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.
I didn’t expect us to match our huge net worth increase in March, but we had a good net worth increase in April (click on the spreadsheet below). Our total net worth is now $6,438.50, well on our way to our 2007 goal of $22,000.
Some highlights from April follow:
- The nice boost to our net worth this month came thru a $1,147.24 (after taxes) commission check that my wife earned.
- We deposited $630.00 into our Emigrant Direct savings account for Roth IRA funding (once we hit $3,000 will be moved into Vanguard 500 Index Fund Inv). We also restarted my company 401(k), albeit at a measly 2% of my gross pay. Our retirement investment focus for 2007 is to fully fund our Roth IRA’s, and put any “extra” money into my 401(k) plan.
- We paid off our American Express credit card.
- I took $50 from my April fun money ($180/month) and deposited it into our ING Direct account. I hope to get $500 saved up to speculate with in the stock market (more for fun/education than as an investment purposes).
- We had numerous large expenses in April (noted in the spreadsheet) that totaled $1,219.45.
I have added a 2007 net worth goal meter to the blog (upper right hand corner) that will provide a quick reference on our progress.
Thank God for the great month and hopefully we can duplicate it again in May.
A lot of progress was made since our February 2007 Net Worth update. We have a positive net worth! Thank God! It’s a great feeling to finally have a positive net worth, even if it is only $3,293.43.
I can’t believe we were able to post a $6,462.28 change (click on spreadsheet below) to our net worth in one month. Over half of this increase was due to our Federal and State tax refunds ($2,044) and my wife receiving a $1,463 tuition reimbursement.
Here are the highlights from March:
- Our 401(k) has recovered pretty well from the $1,000 hit it took during the February stock market plunge
- We have $100 (starting small) invested in prosper at an average rate of 12.23%.
- Our emergency fund was given needed attention
- We made some serious headway on paying down our credit card debt. All of the remaining credit card debt is on 0% interest credit cards
- My wife’s student loan balance also was hacked down by the tuition reimbursement that she received
I don’t expect us to be able to keep up this kind of a pacing in the coming months, but we’ll sure try.
I will be updating our net worth on this blog at the end of every month.
Below is our net worth for February 2007 (click on spreadsheet). I realize we’re half way thru March already but wanted to use this as a starting point. As you can see, we currently have a negative net worth. Nowhere to go from here but up.
Purchase price used for condo value