And just like that, the year 2005 is wrapped up! I can hardly believe that our first 6-7 months of working after college have gone so fast. It was a great year for us as we transitioned from studying in college to working full-time. We moved to a new city, in a new state. We purchased our first property, which then brought us into the rental property business. We’re landlords! And we’ve been trying to save like crazy, by continuing to live like college students. I can’t wait to see what the future holds. 2006 should be an exciting year!
A great start to our new life together!
Our final Net Worth Update statement for 2005 continued the positive streak! For the 7th straight month we have been able to record a monthly GAIN to our net worth. As of the end of December 2005, our net worth has increased by $4,563 to a new total of $62,436. Remember that way back in May we started out with a $34,172 net worth. Now here we are, 7 months later and an overall gain of $28,264. I consider that a great start to our new life together!
Noteworthy highlights for the December 2005 update:
As owners of “property” in our state, we have the obligation of paying yearly property taxes. The good news is that payments are only due once per year. But December is that month, so we had a large $2831 bill to pay (with check/cash) during the middle of the month. And in addition to property taxes on our duplex property, our State also charges property taxes for vehicles. Yikes! But we caught a couple small…
Note From Author
The full “December 2005 Net Worth Update” post has been back-dated to 12/31/2005. But it was originally published to the Financial Independence Champion (FIChampion.com) Blog on 06/20/2016.
Why Back-Date Posts?
I mentioned in my first post how this blog will be a little different than any other ones you may follow. I still plan to talk about personal finance, rental property, travel, and the pursuit of financial independence. But to give all these topics the right context and the full picture, I need to start at the beginning. I need to fill in the details of life from 2005 until now. I want you to see the successes, the struggles, and all the milestones we passed along the way. Therefore most of the “new” content will be back-dated to their appropriate dates in 2005, 2006, and beyond — until we’re caught up!