Net Worth Update #1: -$1,042

I’ve been in full-time work for 6 years and although I’ve made great progress in growing my income, I’m still pretty much at zero in terms of net wealth.

So with just half of the year left I’m getting my shit together; by the end of 2017 I’m aiming to have a net worth of positive $15k.

My strategy for 2017 won’t be to focus on growing my assets, but rather to reduce my liabilities (debts). This is how I’m going to do it:

  • Stop spending so much – reduce discretionary expenditure by 20% to fund savings growth;
  • Combine my small savings pots to pay-off my student loan early;
  • Work my ass off in work to hit my bonus targets.

Here’s my net worth report card:

net wealth june 17

CASH SAVINGS @ $10,704

A combination of cash in my Oz current, savings and family/joint accounts, plus a small top-up from my UK savings account.

PENSIONS @ $13,577*

Again, a combo of Oz & UK pots.  I hadn’t been paying into my UK pension for long before moving to Oz and my Oz pension will be larger by the end of 2017 as the Oz government requires employers to contribute nearly 10% as a minimum. How generous!

* Not inclusive of UK state pension


I’ve been experimenting with stock trading over the past 12 months using eToro. Over the year I’m up about $500-600. What stands-out is the importance of drip-feeding cash into a pot as this has accumulated from $0 to nearly $7k in no time at all.

I’ve also just started experimenting with the Acorns app. More to come on this…

CAR LEASE @ $19,460

In hindsight, this was a pretty stupid thing to do. When I moved to Oz 6 months ago I was caught-up in the romance of it all and got a Jeep. Now, this is utilising a tax deductible allowance via work and in my defence, it looks awesome! But yeah… pretty stupid.



STUDENT LOAN @ $11,477

I’ve been paying this down since graduating in 2010. I’m now in the home stretch & I’ll pay this off over the next few months.


Erm, another financial faux pas. A brand new iPhone 7 on contract at $70 p/m. Very clever…


And that’s a wrap! The next post in this series will be in early August, where I’ll track my progress against each key area and see how I’m measuring-up to achieve my 2017 goal.

If you can’t wait until then for more net worth fun, head over to Budgets Are $exy. This guy has been tracking his progress for years & inspired me to start posting my own stats.

I’d also love to hear your thoughts on the Gen Y to FI blog & news about your own net worth adventures. You can post a reply below or drop me an email (

From Gen Y to FI

I’m nearly 30 years old and despite earning a good salary, I don’t own a home & have no significant savings. Oh yeah, and I have $15k of student debt.

Yes, I’m a Millennial cliché.


Going from Gen Y to FI

Today I take control of my financial future. This is day 1 on my journey towards building real wealth, and in turn, gaining my FI – that’s Financial Independence for the uninitiated!

This blog is the free-speaking, access all areas, no bullshit tale of that journey. On my adventure from Gen Y to FI I’ll publish my net worth every month for the whole world to see. That’s right, every month!

In-between I’ll be keeping it light with some eccentric money challenges to test my financial prowess, or lack of…

I’ll be posting very soon, but while you wait head-over to The Barefoot Investor & Budgets Are $exy. These blogs are packed-full of content & inspired me to record my own journey from Gen Y to FI.