One of the things that inspired me to start a blog is the concept of net worth tracking done by other personal finance bloggers. It’s fascinating and inspiring to see other people’s success stories. For me, it’s not really about how much the net worth is, but how well it progresses over time.
I decided to publish my net worth for motivation and public accountability. I have done Project 12’s and Project 52’s in the past (both not money related) and I found that publishing them on the web and sharing them with people motivated me more not only to stick to the projects but do better at the same time. I enjoyed both projects and finished them without missing a turn. I am hoping that publishing my personal finance journey will have a similar effect on this latest project of mine and that it will help me reach my target net worth of $100,000 by the end of 2016.
First, here’s a bit of a background about myself:
- I earn a bit more than the basic wage (but a lot lower than this average – wow!).
- I am 30-something but have a low superannuation or super (I believe this is the 401(k) equivalent in Australia) balance because I only moved here 4 years ago, coupled with a low income.
- Until last year, I was supporting my family financially since 2008.
- I rent with my brother and my boyfriend, we share all housing costs including food.
- I don’t have any debt aside from credit card balances that are mostly from shared household expenses. We settle these balances in full before they become due.
- For the purpose of this blog, I will only report my individual net worth and will not include my boyfriend’s.
On to the numbers…my net worth for June went past $40,000 ($30,000 USD). This number improved by 7% from May and by 100% (doubled!) from September 2014, when I started tracking my finances. This means I am $10,000 away from my 2015 net worth goal of $50,000. Yay! *insert dancing emoji here*
- Investment in shares
- Other investments
- Other assets (car and other valuables) – I included these because I believe that I can easily convert them into cash if I have to, but I assigned a conservative value of $5,000.
None. I did not include my credit card bills because as I disclosed above, the balance is mostly for shared household expenses and are settled before they become due.
There you have it, a straightforward, albeit boring, net worth. Do you calculate and track your net worth?