. Then, in the long-term, I’m going to redirect some of the monthly payment towards funding my brokerage account and Roth IRA so that I can start investing in appreciating assets. Woohoo!