Net Worth

December 6, 2008

I am lucky to be debt free. Except for occasional few quarters from friends for laundry, I have never borrowed any money. It is always save first, buy later.

It is embedded in my genes – my grandparents were farmers. In farming, you have to put in affords before you redeem can your rewards. You just can’t eat the tomatoes today and plant them tomorrow.

Thanks to my parents too, they have been saving for my education since the day I was born. I don’t have huge tuition debt. They also made me save portions of my allowance everyday since I was a kid.

I’m not too sure about my net worth, however. When I turned 18, I was supposed to have access to my money. My parents took the money and smash it up with theirs in order to get a bigger return. I was attending university in the United States then and didn’t think about it as long as I have enough for living.

I talked to my dad recently about wanting to buy a home of my own in the near future. He reminded me of those money I have saved as a kid. I totally forgot! (like finding change in your winter coat!) So they took my savings to invest in gold or some really lame unexciting but safe commodities at the growth of about 3%. (genius at this economy, BTW.) Together with the gold coins given to me by my grandpa, I have about $37,000 by the time I was 18. It grew to about $50,000 by now.

The resale value of my car is about $8,000-$13,000. To be conservative, let’s asset it at $8,000. And I have $13,579.68 in the bank.

Net Worth: $71,579.68

I’ll include my net worth update in the beginning of every month.