Each month we will share our net worth. Right now, a few things are hard to check or get valued so while this is the beginning of tracking our net worth, some of the figures could be a little off. Also, with our net worth, not all of it can be sold off easily due to cultural expectations or conditions.
What we Include in our Net Worth
Net worth is simply your assets minus your liabilities. Some people include ALL their belongings such as cars, home items etc. We won’t be. Here is what will be included:
For assets, real estate, retirement funds, business, shares and collections. Liabilities include any debt such as mortgages, loans, credit cards, all of it.
Our goal is financial freedom, not just $1,000,000. The first step is to be worth $1,000,000 each as it is an easy goal to track. Our net worth will not be tracked separately though. Everything is combined below as we are working towards a future together.
We have 3 properties in Vanuatu but these cannot be sold. They must remain in the family and our son will inherit them. One has a rental property and the income from that currently goes to support family in Vanuatu. The other two are being used to farm and support family. Combined, these lands are estimated to be worth about $600,000AUD.
Our businesses need to be valued so I can’t give a rough guide on them as yet. We have had trouble accessing retirement from different countries we lived as well so that will be added once it can be sorted. As for shares, we only have $250 invested right now.
Combined, our debt is not great. We have a few separate loans and are focusing on one at a time while maintaining minimum repayments on them all.
Custody debt $9,000
Visa debt $6,000
Personal loan $12,000
Cash debt $600
Cash debt $500
School debt $900
Once we remove the liabilities from our assets, our net worth isn’t terrible. We have a positive net worth which is the main thing! Our net worth is roughly $571,000AUD. This will be different once the businesses and retirement are sorted.
Plans For May
All going well, we will sell a few items which will clear some of the debt. Shares will increase as they are set up to be done automatically. Our budget is being revisited tonight to make a proper plan to include what we want in our lifestyle while achieving our goals.
We will also be doing some more research on the best way to set things up regarding tax, incomes, investments etc as Mr Aspiring Millionaire will hopefully have a job soon as the residency visa is being applied for this week.