Back at the beginning of 2013 I had a negative net worth. Basically our car loan and students loans outweighed our meager assets held in checking and retirement accounts. Although I did not keep track of these records until the beginning of 2014, just based on how little cash we had, where our retirement accounts were, and where student loans were at, I would say to start that year we were probably around negative $15,000.
Today, things are much better here at the Frankly Frugals. My wife and I are both working full time and we are growing our net worth in various ways. With that
said, here are the numbers as of the end of June:
Equity
Home $100,000
Mortgage: (90,005)
Total Equity: $9,995
Vehicles
Vehicles: $13,042
Car loan: (10,453)*
Total Vehicles: $2,589
Cash Net of Credit Cards: $10,912
Brokerage Account: $1,257
HSA Account: $2,242
Pretax Retirement
Pension Cash Value: $2,429**
401 and 457: $4,744
Total Pretax: $7,173
ROTH Retirement: $16,127
Student Loans: $(19,553)
Total Net Worth: $30,742
Not bad for being in the negative a short time ago! Anyways, there are a couple of items I wanted to discuss in detail below:
*We had purchased this car in 2012 after my 99 escort broke. And by broke I mean that the frame had rusted through and broke. There was no fixing option. After searching for a month for a decent used car (max we could pay at the time was $3,000), we ended up getting a loan on a new car… Not the smartest decision, but that will be talked about more in the future.
**This is a pension pension, not some 401(k) that I am referring to as a “pension”. As in fixed monthly payments at age 60 pension. This really won’t be a benefit to retiring early other than being a decent sized safety net. If I retire early my years of service will also be reduced also decreasing the value of this pension. Additionally, I heard that the plans for new hires, such as myself, are not inflation adjusted. This means that it really cannot be a reliable source of income in retirement, but more of a bonus when I get old. If I find out that this rumor isn’t true I will make a correction, but information on specific plans is kind of a pain to find sometimes.
What about you? Where are you at in your financial journey?
Thanks for stopping by!
Not bad at all!
Just added you to our blogger net worth tracker
http://rockstarfinance.com/blogger-net-worths/
Hello J Money,
Thank you for stopping by! I hope that the net worth page will give me extra motivation to exceed!
Kipp
Way to go Kipp! It feels great to get out of the negatives, doesn’t it? And it just adds fuel to the fire to keep it growing. I’m looking forward to following your progress as you get out from under that debt man!
Thanks for stopping by Ryan! I have a plan to get rid of all of the debt before age 40, and it is all of the small things that count. It won’t go away overnight, I need to take action to better my financial position. I checked out your site, some nice stuff there.