2 steps back yadda yadda yadda (+a net worth update)

Let’s get this started.

The numbers:

Total applied to LOC:        $7208.82 – this is since the last update in October 21

LOC Balance as of today:  $7999.99

Car Loan:                               $0 – the car loan balance was moved to my line of credit..no, not for the interest (because it’s going to sit there for so little time the interest doesn’t matter, even though it is lower than the loan), but because making random payments is easier to my LOC as it is with my bank and easily accessible via online banking.

This is a disappointing post to me for two reasons:

  1. It’s been so long since I’ve updated and I have made amazing progress since then.
  2. That progress has been hampered by a $2600 bill for car repair  in the last week

I had myself scheduled to be 100% debt free at the end of March, and now if I push it’ll be the end of April. Yes, that is great, but I still feel a little disappointed. But, at 215,000kms my Ford Edge has treated me well and so it’s about time I treated it well since it is the last debt and I’ll be keeping the car for as long as possible.

My net worth is still tracking along, but took a hit with the extra car costs too. Thank goodness for emergency funds, rental house income and health benefit returns!

Drum roll please……

Networth as of today: $128,961

This is more than $50k above my last posted networth. Badda BING!

And this is why I should have been writing all along. Seeing the numbers in black and white, the progress in black and white, makes the small step backwards this week just a little less painful.

So, I guess that means you should see me here more often in the coming weeks and months!

 

 

 

 

 

Net worth

I’ll be honest, I’ve been putting off calculating my net worth for some time. I kept seeing others doing it, took a look at this amazing list of net worth’s [UPDATE – I’m now on the list!], but worried that because of my debt, my age (I’m no millennial!), and financial re-start in 2010 that my net worth was going to be depressing. I don’t need depressing in my life.

I did know, logically, that I had to get to grips with my numbers. Moving around the world has meant that I’ve left a sprinkle of investments and accounts that, individually, really don’t amount to much. Tracking all of that is a pain-in-the-butt, but I have kept all the mail I receive about each one.

I had all the excuses for not looking at the balances: ‘it’s not going to be enough”, “I’m stupid for not paying more attention”, “I’m embarrassed about where I am in life”. In my head, the nagging voice of adulthood kept telling me to look, understand, and just start.

“You don’t have to be great to start, but you do have to start to be great”

So, I did it. I looked up the numbers, did the exchange rate, pulled the last assessment done on my rental property, looked up my car value, dug out my work pension statement and added it all up.

Hey, that number didn’t look too bad.

And, of course, I had my debt numbers to hand. In fact, I can recall those better than my best friends phone number.

I used the most basic of assumptions: What I own-What I owe = Net Worth. There are arguments about what you should and should not include – should include bank balances, should not include personal residence – but I’m putting those asides and doing it this way for simplicity.

So, how did it look?

Net worth = $94,788.60.

Listen, I’m not going to lie. I should be WAY farther ahead given my age and income earned in the last 20 years. If I was bendy enough, I’d kick my own ass for only getting to the detail now.  I should have double and more to my name.

Did I spend a few minutes wallowing in my disappointment? Yep, sure did.

Then it dawned on me:

I’m in the BLACK!

I knew I would be, but I suspected that it was just tipping over into the black. I am surprised, elated, and over the moon that I’m this close to $100k!

AND here’s the deal – just a few more months of debt repayment and I’ll be moving to $100k-ville.

I’m not promising that I’ll share my net worth regularly, but I’m pretty sure I’ll be celebrating (frugally, of course) when I get to $100k.