At the beginning of each quarter throughout this journey, I will share my personal financial statement. It will display my net worth. I’ve never done a personal financial statement and, therefore, have never been aware of my net worth. I’ve known my entire adult life – that it was negative and, I figured, for as long as it was negative, I wouldn’t be particularly concerned with it.
But, things have changed. Yes, this blog and this journey is focused on debt; but, I’m committed to taking full control of my financial life and being fully aware of my circumstances. Part of that will include keeping track – on an on-going basis – of my overall picture.
In completing this exercise for the first time, I was actually a little surprised. I thought it would be much worse that it is. Having a home with equity in it makes a significant difference.
I’m sooooooooo looking forward to the day that I have a zero net worth!
Some notes:
- The checking accounts amount includes some funds I’ve reserved for sinking funds.
- The savings accounts amount is my $1,000 “baby emergency fund” (a la Dave Ramsey’s Total Money Makeover), which is accruing interest.
- I do have life insurance (even though I’m single and do not have children), but it is a term policy, not one with any cash value.
- The “taxes payable” amount includes the recent taxes I owe to the IRS and to the state for 2018. See The Tsunami Situation – Tax Edition.
