I thought I’d start writing a net worth report every quarter, so here is the first net worth report, from April 2024.
This first report won’t be massively detailed, because I’ve only just started this journey, but I felt it was necessary to write this anyway, because I felt it was important to highlight the starting point of my journey.
In order to see progress towards any goal, you need to not only know where you’re going, but where you’ve come from. And I feel that writing these net worth reports is a good way of tracking and measuring my progress.
My goal is to document my journey starting from nothing. Well, as you’ll see in this report, I’m starting from LESS THAN nothing!
Calculating your net worth is simple. Simply work you your assets, and subtract your liabilities. Net worth can also be known as equity.
So without further ado, here is my personal net worth for April 2024!
My Net Worth – April 2024
Assets: £0
As of right now, I have no assets, not even in savings accounts, and I have £1.66 in my current account as of writing this. I’m only counting the cash I have in savings accounts and ISAs, not my current account, because that’s just for bills and stuff. Currently all of these accounts are empty.
(NOTE:) I do also have an account that I’m saving into for a deposit for a place that I plan on moving into with my girlfriend, but this account won’t be used as part of my net worth.
Liabilities: £268.77
As I haven’t been working for a while, until I recently got my job, I’ve been using my credit card a lot in order to get by. Very irresponsible but when you have no income, desperate times create desperate measures.
I’ve recently finished paying off one of my credit cards, which I used for my Amsterdam trip in 2023. I paid this off using something called the ‘Debt Snowball’ method, more of that in another blog post.
So now I’m just focusing on paying the one credit card I have a balance on now. And now I’m working, I imagine I’ll be able to pay this balance off in a few short months!
Total Net Worth: -£268.77
In Summary
So not much to shout about at this stage. I have no cash or any assets, and I still have a fairly small credit card balance. However, I’m sure I can have the credit card paid off in a couple of months!
By writing these net worth reports, I feel this is a good way to be transparent with my readers. I feel that a lot of finance bloggers had a lot of success before becoming bloggers, and are seen as experts. Whereas I wanted this blog to be more relatable. I’m starting from the bottom and aim to document my journey as I work my way from nothing to becoming as successful and financially independent as I can possibly be.