Previous update here.
Quick Summary: Well, it’s here. The final Net Worth Update of 2017. I started 2017 with negative $11,565 net worth. This was just a few months after setting up my business. I’m delighted to say my net worth reached an all time high at December 31st, to positive $13,432(!). In 12 months, it’s increased almost $25,000! I actually have to pinch myself! Compared to last month, net worth was up 35.17%.
My total assets made it past $80k which is a pretty unreal feeling. Sure, a lot of this is tied up in my retirement account, but it’s still a very decent sum. Cash was up thanks to some solid savings and the sharemarket assisted too, with a 2.3% return for the month. On the other side of the ledger, debts reduced in almost every facet – steadily reducing the amount I owe the universe.
I’m really looking forward to saving more in 2018. Once I’ve had a look at my finances for the year, I’ll have a more clear idea of my goals for 2018. At this point, I’m thinking:
- modest increase in emergency fund
- modest deposit to investment account and even more modest to superannuation
- save like a madman for a deposit on a business premises (30% LVR, it’s not chump change)
Savings Rate: 43.70%
Cash: $12,318 increased 23.84%
Superannuation: $42,302 up 0.26%
Investments: $16,268 up 2.31% (market return)
Other Assets: $9,880 down 1.20%
Total Assets: $80,768 up 3.50%
Credit Cards : ($1,582) down 22.75%
Student Loans: ($32,305) steady
Business Loan: ($11,950) reduced 2.45%
Other Liabilities: ($21,500) steady
Total Liabilities: ($67,336) decreased 1.12%
Net Worth: $13,432 increased 35.17%
That’s a wrap on 2017! What did you do to make some progress toward your financial goals last year?
As always, thanks for following along!
- 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.).
- Superannuation is the Government mandated retirement savings system in Australia
- 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 taxable incomes of $55,874 p.a. or more in 2017/18.
- Other Liabilities consist of two loans which are interest free.