After tracking our Net Worth for one year I know have the ability look back and gauge my progress. I feel like last year was a really good year for me, yes the markets did great but stocks currently make up a small portion of our assets. Instead, a lot of the momentum came from two properties we are renting out. My focus has been on paying off our rental mortgage in order to free up that income stream and provide some added added financial security.
Overview
Our Net Worth went from $237,836 to $312,757 a $74,921 increase.
Our Assets went up from $700,331 to $728,654 a $28,323 increase.
Our Debts went down from $462,495 to $415,897 a $46,598 decrease.
We went from owing $74,015 on our rental to $39,570 for a total of $34,445 paid down on the mortgage. That accounts for roughly 46% of our Net Worth gains.
Our retirement accounts which consist of a mix of Roth, HSA and 401k funds increased by $23,287 of that $4,777 was due to market gains and the majority $18,510 was due to contributions.
For the coming year i’m still looking to hit the rental mortgage agressively, after that I plan to ramp up my 401k contributions.
For historical context check out a graph of our NetWorth over time.