Assets:
House- $390 000
Car- $30 000 (very conservative estimate, is probably actually worth more)
Shares- $6000
Superannuation- $35 000 (approximate)
Cash- $10 000
Total Assests: $471 000
Liabilities:
Mortgage- $281 000
Total Liabilities: $281 000
Therefore, my Net Worth is $190 000.
Not too bad for a 23 year old! This is also not taking into account my one third ownership of an investment property, as I have no idea what it is worth or what the mortgage on it is.
Does this seem alright to everyone?
Seems more than alright to me! But be careful about how you count net worth - as far as I'm aware, it should really be based upon liquidation of your assets - so use a market value you could sell it for, and take out the transaction costs. Don't your parents own 1/3rd of your house too, so shouldn't it be $260,000?
ReplyDeleteDon't get me wrong, I think you are going great for a 23 year old! But maybe be careful about how much bias you have towards Australian residential property. While this has been a good asset class over the last few years, its only one asset class. Personally, I'd be slightly worried about having all my eggs in that basket.
Well done so far though! I know when I first started tracking my net worth, I was pretty hopeful in the values I reported - it felt good! But over time I've found it much more useful to be honest with myself and report market/liquidation values for assets. Try redbook to see what the market value for your car is?