Net Worth Update

Net Worth Update (March 2016)

autumn-smiling

Previous update here.

The teaching semester began at my University which means alongside my PhD scholarship, I receive some  income from lecturing and tutoring. This is great, and for the next few months, I’m contracted to earn a fairly decent sum. I’ll also have to mark student assignments and started working a research job over the weekend (it’s actually just monitoring an iPhone, but it pays well). All these jobs (I work 3 at the moment plus my PhD) add incrementally to income, which will dramatically decline post-semester. My scholarship is due to end in August, but by that point I intend to be working 3-4 days a per week while I finish my thesis.

During March, cash increased. Investments were up, due to the market recovery and the regular monthly deposit. Credit was used for professional registration fees that were unexpectedly due (originally informed I wasn’t required to pay them whilst studying). Other liabilities increased slightly, but this should only be a short-term change. Overall, net worth was up 152% from a very low base. Touch wood, most months from now on should see slight increases if I can keep expenses reasonable.

 

Assets:
Cash: $7,718 increased 28.10%
Superannuation: $31,255 rising 2.71%
Investments: $3,798 up 10.39% (net deposits $200).
Other Assets: $12,730 down 1.20%

Total Assets: $55,501 up 5.15%

Liabilities:
Credit Cards : ($504) up 1 mln %
Student Loans: ($30,790) steady
Other Liabilities: ($22,967) up 6.82%

Total Liabilities: ($54,261) increased 3.77%

Net Worth: $1,240 increased 152.01%*

That’s it! FIN.

Notes.

  1. Cash consists of online 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 is the Government mandated retirement savings system in Australia
  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 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.

6 thoughts on “Net Worth Update (March 2016)

  1. Thanks IH – pretty fortunate that University student loans in Australia are partially subsidised by the Government, and half my Masters and entire PhD is actually funded by the Government. So it reduces the cost substantially. Small steps, will pay off!

  2. Wow 152% increase in net worth? That’s really impressive. Keep up the great work and continue building your net worth.

    1. Thanks Tawcan. Steady steps! At such a low level my net worth seems like a roller coaster, up 100% one week, down 20% the next! Looking forward to establishing some positive momentum in it though. Hope you’ll visit again!

  3. First off, thanks for leaving a comment in my blog, I’m really glad to have connected with another Aussie blogger. It’s always nice to find another one! And great March progress, 152% increase in net worth is impressive! It’s nice to know that you own more than you owe, Tristan is right, it will only get better from here. I’m looking forward to following your financial journey! 🙂

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