The large goal I have money wise for my next four years plus any graduate school is to earn my degree without any debt to my name. This is a simple goal to name so it is the one I have based this site around. But I would like to increase my assets in this time as well, and it is for this reason that I have decided to post my net worth, if not every month then at least regularly.
Because I have no income I do not expect to see any drastic changes to these number on a monthly basis. It is from, other bloggers such as Million Dollar Journey, that I have seen that posting my net worth will be a good way to keep me accountable. The same thing has been said of losing weight: it is easier to fail when nobody knows you are trying to accomplish anything. So if your goal was to lose ten pounds, you might tell a couple people your plan and then you get a little extra satisfaction from telling them when you achieve your goal.
My idea is that if by putting my net worth online, I may think about buying that scratch ticket (a guilty pleasure of mine) or doughnut at Tim Horton’s.
There may be some of you who will look at these numbers and decide that may website is misnamed, that I should not really be complaining about my money because I have a lot more than them. It is true that I am in better financial shape than a lot of students I know, and many more who will read this. I cannot deny this or defend myself. Nor am I trying to boast. I do want to share my journey of trying to graduate debt free however, and this, while not ideal for many reasons, is my way of doing that. I am sorry if this rubs anyone the wrong way, but my intentions are good-hearted.
Now here it is:
Cash – $4,077.62
Investments – $3,039.57
Car – $500
Total – $7617.19
Credit Card – $138.50
Net Worth – $7,478.69
To clarify these numbers a bit, the credit card balance will be paid off before my statement, and there is a purchase that has not shown up online yet, which will also be paid before it is due.
Mint lists that as my amount of cash, but exactly none of that is in a chequing account I could access now. It is split between a high interest savings account and a TFSA. I guess I could differentiate between savings and cash but I will use Mint’s categorizations for simplicity’s sake.
My car has never been appraised and there are many people who know more than me who would not buy it for anything. It is a 2000 Malibu with more than 200,000 kms on it. I list it as $500 because I believe that if I tried hard enough I could sell it for that, minus all costs of transferring ownership. But for the time being it is my largest variable expense. It costs all the gas plus a lot of insurance that I am looking forward to not paying once it expires.
My investments I have listed before here, they are two mutual funds and an ETF.
Right now a lot of people would love to have a net worth of $7,000, and I do not take that for granted. I know I have been blessed to this point. But that total was a lot higher in the summer before I had to pay tuition, and it has only decreased since. If this number goes up ever so slightly or even stays where it is I know that it was a good month financially. I look forward to hopefully sharing good news, but either way telling it here makes me accountable for my money.