The Money Blog Network members are participating in a group writing project called "Then and Now." The idea is to compare our personal finances today with how they were ten years ago. Of course, the idea is to show what progress we have or haven't made in the last decade. Here's what's happened to me.
As most of you know, I track everything by looking at my net worth. I feel that it encapsulates how I've done financially -- how I've saved, how I've grown my career, salary, and side businesses, how I've invested, etc. -- all in one number. That said, here's what I can tell you about my net worth over the past 10 years:
- In the past 10 years, my net worth has gone up 340%. For those of you wondering, that's an average compounded rate of 17.9%. This includes both savings from my income (of course) as well as growth of assets that I've invested in during those years.
- 10 years ago, I owned my house outright, and it was 66 percent of my total net worth. I still own my house completely, but it's less than 15% of my net worth.
Yes, it's been a good 10 years. I'm REALLY looking forward to the next 10 years. ;-)
So how did I make so much progress in a decade? All it took was three easy steps.
Here are some more posts from other MBN members on the same topic: