Net Worth Update For January
As I mentioned at the beginning of the year, I was going to challenge myself to increase my financial goals for 2007. As January comes to a close, I am updating my net worth spreadsheet and thought I would post some progress.
My goal for 2007 is to reduce my non-mortgage debt by 100%. This really will not be difficult to achieve because my only non-mortgage debt is a 0% balance transfer from American Express. However, at the beginning of the year I reduced the amount I had extended and my January numbers come in with a decrease of 40.11% in non-mortgage debt.
The coming months will not see quite as drastic a decline as I will now pay a more moderate amount towards the balance until I approach the end of the promotional period.
Increase Net Worth.
My other primary goal is to increase my net worth by 35% in 2007. Since I had surpassed my net worth goal for 2006, I wanted to challenge myself a little more and try to surpass the increase from 2006. While part of the boost in my January increase is a result of a year-end bonus received from my employer, I am happy to report an increase in my net worth of 6.43% for the opening month.
While it will be difficult to sustain this level of increase from month to month, I feel that the new year is off to a positive start and I think that I will be able to meet this new challenge. With my new account at HSBCDirect, there will be a little boost in earnings for the funds that I have stashed there. It should be an exciting year!
Now that January is behind us, how are you doing with your goals for 2007?