Monday, June 2, 2008

June Net Worth Update

Here is my monthly Net Worth update.

Total Assets: $10,591
Total Debts: -$18,892
Net Worth: -$8,733

Difference from last month: +$432
Percentage Difference: +4.95%

NetWorthIQ Click here to see full details.

Overall a great month. I was able to pay off a lot of debt and I cleared out a $2,000 Best Buy card debt. Based off my talk with the financial advisor, I should worry about paying off debt first before trying to save. It's not worth it to pay the high interest while only earning 3% on my money market accounts and savings accounts. After my debt is paid off, then I can start to save so it's not counter productive.

This past weekend, I did research online to find ways to earn extra income. I've decided to get back into investing, but instead of stocks, I'll be investing in the Forex market. Currency exchange is open 24hours a day for 5 days, not including the weekends. I'm going to learn off a demo account and once I feel comfortable, I will pull the trigger and probably start with about $2,000.

I have also set a deadline for my business plans. I have a couple of ideas in my head, but until I put it all on paper, it'll always just be an idea. Things are moving along greatly and I've been sticking to my "no radio" rule and I have only been listening to audio cds. I just finished Donald Trump's "Think Like a Billionaire" and "How to Get Rich." Ton's of information and now I'm on to Joe Vital's Attractor Factor. As long as I stay focused and use my energy towards accumulating money while paying down debt, I'll be at 0 net worthy by the end of year, hopefully sooner!

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