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 [...]
We just broke $23,000 in liquid assets (pre-tax retirement accounts, Roth IRAs, taxable accounts, cash & savings accounts). As of this morning, we’re at $23,030.04, a nearly $3,000 increase over less than two months ago. Not too shabby with the stock market turbulence.
Although I only post our net worth in this blog once a month, I check our progress almost daily. Well this morning, we broke $20,000 ($20,235.09 to be precise) in liquid assets (Pre-tax Retirement Accounts, Roth IRAs, Taxable Accounts, Cash & Savings Accounts). Unfortunately, our net worth is well below this amount because we have liabilities that pull it down (0% interest credit card debt, student loan balance, and a mortgage that is slightly higher than what our condo is worth).The details Read more [...]
We have made good, consistent progress on our net worth and should reach a net worth milestone of $10,000 next month. In fact, if all goes as planned, our net worth in June will be roughly $11,000, half way to our 2007 goal of $22,000.
As we pay off debt and increase our investments, I’m beginning to feel how getting your money to work for you is a powerful thing. I’m sure there will be hiccups along the way but so far, we’re right on track.