December 2015 Net Worth Update (+$6,852.72)

net worth Dec 2015

 Overall

In December, we passed the net worth milestone of $330,000, thanks mainly to my wife’s $4,489 cashed in PTO and my monthly bonus of $2,764.10 gross ($1,584.05 net). Our net worth increased $6,852.72 this month, to a total of $331,113.94 (see spreedsheet screenshot). My wife and her team were informed that 12/31/15 was their last day of work. Thankfully, she will receive ~$34K in severance and bonus in January.

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 3% to my wife’s 401(k) and 15% to my 401(k). My wife’s company matches up to 3% of her 401(K) contribution and deposits the sum once a year on January 1st (it is 100% vested when deposited). My company matches up to $1,000 per year (vested over five years). This month, we contributed $541.66 to my wife’s 401(k) and $700 to my 401(k). We saw the total balance of our retirement accounts decrease $1,096.78 last month to a total of $159,342.08.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s company) that went down $103.11 this month. Our balance is $721.77 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 increased $6,450.00, bringing the total to $11,516.46. We made huge progress this month thanks to my wife’s cashed in PTO.

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $640 to our son’s 529 Plan and it increased $377.72 from last month to a total balance of $13,323.37. We contributed $285 to our daughter’s 529 Plan and it increased $292.83 over last month to a total balance of $5,762.07.

Home

We use the $489K purchase price that we paid in January 2012 for our home value. Current comps in the area are ~$650K. The current balance on our mortgage loan is $357,625.03. We paid an extra $0 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~60K miles and “Car 2” is a 2012 SUV with ~60Kmiles. When calculating our net worth, we depreciate the vehicles 1% per month. “Car 1” has a current loan balance of $21,585.22 and Car 2 has a current loan balance of $27,017.99. My wife receives $800/month as a car reimbursement and her gas is paid for by her company. 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.

Net Worth Milestone: $330,000

Got this one in before the New Year buzzer:)  We passed our net worth milestone of $330,000.  We passed our previous net worth milestone of $310,000 last month.

Our net worth is currently $331,813.98. I will update our chart on the left at the end of the month.

Thanks to a severance package that my wife is receiving, we should hit our next net worth milestone of $340,000 next month!

November 2015 Income Statement

November was a great income month and high expense month (see spreadsheet screenshot).

Our total income in November was $18,592.90. In addition to our paychecks, my wife received a $11,500 gross ($6909.37 net) quarterly bonus. This was a huge blessing! She also received an $800 auto allowance and a $150 in company reimbursements. I received $547.35 in auto allowance and mileage reimbursement. We also received $307 in preschool reimbursement, and earned $1.35 in interest income from our online savings account.

This month, we spent a total of $12,368.07. Some of our larger, non-typical expenses included $2,219 in vacation and $699 in auto service.

Next month, I will be receiving a monthly bonus.

Nov 2015 Income Statement

November 2015 Net Worth Update (+$7,338.66)

Nov 2015 net worth

Overall

In November, we passed the net worth milestone of $320,000. This was achieved, primarily, due to my wife’s $11,500 gross ($6909.37 net) quarterly bonus. Our net worth increased $7,338.66 this month, to a total of $324,261.222 (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 10% to my wife’s 401(k) and 20% to my 401(k). My wife’s company matches up to 3% of her 401(K) contribution and deposits the sum once a year on January 1st (it is 100% vested when deposited). My company matches up to $1,000 per year (vested over five years). This month, we contributed $1,116.66 to my wife’s 401(k) and $800 to my 401(k). We saw the total balance of our retirement accounts increase $2,058.54 over last month to a total of $160,438.86.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s company) that went down $103.11 this month. Our balance is $741.41 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 increased $4,501.66, bringing the total to $5,066.46.  It feels nice to be moving in the right direction with our savings again.

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $27.14 from last month to a total balance of $12,945.65. We contributed $0 to our daughter’s 529 Plan and it increased $11.50 over last month to a total balance of $5,469.24.

Home

We use the $489K purchase price that we paid in January 2012 for our home value. Current comps in the area are ~$650K. The current balance on our mortgage loan is $358,317.00. We paid an extra $0 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~60K miles and “Car 2” is a 2012 SUV with ~60Kmiles. When calculating our net worth, we depreciate the vehicles 1% per month. “Car 1” has a current loan balance of $21,928.82 and Car 2 has a current loan balance of $27,792.50. My wife receives $800/month as a car reimbursement and her gas is paid for by her company. 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.

Net Worth Milestone: $320,000

It took awhile but we finally passed the net worth milestone of $320,000.  We passed our last net worth milestone of $310,000 back in May.

Our net worth is currently $320,922.87. I will update our chart on the left at the end of the month.

Based on my estimates, we should hit our next net worth milestone of $330,000 by February.

October 2015 Income Statement

October was a good income month and larger than average expense month (see spreadsheet screenshot).

Our total income in October was $11,883.87. In addition to our paychecks, my wife received an $800 auto allowance and a $150 in company reimbursements. I received $649.54 in auto allowance and mileage reimbursement. We also received $276 in preschool reimbursement and earned $0.31 in interest income from our online savings account.

This month, we spent a total of $11,513.75. Some of our larger, non-typical expenses included $197 in auto service, $192 in clothing, and a $522 electric bill.

Next month, my wife should receive her quarterly bonus.

October 205 income statement

October 2015 Net Worth Update (+9,030.24)

Overall

Our net worth increased $9,030.24 this month, to a total of $316,922.56 (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 5% to my wife’s 401(k) and 20% to my 401(k). My wife’s company matches up to 3% of her 401(K) contribution and deposits the sum once a year on January 1st (it is 100% vested when deposited My company matches up to $1,000 per year (vested over five years). This month, we contributed $541.66 to my wife’s 401(k) and $800.00 to my 401(k). We saw the total balance of our retirement accounts increased $7,144.72 over last month to $158,380.32.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s company) that went up $65.79 this month. Our balance is $844.52 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 $76.00, bringing the total to $564.80

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $668.52 from last month to a total balance of $12,918.51. We contributed $0 to our daughter’s 529 Plan and it increased $256.88 over last month to a total balance of $5,457.74.

Home

We use the $489K purchase price that we paid in January 2012 for our home value. Current comps in the area are ~$650K. The current balance on our mortgage loan is $359,006.81. We paid an extra $0 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~60K miles and “Car 2” is a 2012 SUV with ~60Kmiles. When calculating our net worth, we depreciate the vehicles 1% per month. “Car 1” has a current loan balance of $22,273.27 and Car 2 has a current loan balance of $27,792.50. My wife receives $800/month as a car reimbursement and her gas is paid for by her company. 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.

oct 205 net worth

 

September 2015 Income Statement

September was a good income month and lower than average expense month (see spreadsheet screenshot).

Our total income in September was $13,616.29. In addition to our paychecks, I received a $3,440.72 ($1,819 net) monthly bonus. My wife received an $800 auto allowance and a $150 in company reimbursements. I received $726.31 in auto allowance and mileage reimbursement. We also received $307 in preschool reimbursement, and earned $0.20 in interest income from our online savings account.

This month, we spent a total of $10,398.44. Some of our larger, non-typical expenses included $1,179 in groceries, $489 in household items, and a $695.06 electric bill.

Next month, my wife should receive a ~$6,000 bonus, which will help us get our savings back on track.

Sept 2015 Inc State

September 2015 Net Worth Update (+9,930.42)

Sept 2015 Net Worth

Overall

September was a nice turnaround from last month. Our net worth increased $9,930.42 this month, to a total of $307,892.32 (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. In an effort to accumulate some cash, we reduced my wife’s 401(k) contribution from 10% to 5% and my 401(k) contribution from 25% to 20%. My wife’s company matches up to 3% of her 401(K) contribution and deposits the sum once a year on January 1st (it is 100% vested when deposited My company matches up to $1,000 per year (vested over five years). This month, we contributed $541.66 to my wife’s 401(k) and $1,588.14to my 401(k). We saw the total balance of our retirement accounts increased $8,079.40 over last month to $15,235.60.

Brokerage Account

Currently, our brokerage account consists of one stock (my wife’s company) that went up $2.95 this month. Our balance is $778.73on 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 increased $158.40, bringing the total to $640.80.

College Savings Accounts

Our kids have 529 Plans through Vanguard. This month, we contributed $60 to our son’s 529 Plan and it increased $508.88 from last month to a total balance of $12,250.00. We contributed $0 to our daughter’s 529 Plan and it increased $216.63 over last month to a total balance of $5,200.86

Home

We use the $489K purchase price that we paid in January 2012 for our home value. Current comps in the area are ~$650K. The current balance on our mortgage loan is $359,844.01. We paid an extra $150 towards principal this month.

Cars

“Car 1” is a 2011 SUV with ~60K miles and “Car 2” is a 2012 SUV with ~60Kmiles. When calculating our net worth, we depreciate the vehicles 1% per month. “Car 1” has a current loan balance of $22,612.20 and Car 2 has a current loan balance of $28,171.87. My wife receives $800/month as a car reimbursement and her gas is paid for by her company. 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.

August 2015 Income Statement

August was a huge income month and huge expense month (see spreadsheet screenshot).

Our total income in August was $19,906.25. In addition to our paychecks, my wife received a $12,500 ($6,283.77 net) quarterly bonus and I received a $4,700 ($2,222.94 net) monthly bonus. My wife received an $800 auto allowance and a $834.64 in misc company reimbursements. I received $661.99 in auto allowance and mileage reimbursement. We also received $307 in preschool reimbursement, and earned $0.19 in interest income from our online savings account.

This month, we spent a total of $17,239.07. Some of our larger, non-typical expenses included $1,811.71 in groceries, $3,448.60 in household items, and $558.76 in dinning.

Next month, my wife and I have resolved to get our expenses down…way down.

income statement aug 2015

Our path to financial independence and retiring early.