Net Worth Update

Net Worth Update (December 2016)


Previous update here.

Quick Summary: December flew past as I kept up hours at work as best I could. The biggest change that occurred was moving house into a small studio apartment closer to work. This cuts my commute by 2 whole hours each and every day, with 10 extra hours each week I can use for producing income, completing my PhD or recreation. The downside is that my rent essentially doubled, but that’s compared to renting a single room in a 3br house vs. having an apartment to myself.

Cash increased significantly, but as I pay myself a gross salary I need to deduct a certain amount for tax which goes into a separate account I don’t withdraw from. Come tax time, my accountant will inform me how much tax I need to pay the Australian Tax Office. I estimate the deduction on a monthly basis so I should easily have enough to cover my taxes when due. By definition then, a component of my cash isn’t a genuine asset although it produces interest in the meantime, and perhaps I shouldn’t include it here (along with including my business loan as a liability). Credit card debt increased substantially, mainly due to moving expenses and buying some furniture (did I mention I moved!) I’ll be paying this down quickly over the next couple months.

Cash: $13,090 increased 40.37%
Superannuation: $34,864 up 2.49%
Investments: $0 (nil holdings)
Other Assets: $11,420 down 1.20%

Total Assets: $59,373 up 8.15%

Credit Cards : ($2,399)  increased 1001.32%
Student Loans: ($31,539) steady
Other Liabilities: ($21,999) steady

Total Liabilities: ($55,937) increased 4.06%

Net Worth: $3,436 increased 200.49%


As always, thank you for following along!


  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.

10 thoughts on “Net Worth Update (December 2016)

  1. Saving 10 hours per week on your commute will make a huge difference in your life. In 2015, I bought a house and went from a 35 minute commute to a 15 minute commute. You will be amazed at how much happier you will be in the New Year!

    Best of luck in 2017!

  2. This is nice. I also have my personal version similar to yours. It sure helps in managing my money. I want to fight the mindset that SALN is only for those who have a lot. What they fail to realize is that if they manage whatever small amount they have now, soon they will have more

  3. I’m still surprised that you are able to draw a wage out of your business so early. I’ve been listening to some podcasts about people starting small businesses, and it seems that it can take 1 – 3 years before people feel they are able to pay themselves. You are definitely doing something right!

    I am envious that you have managed to cut your travelling time by so much – but don’t let yourself adjust to the new normal. Make sure you have a plan for how you are going to use that time (or at least most of it), even if it is a plan for recreation. Just a couple of more years for me before I’ll be looking to get back to a job closer to home again. There is just nothing like it.

    1. It’s a small wage, but great to draw it nonetheless. My costs are reasonably low which helps. I think you’re spot on with making good use of the extra time – I am still deciding how I’ll use it but I think mainly for exercise, reading a little and working on creating passive income streams – stocks mostly. Your two years might go by sooner than you know it (if 2016 was any indication), and I hope you enjoy the shorter commute once you’re closer to home.

  4. This is great. I’m all about living near work. I’d say 30 minutes (or less) door-to-door commute is the sweet spot for me. I’d say it’s worth it to have your own space, and 2 extra hours added to your day. Would be great to see a post about what you end up doing with those 2 extra hours per day, and if/how it’s contributed to your assets!

    1. Having some commute time to wind down from the day or get the cogs turning for work is very helpful I think. It gives you some time to switch ‘tracks’ for the day. I like the idea of the blog post, will keep you in the loop if I put something about it out 🙂

  5. Nice job WF30. It’s great that your business is already working out strongly for you. I have a feeling that 2017 is going to be nothing but upwards for you – I can’t wait to read about it 🙂

    Good job on having a reliable cash amount.


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