It has been about six months since I posted the last update on my net worth. On December 19, 2010 I calculated my net worth to be negative $61,759.19. At that time, I was within $500 of paying off my remaining credit card debt. Unfortunately, this past tax season, I had a much larger income tax bill than I had anticipated. Consequently, I had to charge my tax bill of $3,000 onto one of my credit cards.
Since then, I have been aggressively trying to eliminate my credit card debt, and I am pleased to report that I have now completely paid off all of my credit card debt. I am soon to be 33 years old, but this is the first time since I was 19 years old that I have zero credit card debt. Of course, I still have my student loan and my auto loan remaining. But now that my credit card debt is paid off I will be able to concentrate on paying down my auto loan and on increasing my 401(k) contribution once again.
Without further ado, here is my net worth update for 6/23/2011:
Assets:
Retirement Accounts: $11,916.67
Debts:
Credit Card Debt: $0
Student Loan: $64,327.86
Auto Loan: $7,153.58
Total Net Worth: $-59,564.77 (up from $-61,759.19 in December 2010)
A net worth increase of $2,194 over the past six months is not bad, considering that I had to charge a $3,000 tax bill and pay it off within that same time period. I have increased my income tax withholding this year to make sure that I do not end up in the same situation next year. So for now, I am pressing on, and my finances are headed in the right direction!
4 comments:
"A net worth increase of $2,194 over the past six months is not bad." Not bad! Keep this up and you'll find yourself in a better place.
When I get my inheritance loan, I'll first pay my debt and invest the remaining money. Thanks.
I'd loan some money to start a business, thanks.
Money really rules the world, I hope I get to invest my money in some small business to make it grow.
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