After crossing the six figure mark for the first time in June, our net worth continues to ascend. We saw improvements in both our assets and liabilities in July and improved our net worth by just over $27,000 from $113,991 at the end of June to a July 31st balance of:
$141,169
Liabilities
Our three month streak of paying off loans sadly came to an end in July, though we were able to make significant progress on our single remaining loan this month. The last handful of loans that we had remaining were through a different lender and they were a pain in the neck to make principle payments. The lender for our remaining loan is much easier to work with. When making a principle payment I get the satisfaction of instantly seeing the balance of the loan drop. It works out the same either way, but there’s something about hitting that submit button and seeing the numbers update instantly.
Any month we’re able to pay down five figures in debt is going to be a good month, and July is no exception. Since the end of June we paid down the principle balance on our remaining student loan by $13,397, improving our balance from -$254,196 to:
-$240,798
As of the end of July we’ve paid down our loan balance by $80,581 since the start of 2018. In the last 12 months we’ve paid our loan balance by $119k!
Assets
In addition to making sizable principle payments to our student loan balance, our investments grew by a similar amount in July, making up for some of the losses from last month. We increased our asset balance from $368,188 at the close of June by $13,780 to a July 31 balance of:
$381,968
Seven months into 2018 we’ve improved our assets by $59,097. Over the last months our assets have increased by $116,657!
Summary
Seven months into 2018, we’ve improved our net worth by $140k for an average of $20k/month. In the last 12 months we’ve improved our net worth by $235,701. Based on our progress paying down liabilities through the six month mark, we revised our goal of debt reduction last month from $100k total in 2018 to $127k. Through July we’ve paid down our loan balance by just over $80k in 2018, so have $47k remaining to reach our new goal.
Our assets continue their steady ascent, though we have no target goal (other than maxing out pre-tax account contributions) as aside from our contributions, we are at the mercy of the market. As of the close of July I have maxed out my 401k for 2018, so we will have even less influence on the trajectory through the end of the year.
As opposed to contributing to other investment accounts, we plan to instead use the larger paycheck that was previously being diverted to my 401k to make additional principle payments on the last remaining student loan.