Wednesday, May 9, 2012

Net Worth: A first look

I have gotten really, really curious about what my networth would look like. I know it is negative, but how negative? Let's find out.

Retirement funds: $6,904
Cash (including EF): $150
Car (scrap value): $300
Total: $7,354

Studen Loans: $10,899
Credit Card: $4,142
Other: $4,426 (dad's car)
Total: $19,469

Net worth: -$12,115

I have mixed feelings about this. It is lower than I thought it'd be, considering my debts, but it is also higher than $10k, which surprised me upon seeing the number. Granted, if I were to decide to be a jerk and drop my dad's car loan on him, that'd bring my total debt to $15,043 and net worth up to a mere -$7,689. I'm pretty sure we've established I am not a jerk, so I'll leave that up there. For now.

All in all, I am kind of happy with these numbers. Two things about my retirement funds:
1) The bulk of it (almost $6,800 of it) is from my full time employment, and I think it is rather low...
2) My PT employer "forgot" I had qualified for the 401k over 6-7 years ago. So I really did not sign up until about March this year, when I received a random booklet about it. This really bites, because they do a match, albeit a small match (3% at 1:1, the next 2% at .50:1). My FT employer does not do any matches, but they do contributions if the year turns out ok, which is a great help.

I can't say or promise I'll increase this amount any time soon, because I wont, but I am definitely going to be looking at that a bit more closely.


  1. Getting your employer to subsidize your retirement is a great way to get some extra money. Now that we know where you're at it's time to set some net worth goals and track your progress.

    1. You're right! Another number/goal to look at. Not sure how often I'll take a look at it (quarterly, maybe?), so I'll have some goals set before then.

  2. Good news is that it will go up every month. I don't even remember when I first looked at mine. It was negative for years.

  3. If the PT employer matches better, increase there for now if you can, and take advantage of the "free" money!!!! You could always scale back a teensy bit on what you are contributing to the FT 401(k) and increase by that same $ figure for the PT 401(k) to take advantage of more matching funds.

    1. Currently, I am contributing 10% on PT job (I only make about $3-5k/yr), and the first 5% are partially matched. I'm contributing 6% on my FT employer. But you do bring a great pointer! I hadnt thought about switching percentages around.

  4. This is awesome Tanner. I love Net Worth updates so I hope you will be continuing to track it and update us.

    Your retirement is awesome, it's even more than mine and unlike a lot of people, you have something set aside for retirement.

    I think your net worth will be awesome soon enough, mines was negative at a point as well and now it is positive even though I took on more debt(you will read about it soon).

    You also got me to take a look back at my net worth when I first started tracking it. I'll post about that soon too. Thanks.