This is my first net worth monthly post. I had mention in the post about putting it all together that I had never tracked or officially calculated our net worth. Well here it is Net Worth Update #1.
|Total – Retirement||$368,906||Total – Installment||$0|
|Total – Liquid||$24,928||Total – Transacting||$3,973|
|Total – Investments||$232,957||Total – Revolving||$0|
|Total – Physical||$92,002||Total – Physical||$226,215|
|Total Assets||$718,793||Total Debts||$230,188|
|Net Worth Apr ’17||$488,604|
|Monthly Change||Start Date|
|Change Since Apr||$0|
There we have it, a net worth of $488,604, almost half way to our goal of $1,000,000. I am excited to continue tracking and update this going forward. A quick break down of what we are looking here. Net worth = Assets – Liabilities. In short, everything you own minus everything you owe.
Retirement – 401K, 401B, and a Roth IRA account
Liquid – Checking/Savings Accounts
Investment – Stocks
Physical – House and car
Transacting: Credit Card (paid in Full Monthly)
Physical: Mortgage and Truck Payment
Note: I am using Zillow for the estimated value of our home as it is the closest/most realistic value I can get on a monthly basis.
A couple of interesting things I found when putting this together. In the past, when I was doing a quick estimate, I would forget to include the 401B or the Roth account, it’s just that these accounts were not as big as the 401K account, so my focus would shift to that account only. Bam! Instant increase in net worth. I would also always guess at the worth of my house, I was guessing that it was higher than it actually is. Gong! Instant decrease in net worth.
Well this has established a baseline for going forward. I am happy where we currently are, but have to continue to be aggressive to hit our 2017 goal.