August 2011 Net Worth Update Look Where I Came From Edition

//August 2011 Net Worth Update Look Where I Came From Edition

August 2011 Net Worth Update Look Where I Came From Edition

In January of 2011 I started tracking my net worth, but I wasn’t comfortable putting the number out there, so I came up with a system where I calculated my net worth and made that number a zero.  This way I can share my gains and loses.  Thankfully since January I have only  had gains in my family’s Net Worth.

The assets I include are:

The liabilities I include are:

What is missing?

  • Car loan – Paid that off last month
  • Credit Card debt – Don’t have any except a revolving AMEX account so no reason to put it up
  • Checking Accounts – Always changing and moving kept low on purpose so no reason to track it
  • Cars – I have no idea why people count cars as an asset.  Its transportation not an asset.
  • Jewelry – I joke that The Wife’s hand is worth more than my car…but there is NO way anything is being pawned/sold so why list it as an asset?

My Net worth Update

  • From July 1, 2011 to August 1, 2011 my net worth has increased 3.38%
  • From January 18, 2011 to August 1,2011 my net worth has increased 46.84%

I am not upset by the number, but this is my lowest month to month gain since I started tracking.  I think the reason has to do with market forces since I put my standard amount into my 401(k) but the balance actually decreased.  While this excites me in the long run, in the short run it is pretty frustrating.   Further, I am positive that that as my actual net worth increases, it will become near impossible to gain 3% month in month out….but for now I’ll take it!

How was your month? Do you have an update?

My First Post Almost 3 Years Ago

I started this blog almost 3 years ago (August 5, 2008 to be exact).  In that post, I wanted to put it all on the line, and I will tell you writing/reading that post still annoys me:

  • Approximately $16,800 in Credit Card Debt!
  • Approximately $250,000 in Secured Debt (House Mortgage and my car – wife leases)
  • $60,000 – $70,000 Law School Loans

It took me almost 1 one year to pay off all that credit card debt and another 18 months after that to pay off my car.  I would never say that I wasn’t financially “happy” but it feels good when debt repayment isn’t your primary goal!

By |2013-09-26T14:58:25+00:00August 1st, 2011|Personal Situation|26 Comments

About the Author:

Evan is the owner of My Journey to Millions which was started to track his journey from a broke debt ridden law school graduate to building a positive balance. Need more Evan? Follow him on Twitter, Contact him or get new posts directly to your email


  1. Money Beagle August 1, 2011 at 9:59 am - Reply

    At this point, if I can average 1-2% a month, I’m doing great. But with the stock market performance the past few weeks, I’m really not looking forward to doing my net worth report for August. I know it’ll be down by at least a couple-three percent. Ugh.

    • Evan August 8, 2011 at 3:52 pm - Reply

      It took me 1 week to respond to comments, and looking at the market today (Aug 8, 2011 down 600+ Points) if I had to guess Aug will be my first negative month!

  2. Niki August 1, 2011 at 12:27 pm - Reply

    I like your idea of showing your net worth in percentages rather than the numbers.
    You had a pretty good month and pretty great half year so far. Congrats!

    • Evan August 8, 2011 at 3:53 pm - Reply

      If you like my idea…then do it! Make it yours and show the world how much better you are doing month to month.

      Do you do this with your debt? I’d love to see a post – put the link here.

  3. Jenna August 1, 2011 at 1:44 pm - Reply

    Congrats on paying off your car loan! Must feel amazing!

    • Evan August 8, 2011 at 4:04 pm - Reply

      It is nice….but only makes me hungrier for the next debt to kill or next account to fund

  4. retirebyforty August 1, 2011 at 3:12 pm - Reply

    It’s incredible that you increase the net worth 47% since the beginning of the year. Our net worth was pretty stable this month.

    • Evan August 8, 2011 at 4:06 pm - Reply

      I think a lot of it has to do with the fact that the networth wasn’t huge before and I have really been working hard at saving CASH this year.

  5. Jon August 1, 2011 at 8:34 pm - Reply

    Wow! Congrats on paying off your car loan. I did that a few months ago and I know what a relief it feels to get that off your back. And congrats on your major increase in your net worth — that’s awesome!

    • Evan August 8, 2011 at 4:10 pm - Reply

      Best thing about paying off the debt is freeing up the couple grand it cost to service the loan each year. It is like I got a raise

  6. Sunil from The Extra Money Blog August 2, 2011 at 8:25 am - Reply

    very true in that the bigger the gross numbers get, the smaller the percentage will become . . . contrary to conventional thought that large drives larger. i supposed that would hold true if we were talking liquid cash put to work, but in terms of net worth i agree with the challenges you have foreshadowed.

    • Evan August 8, 2011 at 4:11 pm - Reply

      I look forward to going from $1,000,000 to $1,010,000 for my 1% gain per month lol

  7. Julie August 2, 2011 at 11:26 am - Reply

    That is wonderful progress. Congratulations! I love these comments about your net worth:

    Cars – I have no idea why people count cars as an asset. Its transportation not an asset.

    Jewelry – I joke that The Wife’s hand is worth more than my car…but there is NO way anything is being pawned/sold so why list it as an asset?

    I completely agree with your rationale.

    • Evan August 8, 2011 at 4:12 pm - Reply

      I am sure your husband would too LOL

      • Julie August 8, 2011 at 4:33 pm - Reply

        Actually, I have a hand that’s pretty similar to your wife’s. And nothing is getting sold here, either. LOL

  8. Denise August 2, 2011 at 11:46 am - Reply

    I really like the idea of showing your net worth in percentages. I have been wanting to track my net worth online but, like you, didn’t want to put the real numbers out there (I don’t care about strangers, but people I know read my blog and it is none of their business). Mind if I steal your idea? 🙂

    • Evan August 8, 2011 at 4:12 pm - Reply

      Steal it! Live it! Love it! Maybe some recognition would be great. Let me know if you need help with the spreadsheet.

  9. MMG August 3, 2011 at 6:50 am - Reply

    That’s great progress. Just continue to grow your wealth slow and steady and you’ll reach all of your goals before you know it.

    • Evan August 8, 2011 at 4:13 pm - Reply

      Thanks! I appreciate the encouragement

  10. Selling Theta August 3, 2011 at 9:42 am - Reply

    Good work on keeping the gains up, next month will be tough though…

    • Evan August 8, 2011 at 4:14 pm - Reply

      Ugh with the market taking a beating the past week I am sure August will be my first negative month.

  11. Mike August 3, 2011 at 5:28 pm - Reply

    Looks like I can comment again…woo hoo!

  12. Rob August 8, 2011 at 10:49 pm - Reply

    Hey Evan,
    It’s been a while, but it’s obvious you are still hitting it hard. I love the openness that you give regularly.
    Just wondering as far as long term.
    Is there a number or percentage (of current income) that you have in mind as far as reaching retirement in comfort?
    Just wondering what you’re basing the numbers on?

    Thanks much.

    • Evan August 10, 2011 at 10:19 am - Reply

      Currently, I have no real intention of following early retirement extremes, so I have never really thought about an end goal of $X in my IRA/401(k). My goal is to accumulate assets and pay down liabilities as fast as I can while living a relatively normal life. This may have to do with my age, I am only 29 years old.

      Notwithstanding, I do have a cash goal in mind. Right now it is to accumulate enough for a substantial down payment on a new home. The houses I am looking at are 400K to 500K (which doesn’t buy a whole heck of a lot where I live).

  13. Mike M August 9, 2011 at 5:46 pm - Reply

    How are you able to realize almost 50% growth? Is most of this coming from income, dividends, etc? I’m sure not having car or credit card payments help.

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