Did I reach my goal of growing $20k in 2020? | December 2020 Net Worth Update | Teachers Talk Money

Hey reader,

After tracking my net worth month-to-month all year long, it’s finally time to dig into my numbers for 2020, a year that was full of question marks in terms of my health, work, income, and a lot more. I feel extremely grateful and privileged that I have been able to maintain most of my income during a time when so many have lost their jobs and/or taken massive pay cuts. I was minimally affected, as my main income was frozen (no raise this year) and my coaching stipend was decreased drastically from $3,465 to $1,050 (before taxes). Aside from that, things have remained fairly steady. With this stability and my handy dandy budget, I have peace about my financial future.

But let’s talk about my net worth for 2020– a moment I’ve looking forward to all year. My goal was to grow my net worth by 20k in 2020, and I’m proud to say that I met that goal. Here are the numbers at a glance:

I slightly exceeded my goal by growing my net worth to $20,931 in the past year. Not only did my net worth grow, but the rate of growth increased drastically, too. In 2019, I grew my nest egg by just $13,789 the entire year, so I increased my rate of growth by about 65% this time around. Once again, this month came with a lot of passive income: my Roth IRA grew $362 entirely on it’s own, and my 457 saw about $200 in interest. This is compound interest at work, and it never seems to lose it’s novelty. To see all of my numbers, watch the YouTube video above.

So, for 2021, the goalpost has moved: I’m aiming to grow my net worth by 30k in the coming year. This will be a challenge, given that my income will still be affected by COVID for at least the first part of this year, and given that I still plan to take this summer off from work. That being said, my big contributions and compound interest should work in my favor.

Thank you, as always, for following along on my journey. It means the world to me. Happiest of New Years to you!

🙂 Rachel

P.S.

If you’re ready to track your own new worth and see where you stand each year, get my free budget template.

Don’t forget that I made a resource for working on your money mindset as you walk through this journey.

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