I have to admit, I thought I was in a much worse financial position. There is simply no excuse not to reach my 2016 Net Worth Goal of $0. I’m not saying that I’m doing great, but most articles/blogs I read it’s about someone being at least 20K in debt. And if they can achieve being debt free then so can I, NO EXCUSES. It’s quite embarrassing to post something like this for everyone to see, but I just don’t care anymore. There comes a point where drastic measures must be taken to achieve drastic goals.
My goal is to reach a net worth of $0 – break even by the end of 2016. That means getting rid of my CC debt, paying off my personal debt, and paying down my auto loan. If I do these three things then I will reach my goal, I might even have a positive net worth 😀
Now that I’ve laid it out for everyone to see, here is a breakdown:
Cash Savings: I know, pitiful 🙁 but like Lao Tzu once said, “The journey of a thousand miles begins with one step”
My goal for savings is to have a $500 emergency fund until I pay off my debt completely.
Digit: I just signed up with them three days ago and heard some good things about them. Decided to give them a try and so far I’ve saved $1.79. We’ll see how it goes.
Qapital: Just opened a new account, nothing to show for it right now.
Acorns: My first investment was $9.26 on January 7th, 2016. I haven’t touched it since and has gained .68 cents 🙂 I won’t be touching this for awhile.
IRA: Will only be depositing $20 every month until all debts are paid and I have my emergency fund. Once that happens I will see how much I can increase.
401K: AUGUST! Marks my six months of employment at my job and also when my 401K kicks in. My company matches up to 3% and will max it out once that happens.
Auto: When I first purchased the car in February 2016 it was worth $8,200 according to KBB, and now it’s gone down more than 1K. Oh well 🙁
This has got to be the biggest thing I was ashamed of posting. I almost wanted just to leave it out, but I had to assess my goals for this site and I knew leaving it out wouldn’t be aligned with my goals. Full transparency is something I value, and I don’t want to go against my values just because I’m ashamed/embarrassed.
Okay now that I’ve said that, at first I had collections at the top of the list of my priority debts to be paid. Mostly because one of my goals is to fix my credit and increase my credit score. I’ve been able to increase my credit score from 527 to 664 without having to pay off any collections and seems to be going up. So for now, it’s not a priority until I pay off my debts that are accruing interest. Once those debts are paid off, I will begin tackling collections. Read more about my credit challenge here.