Net Worth

I like to take a snapshot of my financial situation every six months to review my progress and make sure I’m on track to reach my goals. I want to be a millionaire by the end of 2021 – the year I turn 41 – and become financial free by 2025. That’s the dream, anyway.…

Do you ever wonder what others are doing with their finances and where they stand? My usual, rather pessimistic, thought is that I’m not doing nearly as well as my peers. I came across this calculator on CNN Money that gave a median net worth comparison for income and age. My income is pretty low…

I like to take a snapshot of my finances twice a year in order to see how my financial plan is progressing and whether or not I’m meeting my goals. These net worth updates are encouraging because they reveal how the compounding power of savings and debt reduction add up over time. Related: Net Worth…

This year has been heavy on spending with not much focus on saving.  The spending is purposeful, though, as we borrowed $35,000 on a line of credit to develop our basement, which will increase the value of our home. The interest rate on the line of credit is 3.5 percent, so using it to pay…

As I put the numbers together for my 2013 year-end review and net worth update I realized that I made two critical errors in my financial plan this year: my financial goals were wildly optimistic – I wanted to achieve a net worth of $360,000 – and I got lazy and failed to properly execute…

We’re halfway through 2013, so now’s a good time to take a big picture view of our finances to see if we’re on track.  I like to update our net worth and review our financial plan a couple times a year to stay on top of our goals. The last time I updated our net…

I like to review our finances at the end of the year so that I can update our goals and objectives and calculate our net worth. There was a lot going on in 2012.  Here’s a quick recap: Expenses Owed additional taxes for the first time in my life which resulted in a $2,000 bill.…