Net Worth Update #2: $6,084

Last month was the first time I measured my net worth. I was in the red at -$1,042. Womp, womp!

In July, I took my first deliberate steps towards growing my wealth & achieving financial freedom. My playbook is simple: spend less, save more & invest for the long-term.

Let’s take a closer look at how July finished-up:

POST 4aCASH & SAVINGS @ $20,670 (+93.1% change)

Cash on-hand ballooned this month for 2 key reasons:

  • Tax rebate of $6,600 from the ATO, way higher than I had expected
  • Liquidation of my eToro trading balance

I’ll be using a large chunk of these funds to pay-off my student debt in full over the next few days, so I’m expecting this to fall sharply in-line with a drop in liabilities in my August report. This should still leave me with a comfortable amount of cash on-hand in case of any emergencies.

RETIREMENT @ $13,138* (-3.2% change)

In contrast, my retirement funds didn’t progress nearly as well… Not a huge deal as I’m focusing on paying-down debt at the moment, but not ideal either.

I don’t make any contributions to my UK private pension at present since I’m not working over there. The balance of my pension did in fact increase, but as I’m reporting in Australian dollars the GBP to AUD exchange rate change this month cancelled-out any gains.

* Not inclusive of UK state pension entitlement

It’s the end of the financial year in Australia and my super fund contribution for July was effectively wiped-out by tax on my contributions year to date. The ATO giveth with one hand & taketh with the other!

OTHER ASSETS @ $119 (-98.3% change)

I liquidated all share positions in my eToro account and will pool with funds from my savings & cash accounts to repay my student loan before next month’s report. I really enjoyed my time learning about stock investing & will probably get around to writing a review soon.

This just leaves Acorns as the single contributor to this pot. Over the past month my balance has nearly doubled to $119, as it continues to collect & invest my spare change without me having to lift a finger. If you want to know more about Acorns, check-out my review here.

STUDENT LOAN @ $7,819 (-31.9% change)

I’ve spent the last few weeks getting my ducks in a row: increasing my monthly repayment for July, liquidating stock investments & pooling them with my newly-buoyed cash reserves. I’ll have this paid-off by the end of the week. BOOM!

CAR LEASE @ $18,765 (-3.6% change)

Not much news here as I continue with the fixed monthly payments on the Jeep. Snore.

OTHER LIABILITIES @ $1,260 (-5.3% change)

The only item in this pot is my phone contract. Similar to the car lease, no news here, as I just continue with my monthly repayments. Snore. Snore.


Month 1 was a fantastic start, with a significant boost coming from a higher than anticipated tax rebate. This is going to go a long way in helping me to eliminate all of my student debt before my August report and free-up more cash to save & invest!

Moving from negative to positive net worth is a huge psychological step & it’s very rewarding to see some solid progress early-on in my journey. I’d 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, drop me an email or message me on Twitter @genytofi.


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 (