The one thing I absolutely love about writing a finance related blog is the fact that I can keep track of how my net worth fluctuates from year to year. I am able to see how my savings rate increases and how my debts are slowly being erased; it’s truly a liberating feeling! Since keeping track of your progress in achieving a goal is the second most important thing (after setting one first), having a detailed log of how you’ve achieved them to reference is key to helping to keep you motivated.
Throughout this year, here are some of the advances I’ve made:
2016 Goals Reviewed
- Allocate at least $625 per month to my taxable brokerage account. – PASS; Allocated an average of $825
- Hold a portfolio balance of at least $10,500 by 12/31/2016. Can include uninvested cash held in account. – PASS; Portfolio balance is $10,749.41
- Receive $225 in total dividend income. – FAIL; $219.89
- Allocate an extra $50 per month to my car loan principal. – PASS
- Pay off my car loan principal IN FULL (Balance is currently $4909). – PASS! Completely paid IN FULL!
- Allocate 6% of gross income to company 401(k) to get full company match. – PASS; Completed 10/15/16
- Sign up for another 5K run or a 10K run by June 2016. – PASS; Completed April 2016
- Donate at least $50 per month to church or a reputable charitable organization. – FAIL; monthly average $40
- Allocate at least $50 per month to my travel fund. – PASS
- Take at least 2 domestic/international trips and 2 weekender/road trips. PARTIAL; 1 international and 2 weekender/road trips
2016 Net Worth Reviewed
In December 2015, my total savings were $16,713.17. My total debts were $20,586.82.
My net worth as of December 2015 was -$3,873.65.
This year I really did strive to pay off as much debt as possible. I also really wanted to focus on saving a high percentage of my net pay and grow my net worth.
As of December 21, 2016, here is my financial situation:
$3,148.27 at 3.4%
$2,631.43 at 4.5%
$2,001.58 at 5.6%
$5,747.27 at 5.0%
Total student loans: $13,528.55
Emergency Fund balance at $5,000
Investment portfolio account balance: $10,749.41
Total Savings: $25,143.45 (increase of 8,430.28)
NET WORTH: $11,614.90
Wahoo! My net worth is finally positive! Up until this year, I was worth more as a baby with a $0 net worth (as the former Dividend Mantra used to say) than I was at 25. But due to diligently paying down debt, increasing my savings rate and making sound investment choices, I have crossed the $0 threshold and now know what it feels like to have a positive net worth; it feels great!
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 2017.
What have you accomplished in 2016? Let me know!
Thanks for reading.
Images: Upsplash with graphics added by One Woman’s Worth.