I should have done this earlier. For all of my talk of personal finance and wealth accumulation, I sadly only have a vague idea of my net worth! Well, a quick Google search remedied that (see site here) and a few minutes later, I found out how much (or little:p) I am actually worth.
I tweaked the suggested method and categorized my assets into the following: condominium unit, car, savings/checking accounts, investments, insurance cash surrender value and jewelry. I gave approximate values to the condo unit, car and jewelry which I would like to believe are pretty accurate, give or take a few thousand pesos, while everything else are their actual values as of January 28, 2014.
Here's a graph of how my assets are divided:
My only liability is the mortgage which still stands at around Php620,000.00. After deducting the liability from the assets, I'm happy to report that I have a positive net worth. Yay me!
But more than knowing how much I really am worth in the literal sense of the word, calculating my net worth every few months or so will be a big help to see if I'm making progress in my goal towards financial independence. And since I finally mentioned financial independence, what do I really mean by it? No really, I still am not clear on what financial independence means to me. This is a topic for another blog post altogether.
I'll do another net worth check in June. I'm fairly sure that my net worth will still be positive, because we don't plan on making any big purchases this year, but I'm curious to find out how my investments will fare by the middle of this year. The past year has not been kind to my portfolio at all and I just barely broke even a mere few days ago, then the market started to slow down again. Ugh. Hassle.
Anyway, that's how stocks roll. Can't hate it when it's just being true to itself.