Net Worth

May 2016 Net Worth Update (-6,588.07)

May 2016 net worth

Overall

In May, our net worth decreased $6,588.07 to a total of $338,566.81 (see spreadsheet screenshot).   The main reason our net worth decreased was because we sold Car 1 at a loss in May.  The good news is that we are in the process of selling our house for $685K and buying a larger house, in a lower cost of living area, for $465K.  God willing, if it all goes through as planned, our new 15-year mortgage will be less than $200K.

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contribute 10% to my 401(k) and 5% to my wife’s 401(k).  My company matches up to $1,000 per year (vested over five years).  My wife’s company matches up to 5% of her 401(K) contribution and chips in an additional 5% on top of the match (both 100% vested when deposited).  This month, we contributed $841.65 to my 401(k) and $700 to my wife’s 401(k).  Her company deposited another $1,000.00 into her 401(k) for her 5% match and 5% extra “chip in”.   We saw the total balance of our retirement accounts increase $2,981.45 from last month to a total of $175,638.53.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s old company) that went up $171.85 this month.  Our balance is $849.43 on a $2,000.00 in initial investment.

Cash & Savings Accounts

Cash and savings accounts consists of a small sum of cash at home and our online savings account balance. It does not include our checking account balance that we use to pay our bills each month.  This month our cash and savings accounts decreased $7,149.55, bringing the total to $1,272.51.  $5K was used as earnest money on a new house that we are buying.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $50 to our son’s 529 Plan and it increased $210.56 from last month to a total balance of $14,460.93.  We contributed $150 to our daughter’s 529 Plan and it increased $223.84 over last month to a total balance of $6,436.01.

Home

We use the $489K purchase price that we paid in January 2012 for our home value.  Current comps in the area are ~$675K.  The current balance on our mortgage loan is $353,679.79.  We paid an extra $0 towards principal this month.  As mentioned above, we are in the process of selling our home and buying a new home.

Cars

“Car 1” is a 2011 SUV that we sold this money (at a bit of a loss) and “Car 2” is a 2012 SUV with ~80K miles.  When calculating our net worth, we depreciate the vehicles 1% per month. Car 2 has a current loan balance of $25,073.71.  I receive $230.13/month as a fixed car reimbursement and $0.22 per mile as a variable reimbursement (to help cover gas, wear and tear, etc.).  My wife has a company car for work.

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

Income Statement

April 2016 Income Statement

April was a good income month and lower than normal expense month (see spreadsheet screenshot).

Our total income in April was $11,645.91.  In addition to our paychecks, I received a monthly bonus of $3,601.48 gross ($1,986.66 net) and $593.30 in auto allowance and mileage reimbursement.  My wife received $50 in company reimbursements.  We earned $6.27 in interest income from our savings account.

This month, we spent a total of $9,666.81.  In general, our expenses were much more in line with our budget.  Hopefully this will become a trend for us.

Next month my wife will likely be blessed with a quarterly bonus.

april 2016 income statement

Net Worth

April 2016 Net Worth Update (+6,735.24)

net worth april 2016

Overall

In April, our net worth increased $6,735.24 to a total of $345,154.88 (see spreadsheet screenshot).

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contribute 15% to my 401(k) and 7% to my wife’s 401(k).  My company matches up to $1,000 per year (vested over five years).  My wife’s company matches up to 5% of her 401(K) contribution and chips in an additional 5% on top of the match (both 100% vested when deposited).  This month, we contributed $1,140.22 to my 401(k) and $700 to my wife’s 401(k).  Her company deposited another $1,000.00 into her 401(k) for her 5% match and 5% extra “chip in”.   We saw the total balance of our retirement accounts increase $6,735.24 from last month to a total of $172,657.08.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s old company) that went down $54.01 this month.  Our balance is $677.58 on a $2,000.00 in initial investment.

Cash & Savings Accounts

Cash and savings accounts consists of a small sum of cash at home and our online savings account balance. It does not include our checking account balance that we use to pay our bills each month.  This month our cash and savings accounts decreased $620.00, bringing the total to $8,422.06.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it increased $27.26 from last month to a total balance of $14,250.37.  We contributed $0 to our daughter’s 529 Plan and it increased $55.85 over last month to a total balance of $6,212.17.

Home

We use the $489K purchase price that we paid in January 2012 for our home value.  Current comps in the area are ~$675K.  The current balance on our mortgage loan is $354,384.05.  We paid an extra $150 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~75K miles and “Car 2” is a 2012 SUV with ~80K miles.  When calculating our net worth, we depreciate the vehicles 1% per month.  “Car 1” has a current loan balance of $20,207.60 and Car 2 has a current loan balance of $25,467.95.  I receive $230.13/month as a fixed car reimbursement and $0.22 per mile as a variable reimbursement (to help cover gas, wear and tear, etc.).  My wife has a company car for work.

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

Goals

Net Worth Milestone: $340,000

We just passed our net worth milestone of $340,000.  We passed our previous net worth milestone of $330,000 in December.  We thought we would hit 340K in January but it took a few extra months:)

Our net worth is currently $340,385.78. I will update our chart on the left at the end of the month.

We hope to hit our next net worth milestone of $350,000 by June or July.  God willing.

Income Statement

March 2016 Income Statement

March was an awesome income month and high expense month (see spreadsheet screenshot).

Our total income in March was $15,231.46.  In addition to our paychecks, I received a small monthly bonus of $261.11 gross ($159.33 net) and $524.57 in auto allowance and mileage reimbursement.  My wife received $476.64 in company reimbursements.  We also received a $4,102 state tax refund and a 5,382 federal tax refund.   We earned $6.62 in interest income from our savings account.

This month, we spent a total of $15,231.46.  Some of our larger, non-typical expenses included a $1,588 vacation, $2,601 in babysitting/nanny, and we gave $1,000 to our church.

Next month I should receive a bonus of  ~$3,500 gross.  Such a blessing.

march 2016 income statement

Net Worth

March 2016 Net Worth Update (+$9,578.32)

Overall

In March, our net worth increased $9,578.32 to a total of $338,419.64 (see spreadsheet screenshot).

Retirement Accounts

Our retirement accounts are comprised of my wife’s 401(k), my 401(k), our Roth IRAs and our Traditional IRAs.  We contribute 7% to my wife’s 401(k) and 15% to my 401(k).  My wife’s company matches up to 5% of her 401(K) contribution and chips in an additional 5% on top of the match (it is 100% vested when deposited).  My company matches up to $1,000 per year (vested over five years).  This month, we contributed $700 to my wife’s 401(k) and $639.17 to my 401(k).  We saw the total balance of our retirement accounts increase $8,026.50 from last month to a total of $165,816.22.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s old company) that went down $331.42  this month.  Our balance is $731.59 on a $2,000.00 in initial investment.

Cash & Savings Accounts

Cash and savings accounts consists of a small sum of cash at home and our online savings account balance. It does not include our checking account balance that we use to pay our bills each month.  This month our cash and savings accounts decreased $1,243.38, bringing the total to $9,042.06.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $300 to our son’s 529 Plan and it increased $584.74 from last month to a total balance of $14,223.11.  We contributed $200 to our daughter’s 529 Plan and it increased $462.34 over last month to a total balance of $6,156.32.

Home

We use the $489K purchase price that we paid in January 2012 for our home value.  Current comps in the area are ~$675K.  The current balance on our mortgage loan is $355,235.65.  We paid an extra $150 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~75K miles and “Car 2” is a 2012 SUV with ~75Kmiles.  When calculating our net worth, we depreciate the vehicles 1% per month.  “Car 1” has a current loan balance of $20,551.34and Car 2 has a current loan balance of $25,854.21.  I receive $230.13/month as a fixed car reimbursement and $0.22 per mile as a variable reimbursement (to help cover gas, wear and tear, etc.).

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

 

march 2016 net worth

Income Statement

February 2016 Income Statement

February was a low income month and high expense month (see spreadsheet screenshot).  My wife was on unemployment most of February but started a great job at the end of the month.

Our total income in January was $4,773.15.  In addition to my paychecks, I received a small monthly bonus of $276.47 gross ($166.15 net).  I also received $596.02 in auto allowance and mileage reimbursement.  My wife received $1,620.00 in unemployment.  We earned $10.72 in interest income from our savings account.

This month, we spent a total of $10,736.19.  Over twice what we made this month, thus the reason we dipped heavily into savings.  Some of our larger, non-typical expenses included $1401.09 in household items and $1,002.18 in groceries.

Next month will be my wife’s first full month at her new job.  The extra income will be a major blessing.

Feb 2016 income statement

Uncategorized

February 2016 Net Worth Update (-$1,553.71)

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Feb 2015 Net Worth

Overall

In January, our net worth decreased $1,553.71 to a total of $328,841.32 (see spreadsheet screenshot). My wife started her new job at the end of February but will not get her first paycheck until March.

Retirement Accounts

Our retirement accounts are comprised of my wife’s 401(k), my 401(k), our Roth IRAs and our Traditional IRAs.  We contribute 5% to my wife’s 401(k) and 15% to my 401(k).  My wife’s company matches up to 5% of her 401(K) contribution and chips in an additional 5% on top of the match (it is 100% vested when deposited).  My company matches up to $1,000 per year (vested over five years).  This month, we contributed $0 to my wife’s 401(k) (she hasn’t received her 1st paycheck yet) and $641.47 to my 401(k).  We saw the total balance of our retirement accounts increased $2,997.60 from last month to a total of $157,789.72.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s old company) that went down $79.23 this month.  Our balance is $400.17 on a $2,000.00 in initial investment.

Cash & Savings Accounts

Cash and savings accounts consists of a small sum of cash at home and our online savings account balance. It does not include our checking account balance that we use to pay our bills each month.  This month our cash and savings accounts decreased $6,039.48, bringing the total to $10,285.44.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $100 to our son’s 529 Plan and it increased $584.74 from last month to a total balance of $13,253.74.  We contributed $0 to our daughter’s 529 Plan and it decreased $123.73 over last month to a total balance of $5,693.98.

Home

We use the $489K purchase price that we paid in January 2012 for our home value.  Current comps in the area are ~$675K.  The current balance on our mortgage loan is $356,084.60.  We paid an extra $150 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~75K miles and “Car 2” is a 2012 SUV with ~75Kmiles.  When calculating our net worth, we depreciate the vehicles 1% per month.  “Car 1” has a current loan balance of $20,898.73 and Car 2 has a current loan balance of $26,246.42.  I receive $230.13/month as a fixed car reimbursement and $0.22 per mile as a variable reimbursement (to help cover gas, wear and tear, etc.).

Credit Card Balance

We do not currently have a credit card balance that is not paid in full each month.

Income Statement

January 2016 Income Statement

January was an amazing income month and high expense month (see spreadsheet screenshot).  Although my wife was laid off on December 31st, she received a generous severance package  and bonus in January.

Our total income in January was $24,573.04.  In addition to our paychecks, my wife received a $21,500 gross (12,938.72 net) severance and a bonus of $12,500 gross (7,500 net).  I received $582 in auto allowance and mileage reimbursement.  My wife also received $810 in unemployment. 

This month, we spent a total of $15,745.12.  A huge amount of money for us, but much less than our income for the month.  Some of our larger, non-typical expenses included $1653.13 in dinning (mostly due to hosting a large party), $960 annual concert pass, and $1,344 in car servicing.

Next month, our income will be a lot less because my wife does not begin her new job until the end of February.  That being said, we plan to use her severance to float us by until her first paycheck.

 

jan 2016 income statement

Our path to financial independence and retiring early.