In mid-2000, my net worth was negative. It went into the black by the end of that year. As late as 2001, my net worth was in the five figures. Not too long after that, we married, which combined our individual net worths, bringing our collective net worth into the low six figures. As I’ve mentioned, I only really started focusing on our personal finances after our first child was born—so it’s instructive to see the progress in particular over the last, say, four years. Here are the approximate year-by-year increases in our net worth during that time—with the number in parentheses excluding appreciation in the value of our home:
Net Worth Increase
2004: +$240K (+$70K)
2005: +$330K (+$195K)
2006: +$260K (+$260K)
2007: +$247K (+$217K)
These numbers are a bit rough, pulled out of my tracking in Quicken on a current (or then-current) basis—and are limited by the program or my limited understanding of how to do more sophisticated accounting of certain things in the program. That especially applies to my not having an account or having figured out a good way to show any pending tax liability in Quicken. This sort of evens out, as each year includes the effect of whatever tax payments were made that year—but what you would not see here is any tax payments made in 2008 for 2007. There are also a few glitches in my Quicken report relating to how I closed out accounts within Quicken (such as when I moved from one broker to another)—and I have tried (albeit only quickly) to make adjustments for that manually.
As some folks suggest looking at net worth exclusive of your primary residence, the parentheticals show that. The tracking of the value of our home was and is arbitrary in any event—as I only changed the stated value of our home in Quicken when we happened to have an appraisal, mostly when it came up in the context of a mortgage or HELOC issue.
The last three years in particular were quite good in year-over-year increases in net worth, especially factoring in that we had some income dips during that time because of maternity leaves. 2008 is off to a rocky start. In the first couple of months—with the turbulent stock market—our net worth has probably dropped at least $40-45K, all in our stock holdings. On top of that, we are anticipating some major expenses this year. So it could be difficult to maintain the pace that we have achieved in the last few years; and we’re still a long, long way from how I am defining our financial-independence goals.
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Hello, great blog!
Congratualations on your increase in net worth... from what Im reading, you achieved your increase in net worth year after year only by saving and investing on low cost index funds?
Is the above statement correct?
Thank you
Thanks for the comment! I don't know if I'd summarize it quite that briefly, but I would say the increases are attributable entirely to saving and investing -- just not 100% in index funds.
The following post spells out a little bit more (and if you're interested, I will try to post more on this over time):
Inside The Millionaire Mind of Mush—How We Became Millionaires
This was originally a guest post at Free Money Finance, so the post currently still links to that blog for the full read.
Definitely I would love to hear more on the details on how are you doing this, if possible.
Would it be possible to know from the year over year increase how much was savings and how much was return on your money from investing?
Thank you again
Thanks for the comment and follow-up. I don't have the breakdowns of what you are asking for readily available. Apart from the equity in our home, and counting up through the beginning of 2008 (which ends the primary time periods covered in this post), our returns in our other investments had been pretty good -- but not unusually good relative to the market -- so that may give some context. Perhaps I'll get around to breaking it out further and posting on it!
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