Photo by Isaac Smith via Unsplash.com
I’m excited for this one. You may have noticed that I didn’t write a net worth update for February or March, but you’ll be surprised to hear that I didn’t check my net worth privately, either. This number will be just as much as a surprise to me as it is to you.
To review, your net worth = money you own – money you owe. Now, since I don’t have any more student loans and have never had any other debt, I no longer owe anything. So this post is just some quick addition on what I own.
Emergency fund: $2,957
Other savings: $3,413 (this has fluctuated a lot due to spending some of my midterms savings on what I had them planned for, i.e. travel and fixing my car)
Retirement contributions (in my 457): $2,264
Total net worth: $11,574.
Somehow I didn’t expect to see five digits! My net worth has increased by about $7,500 since the end of January. This is a total increase of about $2,500/month on average, which seems high when looking at my income, but makes sense considering that March was a 3-paycheck month in which I also received a large tax refund. I want to be moving at a faster pace during typical months, though, so I’m motivated to put more money away towards savings and (especially) retirement. Once I have my Emergency Fund built up, I’ll determine exactly what my goal retirement age will be, and how much I need to contribute per month to get there.
Here’s to seeing a six-digit net worth in the not-so-distant future! 🙂