It’s My Birthday, I’ll Update My Net Worth If I Want To
Hello long-time readers, I’m sure you’re wondering how my finances are doing since I haven’t posted a net worth in… well, it’s been a while. I’m currently working with a financial advisor to put together a long-term plan that helps me get out of debt and save for retirement. It’s never a bad thing to check in with a financial professional if you’re feeling shaky about where you’re headed.
As part of that, we’re putting together a net worth picture – and what better way to usher in my 25th year around the sun. I can’t believe how much I’ve changed since last year. Unfortunately, I don’t have a spreadsheet that was accurately tracking my net worth from last year. I went into debt keeping myself afloat. However, I know that I had
- $13,015.92 in assets
- -$17,788.58 in student loan debt
- ~$6,000 in credit card debt
That means that last year, around this time, I was sitting at a lovely -$9,872.66. Approximately. Unfortunately, I wasn’t tracking my credit card debt. That’s a large number, and I wasn’t talking about it in this space or anywhere else. I needed space away from the digital world to work through my divorce and figure out where this blog was headed without him in my life. This project was something that we were supposed to accomplish together, and walking away from a harmful marriage was one of the hardest things I’ve ever done, and left me in disarray for well over a year. I’m hoping that this upcoming birthday breathes fresh life into my soul as I start blogging again – this time with more authenticity and care for myself.
It’s hard to do so well with someone, and then to utterly fall apart financially when they leave. That was the biggest sadness. Not that he left, not that he said hateful things towards the end, but because leaving him meant forfeiting financial security. And I grieved that more than I grieved him.
A year and a half later, I’m ready to deal with the financial wreckage that is my life. I have a stable job making $41,000 a year + bonuses. And I have a plan to tackle my debt. But let’s look at the numbers.
Let’s Talk Assets
| Asset | Amount |
| Ellevest | $2,681.46 |
| Fidelity | $10,091.75 |
| Millennium Trust | $3,686.61 |
| Ally Checking and Savings | $3,526.84 |
| Total | $19,986.66 |
I’m less than $14 away from having $20,000 in assets. At 24. I’m really proud of myself for that. I haven’t calculated my assets in a hot minute. And I didn’t think that since I purchased an RV, I’d be this close to $20,000. My goal before I turn 25 is to have $25,000 in assets, and I’m definitely on track to have my salary saved by the time I turn 30. While I’d love to have another $80,000 saved by the time I’m 30 to hit that elusive $100,000, I think it’s more realistic to aim for $45,000 saved. And anything extra is candy.
Right now, I’m really enjoying the fact that I was able to save that much. When my husband and I split, I had less than $10,000 in my name. In just over a year, I’ve doubled that. By myself. (and with the help of my mother, who lets me pay almost zero rent, Thanks Mom). I still feel like I’m living on the edge of broke – but that’s a contrived feeling. It’s easy to get caught up in not feeling like you have enough (and to be fair, my budget is tight right now), but I’m fortunate enough to have the skills. to save for retirement and the excess in the budget to make that possible.
Let’s Talk Liabilities
| Liability | Amount |
| Student Loans | $17,150.00 |
| Citi Bank | $2,253.31 |
| American Express | $679.69 |
| Care Credit | $2,180.52 |
| Chase | $2,192.90 |
| Total | $22,275.90 |
Unfortunately, last year hit me like a truck, and my net worth didn’t come out unscathed. I racked up credit card debt and made little progress on my student loans. But I’m a free woman. And I love who she is.
Total Net Worth: -$2,289.24
Honestly, starting this post, I thought that I’d wind up worse than when I left – but a year later, and I’m almost back to a positive net worth. I doubled my assets, and I have a plan to tackle my credit card debt in the coming months. I need to buy a car soon but we’re doing okay, besties, we’re doing okay. Better than okay, because I increased my net worth by $7,583.42 by myself. I’m still living at home and recovering emotionally, but I can take care of myself. And that’s an empowering thing.
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To a better, happier (and wealthier) year!
I know from what you’ve shared it’s been an extraordinarily hard year in a lot of ways and I’m glad for you that you escaped a bad marriage this early. When I was 19, I met a friend who waited until her 50s to leave and it was always an object lesson to me that leaving sooner is much much better. You have so much more time to rebuild and recover, and I know you’ll get there. So proud of your bravery this past year through all the difficult things, and happy birthday!