Personal Balance Sheet – Mid March 2012

In an effort to allow everyone to track my progress with me, I will post my Personal Balance sheet every month. I’m just going to include the major things on here. There is no need to include my checking account and short term liabilities. This is about long term saving and investing with the long term goal of financial independence.

March 2012 Assets:

  • House: $125,000.00
  • Car: $22,691.00
  • Stock Trading Account: $2,432.45
  • Total: $150,123.45

March 2012 Liabilities:

  • Mortgage: $99,097.89
  • Car Loan: $24,380.82
  • Total: $123,478.71
March 2012 Net Worth: $26,644.74
As you can see, I am starting from scratch. Although, most people my age are way in the hole. I am currently making the minimum payments on both my house and my car, contributing $75 /week to my trading account, and I am current with all utility bills and credit cards.
My current debate is that starting in June I should have extra money each month and I don’t know whether I should work towards paying off the house, the car, or growing my investment account as fast as possible. I seem to change my mind on this issue almost daily. The house is a much higher interest rate than the car, but the car is the lower balance, but I have the potential to earn a significant profit on the money if I invest it. The answer is to be determined…..