For several months, I’ve been tracking my net worth as part of my effort to pay off debt and build up assets.
We’re not horribly in debt by American standards — which means we have a lot of debt. When I realized how much freer we would be without all those monthly payments, I determined to get rid of some.
We started a big debt payoff push at the beginning of 2007 with “only” a mortgage, a second mortgage, a car loan, some student loans, and credit card debt less than half the U.S. household average of $9,200 (that’s according to CardWeb.com per this article, and it’s among households that have at least one credit card).
The good news for us: Most of our credit card debt was accumulated when we charged Mr. Cheap’s grad school tuition last summer. The bad news: We were dumb not to get a tax-deductible student loan for that $3,000 hit, which we thought we’d just pay off, but we’re still working on it.
Nevertheless, what’s done is done.
So how’s the net worth? It’s up 5.89 percent since last month. (This is per my list of accounts in Quicken, noted on the 10th of each month.)