Jan

2

net worth 2008?

Filed Under plonkee 

I’ve a while ago my net worth position in 2007. A year has gone by, am I any richer?

Of course, since I started blogging, I’ve become immeasurably richer just by interacting with all the people here. I’ve had similar results with some other things that I’ve done in 2007. My life is rich.

My financial situation is a little different. Although I’m theoretically happy to share the details of my net worth, since I bought a house, they’re a little more difficult to calculate. Basically, I can’t work out how to value my house because I don’t know whether the market is stagnant or falling.

Anyway, cashing up, board game style I have (rounding for laziness reasons):

  • £5500 in savings accounts
  • £12850 in investments
  • £97000 in house
  • -£9800 in student loans
  • -£87000 in a mortgage

This leaves me with an approximate net worth of £18550 - I’ve assumed a stagnant housing market here so this figure is plus or minus £5k.

This is a serious amount more than my net worth in 2007, but I received a windfall last January and a couple of gifts - these formed the house deposit, and/or have been allocated towards improving the said house.

The plan for 2008 is to increase my net worth further by saving and investing 16% of my income (my arbitrary but achievable target).

How has your net worth changed over the last year and what’s on the cards for 2008?

Here’s what some of my blogging friends are saying:

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Comments

12 Responses to “net worth 2008?”

  1. Patrick on January 2nd, 2008 12:19 pm

    Any progress is good progress, Plonkee! If you get your professional certification and promotion this year as planned, I’m sure progress will be made even more quickly! :)

  2. rocketc on January 2nd, 2008 1:43 pm

    Could you convert to dollars, please? just kidding - you are in great shape for your stage in life. You are going to have a great deal of financial freedom at a relatively young age.

  3. plonkee on January 2nd, 2008 2:00 pm

    I most certainly can convert (approximately) to US$. It would be about $37K. Which sounds like an awful lot of money, but then $24K is tied up in my home.

    Only another 40 years to save and invest until retirement.

  4. SavingDiva on January 2nd, 2008 2:55 pm

    Congrats on the increase in your networth! I wouldn’t worry about so much being tied up in your home. As long as you’re planning on staying there, it’s a solid investment…

  5. Llama for brains on January 2nd, 2008 4:50 pm

    Actually… I’m still working out last years net worth…

  6. Mrs. Micah on January 2nd, 2008 6:19 pm

    Good stuff. It’s nice, too, that you’ve passed a point with the house where you’ve paid more than you owe. :)

  7. Pinyo on January 2nd, 2008 7:49 pm

    Congratulation on successful 2007. It’s always a challenge to get a good estimate on the house value.

  8. Catherine L on January 2nd, 2008 11:30 pm

    Congratulations - this is a good progress.

    Am not totally sure what my net worth is. It has almost certainly gone down, as I put a lot of money into a new business last year, which is not yet profitable.

    Also, I still have many outstanding debts owed to me - and I never count those until they’re paid.

    And like you, I’m finding the change in the property market has added confusion.

    Trying to calculate your net worth when you are a business owner is a real pain.

  9. plonkee on January 2nd, 2008 11:37 pm

    I calculated mine for the first time last year. I’m not interested in monitoring it more often than once a year - having property has given me enough problems, a business would make it worse I’m sure.

  10. hank on January 3rd, 2008 1:54 am

    Agreed across the board - you’re making money, stashing it where it needs to be, and soon enough that 40 years will be up and the nest egg will be ready to cook! :) You’re a step ahead of most as you’ve got a plan though, VERY important…

  11. Pippin on January 3rd, 2008 3:13 pm

    property makes it impossible to work out your net worth with any real degree of certainty at present. I’ve lost around 20% on paper this year, but realistically, I’ve got a whole lot more comfortable. My end of year calcs realised the fact that my ‘cash’ investments will equalise my mortgage debt in around July-August 2008. This wasn’t actually planned, but does emphasise the importance of acknowledging little goals- 40 years is a long time to wait for plans to come to fruition!

  12. Brip Blap on January 5th, 2008 1:42 am

    Looks like you’re doing well. I wouldn’t be too dismissive of the windfalls you received. If you didn’t spend them, and by not spending them increased your net worth, you’re DOING something to increase your net worth - not spending.

    If you ran out and bought bangers and mash, knickers, a lorry or a spot of tea with those windfalls then you would have reduced your potential net worth - so it’s something to recognize as a contribution, not just “a windfall.”

    (Sorry, just felt like saying “lorry”)

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