I already spilled the beans in my August New Worth post, but we passed the net worth milestone of $50,000! There, now it’s official.
We hit our last net worth milestone of $40,000 in 12 months ago, in August 2008. With the depressed economy and short selling our condo, reaching a net worth of $50,000 has taken us a bit longer than expected. Nevertheless, that doesn’t take away from how great it feels to hit this goal.
Thank God for all of our blessings!
Since we are on the eve of the new year, I thought it would be appropriate to post our goals for 2009. I’m not sure what to expect in 2009, but we have great hopes. Below are a few of our goals for 2009.1) Increase net worth to $75,600This should be doable if we are able to hit most of the goals below.2) Wife to get a new job Ideally, my wife will get a job in the same industry as her last job and receive similar benefits, such as a company car and matching 401(k). How long the job search takes Read more [...]
Last August, I posted about how our financial situation had significantly changed for the better from two years prior. What’s interesting about that post is that 10 days later, my wife was laid off from her job and we faced a potentially challenging time. Less than a week after being laid off, we were blessed with her receiving a new job, saving us from what could put our financial situation in dire straits.Well, now I’d like to take a look at August 2007 compared to August 2008 (see below). Read more [...]
We passed a net worth milestone of $40,000! When we hit our last net worth milestone of $30,000 in April, I thought we could hit $40,000 by October. It looks like we beat that guess by 2 months.As of today, our net worth is $41,489.62. Helping us break $40K this month was a $900 deposit to our savings account from my Wife's "extra" third paycheck and a $730.72 company profit sharing contribution to my 401(k). We are on pace to meet our net worth net worth goal for the year of $47,800. Read more [...]
I’m not sure if it’s going to stick, but we hit our net worth milestone of $30,000 yesterday. Our last net worth milestone was in September, 2007. After the great market upswing today, our currently net worth is $30,350.57, putting us at 63.49% of our $47,800 net worth goal for the year. Note: Our current net worth status bar will not be updated until the end of the month, as usual.God willing, we should hit our $40,000 net worth milestone by October this year. Read more [...]
2007 has been a great financial turnaround year for us. We went from a negative net worth of -$3,168.85 to a positive net worth of $23,873.25. That’s a $27,042.10 increase in 11 months! 2007 financial highlights include:Paid off all of our credit card debt ($5,064) Fully funded both of our Roth IRA's ($8,000 total) Restarted my 401(k) contribution in April at 2%, and increased it to 3% in July Increased our savings account balance to almost half of our $10,000 emergency fund goal Paid down 25% Read more [...]
One of our big goals is to buy a house in 5 years and hopefully keep our condo as an investment property.Currently, our monthly condo expenses (mortgages, taxes, HOA fees, and insurance) total $2,697, Unfortunately, that is way more that we can rent our condo for. Therefore, we have decided to focus on paying off our 2nd mortgage ($52,755.81 balance) to help bridge the gap.Of that $2,697 in total monthly expenses, our 2nd mortgage payment represents $411.33. The interest rate is 8.55%, so only $36 Read more [...]
As of today, our liquid assets total $30,433.46, an increase of $7,403.42 in just one month. A combination of company profit sharing, Roth IRA contributions (here, here, and here), and additional deposits into our saving accounts this month have made this possible.To provide some consistency, I’ve decided to post Steady Progress updates to our liquid assets in $10,000 intervals. God willing, I’ll be able to post Steady Progress IV ($40K in liquid assets) sometime in mid to late 2008. Read more [...]
Although we’re only one week into it, September is already shaping up to be an excellent month. In addition to our average monthly decrease in liabilities of ~$1,000, we just contributed $200 to my Wife’s Roth IRA and deposited $1,300 into our savings account.God willing, we should surpass the $20,000 net worth milestone this month. This would put us at just over 90% of our 2007 net worth goal of $22,000, and on schedule to hit our 2007 goal in October (2 months early!). After that point, anything Read more [...]
Over the weekend, I was looking at an old copy of our financial spreadsheet from 2 years ago. It brought me back to a time of financial struggle and uncertainty.At the time, we were renting an apartment, in a lot of debt (my fault), and had little in the way of assets. Comparing the numbers from 2005 with 2007 reminds me how greatly we have been blessed. Here is a brief breakdown of where we were financially in August 2005 and were we are today:August 2005Liquid Assets$5,157.00 401(k)$1,547.00 Cash Read more [...]