Wow. This shit really works. All of this personal finance educating, plotting, and analyzing has really paid off in the last year.
The last time I posted about it in April 2016, my net worth had just topped $30,000 and I was super excited about that.
I took some time off from tracking it for awhile due to my most recent divorce. I was sent into a tailspin of shock and disbelief, and some days it took all my energy just to keep my emotional head above water. However, I did not take time off from working furiously to pay as much as I can toward my debt.
Today, I updated my net worth chart, and I cannot believe how much it’s increased.
It increased from $30,000 – which I was so incredibly excited about! – to $129,000 today! That’s a difference of nearly $100,000 – an increase of more than 325%!
You can see from the chart above that I’ve really cracked down in the last year.
Here are the numbers broken down:
Assets increase: $68,919.57
Debt decrease: $30,676.56
Net increase: $99,596.13
How did I do it?
There are three major factors for the increase:
1) I have paid $32,848 toward my only debt, Parent PLUS loans, since April 2016 (this doesn’t include another $7,500 in my son’s rent at college which didn’t help my net worth at all).
3) My investments have increased by $30,000.
2) The real estate market in my area has gone insane and my house is worth more than I’ve ever seen it, according to Zillow.
There are also many smaller factors:
1) My household expenses were way down due to the fact that I was living alone and never home since I worked so much.
2) I worked with my insurance agent to find cheaper car insurance.
3) I worked as many hours as I could at my part-time job.
Don’t get me wrong – I’m not entirely all work and no play. I’ve had a shit ton of fun since April of last year! I went to New Orleans once, went to the Adele concert (which cost as much as a small vacation), Las Vegas twice, attended my son’s graduation from college, I partied a lot with my new friends, and I started a wonderful new relationship.
Looking at my numbers this way motivates me more than you can imagine. I’m excited to see what I can do this coming year:
- Parent PLUS loan payments will total around $49,000, which should increase my net worth by about $40,000.
- My mortgage payment should increase my net worth by about $10,000.
- Contributions to my investments should total about $14,000
- Total anticipated net worth increase in the next year without considering market fluctuations: $64,000.