Net Worth Update

Net Worth Update (January 2017)


Previous update here.

Quick Summary: I’m pulling the band-aid off! I’ve excluded the business loan from these Net Worth Updates mainly because I saw it as a business liability (and maybe, if I’m honest, because it would smash my net worth figure). Ultimately though if affects my net worth. What’s the point of examining numbers if they aren’t accurate. I took the loan in October 2016, and you’ll see it reported from here on in.

January income was decent, and I continue to plough the field for work. I had a couple unexpected expenses in January. A second trip to the dentist for a chipped molar (don’t ask) and repairs to my car claimed under insurance (also don’t ask). Credit cards were subsequently exercised, which dragged my cash into what seems to be the black hole neighbouring my bank account.

No super contributions were made (due to ridiculous policy on superannuation and self-employment, thankfully to be abolished later this year).

I’ve been learning how to work my craft and run a business from a mentor and friend, who I meet most weekends (a 6-10km run followed by coffee in which we talk about work, business and life more generally). It’s one of the most enjoyable and valuable elements of my week, and which I am absolutely grateful for. My focus going forward aside from work (and exercising regularly, which I love) is to finish my PhD. This will provide me a 33% increase in income and should make finding work in a sustained way simpler. My aim is to get it done by Feb 2017 Feb 2018.

Savings Rate: 4.64%

Cash: $11,734 decreased 10.36%
Superannuation: $34,766 down 0.28%
Investments: $0 (nil holdings)
Other Assets: $11,283 down 1.20%

Total Assets: $57,783 down 2.68%

Credit Cards : ($4,764)  increased 98.57%
Student Loans: ($31,684) up 0.46% (indexed for the year by the ATO)
Business Loan: ($15,000) NA
Other Liabilities: ($21,999) steady

Total Liabilities: ($73,447) increased 3.54%*

Net Worth: ($15,665) decreased 35.36%

*Business loan reported for first time. Rather than go back and update entries since October, I’ve simply corrected the numbers above and the chart below. 


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 $54,869p.a. or more in 2016/17.
  5. Other Liabilities consist of two loans which are interest free.

14 thoughts on “Net Worth Update (January 2017)

    1. Hey Erik, thanks for the questions. I’ve not got a unique post on the business/loan, just bit and pieces in the archives. I’m working on a post about starting a small business though. I decided not to go into detail about what my line of work is for privacy reasons, though I essentially sell my time/expertise. The hard assets are minimal and whilst I could certainly get something for them in a liquidation, as a buffer I just count them as a zero dollar asset (not in my business accounting though). Regarding the loan, it’s from my Dad, who lent me a portion of the money I needed to get going at half the rate the bank would lend to me, the other portion I utilised my own savings.

  1. Why run the credit cards up rather than spend some of the cash for the dentist and car? It seems like that would be the kind of thing the cash would be for. Once you start to get into credit card debt, it can build up quick.

    1. Thanks for stopping by SI, Card debt absolutely does build up quick for me. I have to be careful with it. The card I use has a 55 day interest free period, which I use on non planned purchases like dental etc. but it has crept up on me more than I like. If I withdraw from my savings account I lose the interest for the month, which leaves me trying to balance the two…

  2. Interesting post. My dad gave me a cash loan to buy a car a few years back (only $2000) but I haven’t been including that in my liabilities. May have to reconsider that for this month’s update. Hope you have a great February!

    1. Thanks for the comment Len. I like to include those things as a reminder they’re the most important to me to return the funds to. Bank debt may be more urgent but money owed to family, means more in a sense. Appreciate you stopping by!

  3. Are you taking advantage of any reward credit cards? Those post will make using a credit card more valuable than cash!

  4. Not the way you want your numbers to be going, but I understand why you were excluding the loan..and why you’ve now included it.

    Good luck with getting your PhD done by the end of this month, I imagine that will be relief and great news for your bank account and time.


    1. ha. So that’s actually typo(!) and just shows my wishful thinking Tristan – should be Feb 2018 that my PhD is completed…I’ve got the data but have to write it up…Thanks for stopping in again – seem’s you’re just getting into the groove yourself!

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