2017 was amazing year – personally and financially. In 2016, I ended with a negative net worth of -$92,000. Pretty typical for about a year after residency.
We ended 2017 with a positive net worth of > $500,000. This includes equity in a home. I still have those darn student loans – for now.
Our savings rate towards FI in 2017: 27% of gross income in the form of maxing out our retirement accounts, additional cash savings, extra payments towards my student loans and we paid off our car loan. I did not include employer match and contributions. Not too shabby!
What were my goals in 2016 and how did I do?
- Cross over into positive net worth – check!
- Knock out 50K of student loans (this is in addition to the min. payments) – close! I paid about $42,000 towards student loans in 2017.
- Max out all available tax advantaged accounts ($47K, not including employer contributions) – check!
- Start a taxable account – This didn’t happen. Although I did contribute about $8,000 as after-tax non-Roth contributions towards a Mega Backdoor Roth IRA – even better than a taxable account!
How did your net worth grow in 2017?