There's no argument that I'm still in the early stages of reaching my goal of a net worth $10 million, but I'm still going to provide you with a detailed breakdown of my net worth as it stands today. If I can keep updating this on a regular basis, there will be absolutely no reason why you shouldn't be able to follow my steps very closely and apply them to your own specific situation. I'm willing to bet that many of you already have a net worth much higher than what I started at with at -$280,000.
Here is a detailed breakdown of as of May 2020:
As you can see from my net worth, the majority of my assets are in real estate, and the vast majority of my liabilities or debts are in mortgages and student loans. Personally, I like to track my net worth without my student loan debt, since I'm pursing student loan forgiveness after 20 years of qualified payments, so my debt balance is actually increasing each year, but will quickly go to $0, when it's all forgiven. That, and seeing your net worth start out at -$280,000 is pretty depressing. I realize that if I actually reach my goal of a net worth of $10 million by 2030, I will likely end up paying back the entire balance of my student loan debt, and much more than I would have if I had simply paid down my loan balance at the ten year rate, but I consider that a small price to pay for building up my net worth.
Besides, if I had been aggressively paying down my student loans, I would have no real estate in my portfolio. And with my real estate, stock portfolio, and aggressive savings rate of over 50% of my income, I plan for my net worth with student loans to turn positive over the next 20 months. That's the equivalent of paying my student loans off in just over five and a half years after graduation. Plus, I will have income producing assets that should continue to grow and appreciate in value for the rest of my life. You don't get that by simply paying down your student loans.
You might think a net worth of -$88,048 is ridiculous, and trust me, it isn't something I'm proud of either, but reflecting back on being over $280,000 in debt just under 3 years ago, I'm satisfied at where I am today. I know that as I continue to follow my student debt plan, build value, and continue to support those on their path to financial freedom, I can generate enough assets to create $10 million in net worth. It's ok if that means that I don't drive a fancy car or live in a mansion with a view.