Fabulous Financials

2007 Review: Single Ma’s Annual Net Worth Summary

8 January 2008, 16:08 UhrAnnual Review, Net WorthSingle Ma

First, I will begin with a short recap of 2006:

2006 annual review: from ($2,500) to $66,333. This was my first year tracking net worth value, so it took a while to find my groove. The first number was merely a guesstimate from the top of my head, but I gradually learned the true meaning of net worth valuation and finally decided what I wanted to track. In April 2006, I purchased my first home but didn’t add its value until July. Around the same time, I committed myself to a complete financial overhaul, established financial priorities and made a commitment to aggressive debt reduction efforts.

Now here’s a quick look at 2007:

[click to enlarge]
Click on the links for more details about each month…

January 2007: $69,230 - added pension value which increased net worth to $92,659. Also increased my annual goal from $100,000 to $125,000.
February 2007: $93,820
March 2007: $99,677
April 2007: $111,203 - earned a six figure net worth!
May 2007: $112,324
June 2007: On vacation in early July, forgot to pull numbers. Paid off car!
July 2007: $119,694
August 2007: $118,192* - reduction due to car depreciation and I decided to reduce the value of my personal possessions from $5,000 to $3,000.
September 2007: $126,187 - met 2007 annual goal!
October 2007: $131,167 - changed the format of the net worth spreadsheet. Same data, different presentation.
November 2007: $130,412* - reduction due to market performance and issues with rental property reduced cash flow. Paid off student loans!
December 2007: $132,857 - spent more $$ than I earned (*smack on back of hand*) but ended the year on a good note.

*Two months of “negative” growth.

In 2007, my net worth increased by $40,198 ($92,659 to $132,857) or +43.4%. I attribute the growth to aggressive debt reduction efforts and regular contributions to my investment accounts despite market fluctuations.

Although my “long term” net worth goal is $1,000,000+, I need to establish a “short term” goal for 2008. Now that I have an idea of what I can achieve, a reasonable - yet challenging - target is $200,000. This is an increase of $67,143 or +50%.

I can do this.

~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!

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6 comments:

nofearingthemoney, 8 January 2008, 18:33

SM,

I know you can do this! Your goal is achievable. You know my goal…how about when I hit it, I send you a bottle of wine for your collection.

Thanks again for the inspiration.
Single Ma, 8 January 2008, 19:17

What? Let me get this str8. YOU achieve a goal and *I* get wine???? Hayle yea, that works for me! Ha!
Sistah Ant, 8 January 2008, 19:39

This is wonderful and inspiring. I increased by $15,000 last year, but looking at your progress inspires me to want to do even more this year - from your example, the key is to consistently aim high and take action towards the goal. Perhaps I can increase by $20,000 this year?
no more spending, 8 January 2008, 22:24

Your posts are inspiring and motivating.
I’m sure you will achieve your goals.
The Diva's Thoughts, 9 January 2008, 8:33

I am amazed at your organization and record keeping.
BK, 10 January 2008, 4:22

Girl you ROCK and you talk about me JUGGLIN it all but I guess its different when its adding to your bottom line!! LOL

Keep doin da damn thing.. We will be joining your MILLIONAIRES club soon!