Dec 2012 Networth Update

Great strides made since the last updated, including the purchase of a property. I’m counting the mortgage fully, and asset value very closely. I used the mortgaged amount and not the full price I could get for it. I think this is wiser for me as I don’t want to let it get to my head too much in terms of networth :)

I would like to start paying off student loans faster now. Currently, I am paying about $480 in interest per month! Quite a bit of money, and since my income is above the student loan interest deduction I want to make a greater dent.

I didn’t have this much money in the bank before (i.e. I saved quite a big emergency fund and continue to fund it). And now, I feel reluctant to put all that money I have squirreled away toward the loan (even though on paper it makes sense for me to pay off this loan as soon as possible and pay the least amount of money).

Total Assets:       $241,700
Total Liabilities: $210,805
Networth:           +$30,895

Till next time!

-1step

Positive Before 30 Networth Update!

For the first time since I was in high school, I have a positive networth! It’s been a long winding road and hopefully in a positive trajectory as near entering my 30s. Incredible in my mind, as I did not even notice this shift. It’s been a long time since posting, in essence I was able to increase my income by 20% over the past year by finding a new position and leveraging an existing offer. In addition to that, I was able to utilize the bonus money to pay off some student loans as well. Some unexpected expenses did occur, like the passing of my dad, for which I did have to contribute towards the funeral expenses. Thankfully I had a nice emergency fund to back me up.

I still have a long way to go in terms of paying off all of my student loans, but it’s great to enjoy these little moments :)

Total Assets:       $107,337
Total Liabilities: $100,912
Networth:           +$6,425

 

Till next time!

-1step

Networth Update – 10/25/2011

-Updated Networth-

Total Assets:       $80,724
Total Liabilities: $106,188
Networth:           -$25,464

I shifted to contributing to the future home/other goal downpayment fund from the emergency fund. Currently, with 17,000 in cash for the emergency fund, I feel comfortable enough to contribute to the other goal fund. The swings in the market seem to have made losses as I add more money, hopefully the index fund will perform over the long run :)

Targeting a new mix of income, including the current business plans I’m working on. Also, there’s a possibility of co-founding a start up with a few people from business school. An interesting, but daunting task. Slowly but surely moving up the right direction in Networth.


Cheers!

-1step

Networth Update: 9-10-2011

-Updated Networth-

Total Assets: $77,951.80
Total Liabilities: $108,742.01
Networth: -$30,790.21

The more recent economic downturn has led to a lower retirement account and stocks. In addition, the deposit from my previous apartment  (about 3000 due) + moving costs (600) have added up to remove from my current asset base. Starting this month, I’m also contributing more towards my home downpayment fund rather the emergency savings, with the option to use the downpayment fund as backup as well.

Cheers!

-1step

Networth Update – 7/22/11

-Updated Networth-

Total Assets: $85,378
Total Liabilities: $108,898
Networth: -$23,520

Anothe month has gone by and improvement, mainly due to the fact that I forgot to add the home downpayment fund that I already started funding a while back. In reality, the progress should’ve been minimal as I spent some time abroad after my work trip. One of the unfortunate things is that I get easily relaxed when I am travelling and money in different currencies somehow normalizes in my head that it is cheaper than it actually is. This pitfal caused me to spend in excess of $1,300 on extra dining and trips to london and paris, although I have to say that I quite enjoyed the experience and it is something that I will never forget :) I could’ve easily spent the same amount of money on a couple of nights out in new york and not had the same experience.

More recruiting contacts, but they seem to be slowing down as our nation is reaching its debt ceiling. Isn’t it funny that as a nation we are failing and not putting any right foot forward to rectifying the situation, while as individuals we may be failing, but often trying to at least try and improve our own situations. Certainly the budget is something that is far more complicated than my situation, but I just don’t see how one of the richest countries in the world can’t start looking at this from a different perspective and realize that hey.. maybe we can solve this in another manner that’s not debilitating to business and individuals alike.

‘Till next time:)

Networth Update – 6/28/11

-Updated Networth-

Total Assets: $83,054
Total Liabilities: $110,588
Networth: -$27,533

Missed a month due to work travel and different projects. Made decent progress in paying back some of the student loans. I’m trying to get back on track with work and creating the appropriate payback plan. One of the downsides of getting an MBA is that it does not come cheaply. I definitely should’ve done more in terms of looking for grants from the school and scholarships as it would’ve saved me much repayment in the future.

Still, this is an improving trajectory and after another work trip, I intend to focus more heavily on what I need to do to accomplish a faster payback and perhaps re-align my career. Thus far, I’ve been quite a loyal worker and I’ve appreciated everything that was given to me by others; however, the amount of money that I am getting is only incremental and I need to make some big jumps. More updates to follow, hopefully at a better rate :)

Networth Update – 4/25/11

-Updated Networth-

Total Assets: $75,583
Total Liabilities: $109,657

Networth: -$31,074

Slowly but surely I am working my way into paying the student loans, my only outstanding “good debt” as they say, although I don’t know how much good it is with some of the loans at 6.8%. I also received a decent bonus from work, which was taxed 50% of course, but I entered it all toward paying the student loan. I am looking to make some additional payments for the student loan, but I need to come up with a game plan for 2011 in terms of how I’m allocating the money. It’s pretty cool, and I’ll share my insight to the way I’m approaching this. Essentially, I am taking the total amount I am expected to make over the rest of the year net, then I am subtracting all of my trips, gifts and large expenses. Then I am calculating my monthly needs (some of which I know such as rent and cell bill), and determining what my budget should be for everything else. This is a new way that I am allocating my money and I’m hoping it will help me in becoming more conscious of my spending as I will be automating all the goals on a bi-weekly basis.