Net Worth Goals Update

At the start of 2014 I set a goal to increase my net worth by $10,000. I should have done an update shortly after my June 30th net worth update, since we’re halfway through the year. But, obviously, I was a little silent on the blog during that time. I figured I should post the update before I post July’s net worth. Better late than never, right?

As of June 30th, my net worth stood at $6,587. I ended 2013 with a net worth of $1,216, which means a gain of $5,371 in the first 6 months of 2014. I’m 53% to my goal!

Or am I?

While the overall goal was to grow my net worth by $10,000, I broke it down into 3 steps that would get me to that goal:

1) Grow my 401 k by $5,000
2) Pay down $2,000 in debt through regular monthly payments
3) Pay down $3,000 in debt through additional principle payments

So, how did I do on those steps? I ended 2013 with a 401 k balance of $8,861. As of June 30th, my 401 k has a balance of $11,522, or $2,661 in growth. Halfway through the year, I’m 53% towards my goal of growing my 401 k by $5,000.

I ended 2013 with $78,512 of debt. It’s a little hard to separate goal #2 and #3, since I pay slightly more than the minimum due each month on my car and mortgage. For tracking purposes, I combine them into one goal of $5,000 in debt reduction. As of June 30th I had $75,863 of debt. I’ve decreased my debt by $2,649, which put me about 53% on the goal of decreasing my debt by $5,000 as well.

So far I’m doing fairly well on reaching my goals for 2014. But if I’m being honest, I have to admit to being a little worried about making all of my goals. Why? A few months back, I decided to stop contributing to my 401 k plan at work. My employer still contributes 6% each month to the plan. But to grow my 401 k by $5,000, I was counting on both their contributions and mine. Since I was contributing 6% as well, I’m missing half of the contributions I was planning on when I set my goal.

As luck would have it though, the stock market has been robust enough this year to make up the difference. So far. But I can’t really count on the stock market to continue going up. And since I’m looking at changing jobs, I can’t be certain I’ll continue getting employer contributions either.

I’m on track with my debt payoff; I don’t foresee any problems with making my $5,000 goal there. I may even be able to exceed that goal, as I’m still hoping to pay off my student loan. But I’ll also be spending down most of my cash between now and the end of the year; I have my Disney vacation coming up, and I’ll also be spending some money on finishing some projects around the house. That means it’s possible that I grow my 401 k by $5,000 and payoff $5,000 in debt, but don’t make my overall goal of growing my net worth by $10,000 because I’ve spent down my liquid assets.

We’re more than half way through 2014. I’m more than halfway to my goal of growing my net worth by $10,000. Will I be able to make all my goals? I don’t know. I’m not sure what the rest of 2014 holds. The best I can do is keep working towards my goals, make adjustments where I can, and hope for the best!

– Cindy W.


  1. Great job on getting more than halfway there. It definitely looks like you’re moving in the right direction!

    1. Thanks Holly! It’s been a good year so far. I feel like I’m at such a weird point right now though; half of me is worried that I won’t be able to make all of my goals. The other half of me is confident that some positive changes are coming my way, and I’ll have no problem making them all. We’ll see what the future holds!

  2. […] the numbers, it speaks well of what I should see going forward. But it also reinforces my point in yesterday’s post, about how I may end up making my goals of growing my 401k by $5,000 and paying off $5,000 in debt, […]

  3. You are moving in the right direction. Great job!

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