My net worth for the end of July decreased by 24.86 percent. Don’t worry…it’s not because I went on a shopping spree. Let me explain what happened.
In my NetWorth IQ profile, I had given myself a value of $8,000 for our personal possessions. Well, after having our garage sale this past weekend, I realized that there is no way we could easily get $8,000 by selling our stuff. So, I took it completely out of our Net Worth.
Next up, I had to add in our confirmed IRS debt of about $1,600. I thought about it and thought about it and decided to add that debt in with our credit card debt. I originally used the refund we received (as a result of the error with our return) to help pay our credit card debt. It’s only fitting that I add it back in there. While I cringed to see that we have over $21,000 in credit card debt again, I’m okay with it. I will work harder to get under the $20,000 mark again 😉
Those two changes made our net worth plunge to a negative $42,069. I’m not really upset about it and not even disappointed. I know what I am doing will benefit us greatly in the long run even though there are a few stumbles here and there in the short run. I’m fine with that.