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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That’s quiet a jump in networth!
There’s no shame in asking for help when one needs it, in this case, at least you are contacting your mom. No pride when it’s your own mother, just reverse the situation and imagine its one of your kids asking you.
Good luck closing off those taxes!
BeatingTheIndex recently posted..Open Range Energy: The Upside of Montney Oil at Waskahigan
I would definitely help my kids, and they know it. Although I do want to try and sound tough.
Not my favorite time of year since becoming self employeed. Think all the documents needed have arrived so it’s time for me to get started.
Congrats on the net worth increase!
Jeff @mymultiplestreams recently posted..BuyandHold.com for your Dividend Investing
No love lost for tax season from me.
Well done on the net worth. And hope that all else has resolved itself (or has been resolved).
maria@moneyprinciple recently posted..Principled money posts of the week #13: about ‘white calmness and Irish coffee’
Things might be headed in the right direction. We shall see.
CFM, Good luck in getting everything revolved. Keep going that net worth!
BE @ BusyExecutiveMoneyBlog recently posted..Maximizing the 3 types of income – Part 2 (Passive Income)
Yeah, the retirement accounts which I can’t touch are rocking it this year.
Wow! I dig Prosper. What a great tool for investors and people needing funds. That’s the kind of idea I wished I’d thought of.
AverageJoe recently posted..Inspiration – An Origin Story
There are lots of ideas I wish I would have come up with.
28% is awesome. Great job! Good luck with the prosper loan. I think once you get the level 3 cert., they will feature your loan and then it should fund pretty quickly.
retirebyforty recently posted..Go It Alone
Thanks for the encouraging words. I sure hope that it makes some progress. No activity for almost 36 hours is brutal. I have two more pieces to send in. One had to wait until today. I should get it in tonight. Plus, I am waiting on the post card which I expect in the mail today.
Congrats on the awesome news. Sorry to hear about your current hurdle, but pride is overrated. Love your new mature outlook as I am trying to make less prideful decisions myself. Good luck!
Buck Inspire recently posted..Linsanity Life Lessons
Thanks, Buck. I will be making past this hurdle.
Very nice!
Maggie@SquarePennies recently posted..7 Secrets Social Security Won’t Tell You
I thought so. I want another 28% in the next 6 months.
Hang in there man and stay positive. Things are turning around. Glad to see that you are willing to share your story with us.
John @ Married (with Debt) recently posted..Thought Leader: What Makes One?
No problem. Yes, I think I will remain positive.
Congrats on the increase in net worth!! I track my every month and it motivates me to continue increasing it each month.
Good luck with the Prosper loan. I used to lend on Prosper, but then Pennsylvania created some law and now I cannot invest on the site anymore. Otherwise, I would definitely help out!!
MoneySmartGuides recently posted..Blame The Stock Market
Sorry to hear that Pennsylvania changed the law. I was looking into Lending Club, but they don’t lend in Indiana either.