This is my first financial update for you. It has been a month exactly since I started this blog. I began the blog with the ideas of Financial Independence just starting to grow in my mind.

I studied. I planned. I saved. And now I have some updates for you on my net worth and total debts/assets. So, let’s take a look.

We’ll start with my total debts. This is pretty hard to post to everyone. Not really happy with it, but I’ll explain afterwards why it isn’t as bad as it appears.

Debts
Credit Card $1,265
Car Loan $4,307
Student Debt $20,000
Total Debt $25,572

$25,572! That is a crap ton of money to owe to somebody else. Let me explain why it sucks, but why I’m not super stressed out about it.

First, that car loan you see there is actually a lien on my car I took out to transfer my student loans from my Bachelor’s Degree to. By doing that, I ditched the loan rate of almost 7% for a credit union rate of 2.5%. That car loan, then is really just the remnants of a Bachelor’s Degree.

Second, the student debt you see there is what I’ve taken out to pay for my Master’s Degree that I’m almost done with. I’m so close I can taste it. Pretty soon here I’ll be using my raise I get for that to pay it off. That debt is really going to be making me money long-term, so I’m not focused on it yet.

Finally, the debt I am stressed about is the $1,265 on the credit card! AHH!!

This credit card debt is terrible. I’m working my hardest to pay it off as quickly as possible. My original plan was to have it all paid off with this coming month’s paycheck. We’ll see if that happens. I’m not sure it will because I have a few fees coming up (graduation application, hospital bill.) That card is luckily at a 0.0% APY right now because of a transfer deal. I have some breathing room, but it is weighing on my mind.

Grow you wealth with the ages in mind.

Let’s check out my assets now. These aren’t going to look too phenomenal quite yet. But trust me, like the Bristlecone pine that thinks not in days, months, or even years, but life times, I’m working towards a better financial status long-term. So, while these assets are small now, they are only seedlings about to grow tall.

Assets
Checkings $884
Savings $1,000
Total Assets $1,884

Not super stunning. But like I said, I’ve only just started. That checking’s account will hold my wife and I through the month for food and other expenses plus cover my payment on  my credit card.

That saving’s account is just hanging out. I could use it to cover the credit card bill (and I’ve thought about that a lot,) but I’m going to keep it for emergencies. Next month I’ll hopefully be able to pay off most of the cc. If I only have a couple hundred left on it, I might dip into that savings. We’ll see.

So, what’s my NET WORTH?

-$23,688.

Not bad. Not good, but not bad. I’m in it for the long haul. I’ve only just started. -$24,300 of that is student loan debt, which is really an investment I’m building up. I can live with that. I can improve on that.

I’ll keep you posted next month when I pay off that credit card! Let me know your thoughts in the comments. Tell me your hints or suggestions on how to improve, or share you story with me. If you like this post and want to keep up with me, subscribe!

2 thoughts on “First Financial Update

  1. Congratulations on publishing your first net worth update. It’s a great way to stay accountable and motivated with growing it.
    Debt sucks, but you seem to have yours under control and you used it to invest in yourself.
    I wouldn’t worry about the credit card debt. It’s minimal and if you have a regular income and goal to pay it off then it will be gone in no time at all.

  2. I love the financial updates! It’s so fun for me to look back a couple years and just stare at what my net worth used to be, to what it is now. Keep going! You’re doing great! It won’t be long and your net worth will be +$23,688.

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