This is the first net worth update for wealthfromthirty. I hope one day to achieve a far greater net worth and believe tracking my net worth monthly will help reach that goal. The priority is currently to reduce short-term debts (i.e. credit card debt), keep emergency savings above $10,000 (currently $10,671) and increase long-term investments outside of Superannuation.
Other Assets: $14,000
Total Assets: $57,579
Credit Cards : ($586)
Student Loans: ($30,790)
Other Liabilities: ($21,500)
Total Liabilities: ($52,877)
Net Worth: $4,702
- Cash consists of a single transaction account and specific savings accounts. I moved away from carrying cash in Q1 2015 and make 95% of my transactions electronically, for more accurate and up to date record keeping. I have a small transaction account holding around a tenth of my cash funds with the balance held in an ’emergency fund’ and a smaller account for rent savings/payments, both in modest interest bearing accounts (2-3%p.a.).
- Superannuation refers to the Government mandated retirement savings system in Australia and
- Other Assets consists of one car at market value, depreciating monthly.
- Student Loans consist of the HECS/HELP debt provided by the Australian Government, indexed to inflation. The loan repayments are based on taxable income, with repayments required from from taxable incomes of $54,126p.a. or more in 2015.
- Other Liabilities consist of two loans which are interest free and don’t require repayment until I finish my Masters degree.