Month and Year Debts Cash Retirement Life Insurance Net Worth Difference
8/1/15. -$72,058.67 $6,587.25. -$65,471.42
8/4/16. -$59,957.95. $6,008.00. $921.81. $1.68. -$53,026.46 12,444.96
8/1/17. -$41,910.38. $3,349.59. $3,502.98. $130.58. -$34,927.23. 18,099.23
I love to think about what I was doing this time of year last year, two years ago, five years ago, etc. Basically, I am the person who actually enjoys Facebook Memories.
I saw on my NetWorth spreadsheet that I have three data points for August. The first point was the first time I calculated my networth. This is the first point of reference for my debt journey. I started tracking my debt in July of 2015, but this is the best indicator of my finances.
2015 - I had a retirement fund, but wasn’t sure how much was even in it. This retirement fund was by accident - I might add. My first full-time job included me automatically. I didn’t have life insurance. I held onto extra money “just in case” instead of putting it toward debt.
2016 - I started to get my stuff together. I found out how much I have in my retirement and would soon get a job in September that would contribute even more. I bought some life insurance. At first I thought it was a waste of money, but held on since I bought it young at a good rate. I made $12,000 worth of progress on my net worth.
2017 - I have a retirement fund that is more than the amount in my Emergency Fund. This is a little goal that makes me happy. The life insurance is starting to grow in worth. I’ve started to feel comfortable at a lower amount of cash on hand. I need to get some car repairs, so I may stash a little away in the short term. I made another $18,000 worth of progress since the previous year.
What I take from this, is that in another year I want to be just as proud of myself. I want to keep looking back and see all of the impact this focus has made on my life. As life keeps on going, I know there will be changes and mortgages, but to know that it all started right here - is pretty cool.