This will be my first official post on this blog. For no other reason besides habit, I do my Monthly Net Worth updates around the 5th of the Month. Here is the one for January;
Total Assets; $1,930,67 up + $4,657 from last month
Accounts receivable, This is a business deal from 2014
Boat & Cars, Depreciating assets, but cars new in 2015
Real Estate Old House + 2nd home/vacation rental
Retirement accounts; 2 people, 2 jobs each, 5 accounts total
Brokerage accounts; 2 taxable stock accounts
College Funds; Prepaid tuition and 529 accounts or 2 kids
Bonds; ‘I bonds’ bought through Treasury Direct
Cash & Metals; 6 accounts and a security deposit box
Health Savings Acct., Just started in 2015
Total Liabilities; $540,272 down – $2,302 from last month
Mortgage on House; Bought in 2005 Interest 3.75%
Mortgage 2nd Home; Bought in 2012 Interest 3.5%
Student Loans; Law school sucks
HELOC; Current APR 3.49%
TOTAL NET WORTH $1,390,405
Tracking your own net worth is perhaps the second most important thing you can do to improve your financial picture. Budgeting your expenses to see where the money goes is probably still number one.
Budgeting is like paying attention to ball game while tracking net worth is like paying attention to the baseball season.
Months can goes up or down, you need a longer picture to evaluate your progress. You are either bringing in more money than you’re spending or you are losing money each month. Tracking Net Worth is easy, useful, and addictive.