Wow – 2017 you sure were a crazy ride! From all the shakeups that have occurred politically to the insane growth of the markets to cryptocurrency creating mass hysteria (in my humble opinion), 2017 is certainly one for the books! Personally I have had a lot of crazy changes this year: a new job (with a large salary increase), a relocation move that facilitates a huge decrease in expenses and a much higher savings rate, and a strengthened interest in the concepts of financial independence. I feel now, more than ever, that achieving financial independence is not just something I will hope for – it’s something I can realistically make happen if I continue to save and invest diligently!
Throughout this year, here are some of the advances I’ve made:
- Open a Roth IRA account. – PASS; opened and fully funded for the 2017 tax year!
- Allocate at least $700 to either my taxable brokerage account or Roth IRA(or combination of the two) per month. – PASS; initially this was a reach goal when I set this goal at the beginning of the year but thanks to my new job, I averaged $958 per month.
- Increase my total net worth to $32,000 by 12/31/2017. – PASS; whoa buddy! Again, blew this one out of the water with $62,182.26 (as of 12/29/2017)
- Hold taxable brokerage account balance of at least $13,000 by 12/31/2017 (Can include uninvested cash held in account). – PASS; $15,719.66 (invested amount only as of 12/29/2017)
- Receive $300 in total dividend income. – FAIL; well you can’t win them all. Did not focus as much on adding to my dividend portfolio this year, unfortunately.
- Allocate $200 per month to a new car fund. – PASS; new total is $3000 and growing 🙂
- Sign up for two 5K’s or one 10K by September 2017. – FAIL; while I worked very hard and was somewhat consistent with working out, I did not manage to sign up for a race this year.
- Donate at least $50 per month to church or reputable charitable organization. – PASS; technically this is a fail but I came so close at $47.50 so I’m giving myself a pass 🙂
- Allocate at least $50 per month to my travel fund. – PASS
- Take a least 2 domestic trips/international trips and 2 weekender/road trips. – FAIL (only achieved 1 domestic trip and 1 weekender/road trip)
- Take a solo trip. – FAIL
2017 Net Worth Reviewed
In December 2016, my total savings were $25,143.45. My total debts were $13,528.55.
My net worth as of December 2016 was $11,614.90.
This year I really did strive to increase my net worth without placing so much focus on debt reduction as much as possible. I made changes to my living situation because I really wanted to focus on saving a high percentage of my net pay in order to grow my net worth.
As of December 29, 2017, here is my financial situation:
$0 at 5.6% – paid off one of my student loans this year 🙂
Total student loans: $9,694.74
Total Debt: $9694.74 (decrease of $3,833.81)
Emergency Fund balance at $10,522.07
Investment portfolio account balance: $15,719.66
Miscellaneous Savings for various goals: $11,813.67
Total Savings: $71,546 (increase of $46,402.55)
NET WORTH: $61,851.26
What can I say other than ‘wow, what a year’! If you’ve been following my journey, you know that this is not a “get rich quick” scheme – slow and steady definitely is the way to go. While I could have spent the $46,402.55 on any number of things, I am glad that I chose to employ discipline in my spending and sought out ways to increase my income. These choices helped me cross the $0 net worth line back in 2016 and the $50,000 net worth line in 2017. It’s an amazing feeling!
Stay tuned to see what my goals are for next year – I’ll have an updated blog post on that soon. I really can’t wait to see what financial goals I am able to achieve in 2018.
What have you accomplished in 2017? Let me know!
Thanks for reading.
Image: Death to the Stock Photo with graphics added by One Woman’s Worth.