Net Worth Update (May 2016)

Previous update here.

May was a fairly full on month here at wealth from thirty. Teaching at the University is finally over for me (I gave my last lecture in early June) and I’m finalising my Masters thesis for submission. Getting the thesis done will give me a bit of breathing room in July. A few big ticket expenses included fixing a garage door motor, registration and insurance for my car and putting money aside for travel also meant I saved a little less this month.

 Quick Summary: Cash increased following pretty aggressive saving (40% of my non-scholarship income). Superannuation and investments increased with the market continuing to recover…it’s the long term trend that counts but I’m actually really pleased with the composition of my Super at the moment and I’m eagerly awaiting the end of financial year distributions (these are typically the largest yet if history is any guide, they won’t be paid into the account until August). Credit card debt was fully paid out before I purchased a few awesome music tracks and e-books. Other Liabilities reduced too. Overall, net worth increased $2,366AUD. I’m trying to save as much as possible over the next two months before my scholarship ends and I go into business for myself.

Assets:
Cash: $7,647 increased 1.84%
Superannuation: $32,728 increasing 3.72%
Investments: $4,365 up 8.55% (net deposits $200).
Other Assets: $12,427 down 1.20%

Total Assets: $57,166 up 2.70%

Liabilities:
Credit Cards : ($58)  reduced 81.78%
Student Loans: ($30,790) steady
Other Liabilities: ($21,767) down 2.68%

Total Liabilities: ($52,615) decreased 1.61%

Net Worth: $4,551 up 108.29%

Notes.

  1. Cash consists of online savings accounts. I moved away from carrying cash in Q1 2015 and make 95% of my transactions electronically, for more accurate and up to date record keeping. I have a small transaction account holding around a tenth of my cash funds with the balance held in an ’emergency fund’ and a smaller account for rent savings/payments, both in modest interest bearing accounts (2-3%p.a.).
  2. Superannuation is the Government mandated retirement savings system in Australia
  3. Other Assets consists of one car at market value, depreciating monthly.
  4. Student Loans consist of the HECS/HELP debt provided by the Australian Government,  indexed to inflation. The loan repayments are based on taxable income, with repayments required from taxable incomes of $54,126p.a. or more in 2015.
  5. Other Liabilities consist of two loans which are interest free and don’t require repayment until I finish my Masters degree.
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8 thoughts on “Net Worth Update (May 2016)

    1. It’s was certainly pleasant to see Super recover…although my account return has wriggled its way sideways since August 2014…Time will tell if the current composition pays off. I laughed at your chocolate comment, and have to confess I ate two blocks of chocolate last week alone :/ Thanks for stopping by.

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    1. Thank you IH. I plan on opening a private practice…set up costs are minimal but it still requires me to do some solid saving. Not really a traditional business in that I won’t have products to sell or a store front etc., just a small office.

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  1. J

    Congratulations on another great month! And extra congrats on the 40% savings rate! I love how all your assets (except depreciating) increased and all your liabilities (except student loans) went down. That’s the trend we’re all probably aiming for in this community. Great job, man!

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    1. Thanks J – I’m working hard to keep the trend up! I actually need to come up with a clearer way of reporting my savings rate – I’ve excluded my $200 per month investment deposit and I calculated the 40% from my non-scholarship income, which is about $1011 per fortnight. In reality, my savings rate for the month was closer to 35% which I’m still pretty happy with. You had such a good month also and not just your circa 50% savings rate (nailed it!) but also how much love you showed to your little brothers. I like those priorities and after all, it’s just money right 😉

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