Monday, August 18, 2014

August Net Worth Update: $-110,307.77 [Up $5k!]

For all the worries I was having last month about my job, thankfully it has turned out alright.

I'm also grateful that August has been a kickass month in terms of income, as the payments for all my hard work freelancing from the past few months have been coming in.  So nice to receive checks in the mail for a change (much prefer that kind of mail over bills).  Yay multiple streams of income!!!!!  :D

Here is my August breakdown.  Check it out!

Cash $12,550.18$15,265.47-$2,715.29
Total Assets$48,073.02$43,391.02$4,682.00
Student Loans$156,751.56$157,211.06-$459.50
Credit Cards$1,629.23$1,641.77-$12.54
Total Liabilities$158,380.79$158,852.83-$472.04
Total Net Worth-$110,307.77-$115,461.81$5,154.04
Student LoansAmount OwedAmount Paid OffInterest RateMonthly PaymentPayoff Date/ $ Paid Toward Loans
Federal Loans$118,471.64$5,000.005.75%$1,093.65
Private Loan 1$11,344.155.00%$0.003/7/2014
Private Loan 2$9,738.043.01%$81.18
Private Loan 3$11,368.913.21%$84.77
Total $156,751.56$31,354.72$1,399.57$35,553.43

I realize this net worth update is coming late in the month... so that will probably mean less of an improvement between now and September 1st, but that's ok.  Just trying to keep track of progress over the long term.

I also just invested about $7,000.00 cash, which is why my investments have increased so much.  I know there is a whole debate about paying off student loans in full vs. investing, and I've gone back and forth about it myself,  so I think that will be a good topic for a future post.

What are your thoughts on the paying off loans vs. investing money debate?

1 comment:

  1. So, I did start investing before paying off my loans, but it was all in a retirement account (and it wasn't that much.) I think that in your shoes I would aim for a 50-50 thing, where you divide your dollars evenly between investing and debt payments, at least until you've maxed out your 401(k) for the year (after that, if you have any excess, I'd put it all to debt rather than investing in the market more generally.)