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.
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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