Net Worth Up Over 28% in 6 Months!

I only update my net worth when I have to send the annual personal financial statement to the bank to comply with the requirements for a loan my partner and I have on a commercial building.  However, now that I hope to approach my Mom in order to solicit help in the form of a loan for using for a back tax debt, I figured I should go ahead and get the numbers together along with my budget so that I could demonstrate my ability to pay it off.

The last time I filled out the statement was in mid-July when I had a certain positive net worth.  It is more than my tax liability, but the problem is that the vast majority is held in real estate and retirement accounts that I can’t readily access.  Unfortunately, I did too good a job of paying myself first, but it was at the expense of current cash flow.  Obviously, I will have to learn from this mistake.

Pleasant Surprise

I was pleasantly surprised to find that in the previous six months, my net worth had increased just over 28%!  It was a combination of increased balances in the retirement accounts and decreased debt.

Needless to say, I was quite happy.  It is about time that I got a little good news.  It has been a somewhat difficult month, although I am incredibly thankful for my overall position in life.  The problems that I am dealing with are quite minor in comparison to what could be going on, so I am not going to complain too loudly.

Prosper Loan and Mom

I sent in the requested documentation for the Prosper loan which I am hoping will be funded to take care of some of my tax debt.  I am so thankful for those who have already contributed.  So far, the loan is 9% funded.  Here is the link to my loan.  The listing expires in a little over 10 days.  I am somewhat concerned that it won’t get funded, but maybe activity will pick up again once all the documentation gives me a level 3 verification.  When it is all said and done, I will be able to write a post on the experience so I am looking forward to that.

I also sent an email to my Mom a few minutes ago.  I figure that I will get a preliminary reply tomorrow sometime.  It was very difficult to swallow my pride and ask for help.  I am very independent and have been since I was a teenager.  I am sure that I will continue to be independent, but I am hoping to recognize those situations where it might benefit me to ask for assistance.  Maybe that is a sign of increasing maturity?  Who knows?  It was difficult to write and send, but it is done.  Now I will wait.

I hope that the next several weeks of posts won’t be dominated by tax discussions, but it is a matter that is front and center right now given my current situation and the time of the year.  I trust that most of you will be having less angst when it comes to the IRS, but feel free to write a comment or two.

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