At the start of each month I share my net worth, based on how much money I have in my various accounts. I started tracking my net worth back in August of 2016, but I didn’t start sharing it publicly until November 2016.
It’s my hope that by tracking and sharing my net worth through this blog I can document my entire journey to financial independence from the very beginning. This is only my fifth month sharing my net worth publicly so the numbers in my accounts are still fairly small, but they have been increasing steadily each month, which is all that really matters.
I think it will be neat to look back on these early net worth updates ten years from now and see the progress I made over time.
Without further ado here are the numbers for March 2017:
|Money Market Funds|
|Savings Account||$3,015 (+$1,939)|
|Checking Account||$1,015 (+$939)|
|Total Money Market||$4,030 (+$2,878)|
|Tax Advantaged Accounts|
|Traditional IRA||$3,874 (+$93)|
|Roth IRA||$4,371 (+$227)|
|Total Tax Advantaged||$16,108 (+$1,247)|
|Non-Tax Advantaged Accounts|
|Loyal3 Brokerage Account||$3,025 (+$28)|
|Additional Brokerage Account||$10 (+$0)|
|Total Non-Tax Advantaged||$3,035 (+$28)|
|Net Worth||$23,173 (+$4,153)|
From February to March my net worth increased by $4,153. I continued to pick up tutoring gigs during February to earn some online side hustle income. I also continued to funnel money into my 401(k) account, which consists of a simple 80/20 split between an entire-market stock index fund and an entire-market bond index fund.
Here’s a look at my net worth progression since I started tracking it back in August of last year:
As you can see, the majority of my net worth is comprised of my tax-advantaged accounts, specifically my 401(k). I aim to contribute the maximum of $18,000 each year to my 401(k) if possible, so this will naturally be the account that holds the bulk of my money at this stage of my financial journey.
It’s interesting to see that after only 8 months of tracking my net worth, an exponential pattern is starting to emerge. As I learn more about the art of side hustling and as more dividends slowly start to roll in from my various accounts, I can see the beginning of a wealth snowball starting to take form.
I’m excited to look back on this update at this time next year and check out my progress. To everyone that has been following my short journey up to this point, I thank you and I hope you keep checking in each month.
That’s all for this month’s net worth update, thanks for reading 🙂
I strongly suggest using free financial tools like Personal Capital to track your net worth, spending habits, and cash flow to help keep an eye on your money. The more you track your finances, the better you get at growing your wealth!
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