I’m looking at a nice percentage increase in my net worth over the past month. The increase was assisted by helpful side income and decent performance in my investments. Continue reading to see the numbers. I know you want it.
To reiterate as I do every month, I pay off the amount I have on credit cards — actually, just one credit card — every month, so the balance doesn’t concern me. With regards to my outstanding car loan (at 2% with a family member) and student loans (4.25%, decreasing to 4%), there has been significant discussion here on Consumerism Commentary with a lot of input from readers. Most people are divided between paying the loans off as quickly as possible since the cash is generally available, and paying them off as slowly as possible, as the cash could be invested elsewhere, making more money thanks to compounding interest or stock market increases.
I’ll end up somewhere in the middle. I’ll probably pay off the car loan soon after it comes back from repairs. I have not yet decided how quickly to pay off the student loans. The interest is tax deductible, so that drives down the cost of the loan.
There is more to come when I post my Income and Expense Statement later tonight.