December Net Worth Update! + $2,612
Well, we squeeked through Christmas month with a gain of $2,612. I'm actually pretty happy with this. You can see the details below:
Assets
Cash savings - $33,410
Ameritrade brokerage account - $6,924
Vehicles - $41,695
Engagement ring - $12,000
Rental deposit - $200
My 401k - $19,813
Fiance 401k - $33,920
Traditional IRA - $5,155
Roth IRA - $4,491
My profit sharing - $8,897
____________________
Total $166,505
Liabilities
My credit card debt: $3,100
Fiance credit card debt: $2,785
Student loans and ring debt: $13,479
My car loan: $17,188
Fiance car loan: $24,861
_____________________
Total $61,413
Total Net Worth $105,092
So what happened this month:
1) We racked up some credit card debt. Some was due to Christmas, some was due to going to the USC vs. UCLA game and the Rose Bowl. We'll spend the next couple months getting this back under control.
2) We continued our normal retirement contributions. We save a lot every month, probably about $1,200 or $1,300 a month. This is going up in January to about $1,500 a month to stay in line with our retirement goals.
3) We continued to pump a lot of money toward our wedding fund. We have a little over $13,000 saved for our wedding thus far. We think it will cost about $30,000 total. We should get there by July when we get married.
And that is about it! Not too shabby for a Christmas month. I'm hoping that next month will be a good month because I don't think we have any big expenses coming up. Hopefully the stock market does well.
I know February should be a great month because I get a bonus that month and we should get our tax returns back by then.
posted by Please Read @ 8:40 PM
14 comments
14 Comments:
Sounds like you had a pretty good month and seeing the Rose Bowl is worth some debt over a whole year (how often do you get to those games?)
I've got to say your wedding fund is very impressive, I'm no where near where I need to be with mine. I'm at about 2.5K and I need about 10K to really make sure everything is covered off. I need to start cracking!
That's a pretty awesome month, especially during the holidays. Did you manage to stay within budget for your fiance's gift?
I personally don't include cars or jewelry in net worth calculations because the true market value is difficult to discern. Are you saying that you could sell your cars today for that amount? Are you using the blue book value? Jewelry is notoriously overvalued for insurance purposes. I would use the actually "pawnable" value of the jewelry. Good luck.
Any gain is good gain, right!?!
Congrats on having another solid month!
-Medicated
Impressive. I'm 27 and a mere grand or two from hitting the big networth of $100,000. One more month should do it if my investments don't drop. One Question - why do you have $33,000 sitting in cash? I would have considered a money market or something. Or am I incorrect in thinking it is 33k in checking account somewhere?
One more question (from my posting last question). Any advice to find a great girl that is financially savvy? haha. Looks like you did it but I'd love to meet a twenty something that thinks and plans for a wealthy, responsible, and secure future too. Every girl I meet is in debt, or broke, or scrapping by fast approaching 30 with meager savings. :-)
Matt - Probably get to about 2 USC games a year, but try to hit the big ones! We were actually fortunate to get both games at face value.
Ducky - I came in at $97.25, so I met my $100 budget for my fiance's gift.
Anon - I use the Kelley Blue Book value for our cars. I'm confident that I could sell our cars today for that price. We recently sold our last car for about $100 over the Blue Book price so I know it is accurate.
As for Jewelry, I used about 60% of the appraised value to put it on our books. I thought that was reasonable.
Medicated - Thanks!
Anon - Our cash consists of about $8,000 of wedding cash savings (we have another $5k or so in our brokerage), another $13,000 of emergency funds. And then another $10k or so for general short term savings goals like vacations, gifts, car repairs, etc. It is all sitting in ING Direct earning about 4.5%.
Anon - I guess I just got lucky with the girl. But one thing that helped was, as soon as things got serious, we began sitting down once a month and having face to face conversations about where we were financially. I was amazed, how much talking about it helped us get on the same page.
Nothing like coming in under the wire. Good job! I almost wish I'd taken the boss up on those Rose Bowl tickets but I think it was too dang cold!!
Hi Daniel, I am not sure if my first post went through. Anyway, I came across your blog yesterday as I was researching upside down loans. I thought you might be interested in knowing that I was in a similar situation to you in my late 20s (CPA and thinking about becoming financially independent). My husband and I are now 47 and we did achieve the goal of "retiring" before we were 40.
It can be done -- keep up the good work. I look forward to following your progress. I recently started a blog to help others achieve financial independence. I thought you might want to take a look at it. http://moneyempowerment.blogspot.com/
How did you & your fiance get into the habit of talking seriously about your finances monthly? Inquiring minds want to know...thanks! =)
WH - It wasn't really something that I got my fiance to do.....there was no arm twisting or anything.
Right after we got engaged, I said, "look, lets do this once a month so that we control our finances and they don't control us." We've been doing it ever since.
Also, I have some good friends (married couple) that constantly talk about this stuff, so that was a good influence.
But ultimately to give credit where credit is due, I would say 40% my fiance, 40% me and 20% our friends.
Engagement ring - $12,000
Wow ! You are THE MAN!
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