Current State of Finances Part 1: Net Worth
I want to give a snapshot of where I am at financially, to give you all (and myself ) a frame of reference for future posts. I recently graduated with a bachelor’s degree about a year ago, and I am working full time as an administrative assistant. I am currently engaged to a first year dental student, and we’re getting married in a couple of months, so we have begun merging some of our finances.
First, we’ll take a look at my net worth
- Credit Union Checking: $19,726.30
- Credit Union Savings:$125.22
- Discover Savings: $7,040.21
Total Cash on Hand: $26,891.43
- Roth IRA: $3,203.07
- Vanguard Account:$3741.25 This is money that I rolled over from a gift trust I cashed out when I was 19. The fund that it was in performed pretty poorly, so I put it in an index fund. I already used part of the money to by a condo with my parents and my sister (more on that in future post, to keep things simple I won’t include the condo in my net worth calculations) and to start my Roth IRA. As of now, I’m not sure what the money will be used for, but I am open to suggestions.
Total Investment Money: $6944.32
None so far, but will change in the near future when my fiance exhaust all of his savings on his dental school tuition. Last semester his tuition, fees, and equipment rental topped $16000.
Total Net Worth: $38,835.75
My net worth looks impressive for my life stage, but as I learned in my statistics class, numbers are just numbers if you don’t know where they come from or what they mean. A large portion of my cash belongs to my fiance, which will be used for his tuition next semester. So, I do think that my net worth is a bit inflated, and I know it will change drastically before the year is over.