Net Worth Update

My March net worth - spilling the numbers πŸ‘€

PERSONAL FINANCEFINANCIAL HEALTH

2 min read

Net worth is one of the easiest ways to calculate your financial health. You can figure out your number by:

  1. Identifying all your assets

  2. Identifying all your liabilities or debts

  3. Subtract the total value of your assets, with the total value of your liabilities

In today's blog, I'll be sharing my net worth and how I calculate mine!

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🏠 Apartment - $600,000

I purchased an apartment to live in a few years ago for around $485k in Sydney. It has 1 bedroom, 1 study, 1 bathroom and 1 car spot. Since I purchased it, its value has risen to around $600k (based on sales of similar property).

Assets

πŸ’° Superannuation - $47,608

A portion of my pay is automatically deducted from my pay check every month. This money is put into a retirement fund which is invested. The fees from this account also goes towards my life insurance.

πŸ’° Offset - $160,202

An offset account is a part of my mortgage, where any money put into it reduces the amount of interest I need to pay. This amount is anticipated to reduce when I purchase my investment property next year.

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πŸ’° Savings - $33,153

This figure is a combination of my personal savings, and my portion of the joint savings I have with my partner.

πŸ“Š Investments - $31,938

This figure is a combination of my personal investments, and my portion of the investment portfolio I share with my partner.

πŸ₯² Crypto - $591,09

I've considered my crypto portfolio gone now, but there's still some money in there that I'm leaving in to see how it goes

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🏠 Mortgage - $333,476.84

I took out a home loan to purchase the property I currently live in. It's a full variable product with an offset feature - I wish I fixed the rate earlier now that rates are high!

Liabilities

πŸ’° Family - $197,522.45

My parents invested some of their money on my behalf, and gave it to me once I turned 18. I've made sure to keep that money aside so they can use it anytime if they wish to.

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Net Worth Reveal

To calculate my net worth, I used the following formula:

Net worth = Total Assets - Total Liabilities

My total assets = $873,493
My total liabilities = $530,999.29

Therefore, my final net worth comes down to $342,494!

What's your
net worth?

Quickly and easily stay on top of your net worth, savings rate and debt to income ratio with the free financial health calculator

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