Net Worth Update

Net Worth Update (July 2015)

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.

Assets:
Cash: $12,441
Superannuation: $29,021
Investments: $2,146
Other Assets: $14,000

Total Assets: $57,579

Liabilities:
Credit Cards : ($586)
Student Loans: ($30,790)
Other Liabilities: ($21,500)

Total Liabilities: ($52,877)

Net Worth: $4,702

Notes.

  1. 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.)
  2. Superannuation refers to the Government mandated retirement savings system in Australia and
  3. Other Assets consists of one car at market value, depreciating monthly.
  4. 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.
  5. Other Liabilities consist of two loans which are interest free and don’t require repayment until I finish my Masters degree.

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