Net Worth Update #1 – November 2016

So I’ve decided to do something scary.

I am going to share my net worth on this blog each month, and break down how much money I have in various accounts. Why would I do such a thing? Well, I just turned 23 years old and I want to retire early. I’d like to document my path to financial independence since this is the starting point of my journey. When I am 30, 40, 50, and older I think it will be fascinating to look back on my journey and see the progress and mistakes I made along the way.

So without further ado, here is my first ever net worth update:

Money Market Funds
Savings Account $812
Checking Account $508
Total Money Market $1,320
   
Tax Advantaged Accounts
Traditional IRA $2,388
Roth IRA $3,414
401(k) $1,775
Total Tax Advantaged $7,577
   
Non-Tax Advantaged Accounts
Loyal3 Brokerage Account $1,372
Additional Brokerage Account $10
Total Non-Tax Advantaged $1,382
   
Liabilities  
Student Loans $1,000
   
Net Worth $9,279

While I was in my freshman and sophomore year of college I contributed a decent chunk of cash into a Roth IRA, but I have recently decided to start contributing to a traditional IRA instead of the Roth, which I will explain why in a future post.

I also started my first full time job ever about 2 months ago and have started contributing as much as possible into the 401(k) plan offered by the company, which is through Fidelity.

For my non tax-advantaged accounts I primarily use Loyal3 which you can read about in my post Financial Tools I Love.

I am also blessed to only have $1,000 in student loans, which brings my net worth currently to a grand total of $9,279.

I’m excited to share my progress each month, document my financial journey and see where this path to financial independence takes me!

Feature Photo Credit: coins

13 Replies to “Net Worth Update #1 – November 2016”

  1. Way to go! Your blog is pretty amazing.
    I too, try to write such post related to my net worth but I get panic attack every time I click the publish button.

  2. This is very cool. I feel like I am getting on the elevator at the ground floor. I read through the posts of your first three pillars before getting to this one, and your writing style, knowledge, and grasp of the financial independence mindset is far more advanced than your [current] net worth. You are on the right track and I expect to see that sky rocket.

    1. Nate, thank you so much man! That’s extremely encouraging to hear. I really have just begun this journey so I am equally excited to see my own progress and share my journey.

  3. Zach,

    Congratulations on recognizing and taking actionable steps to achieve your goal of early retirement at a youthful age! Posting my net worth online was also difficult at first. However, I’ve found that it has been very liberating while also keeping my feet to the grind stone. I’m sure you’ll discover the same. Keep up the great work!

    Blake

    1. Blake, thank you very much! I hope one of the side benefits of tracking my net worth online is that it will hold me accountable and keep me on the right track as well. Thanks for the comment! 🙂

  4. Great start and great that you’re actively tracking your net worth from such a young age. I’ve been tracking mine on a monthly basis for at least 10 years and I can attest to the fact that the very action of looking at the numbers once a month will keep you focused and on track to achieve your goals.

    1. It has been said that anything you track you naturally improve at, so I hope this is true in my case as well, thanks for the feedback!

  5. Good on you for starting this at a relatively young age :)! I’m 27 and if there’s anything that I can offer it’s to consider cranking up the income streams, which is something I’m looking in to now

    Keen to see your journey as it progresses 🙂

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