Not a bad couple of months overall as was indicated in my Income and Expenses, overall a couple of good months for my net worth overall. Now, it is a bit of a pain to do this monthly as some companies only offer quarterly statements and if I don’t look at some of the balances right at the end of the month, it is a bit of a pain. So from here forward, I plan on only doing quarterly updates – so December’s update will be available in January.
|
|
August
|
October
|
% Change
|
$ Change
|
|---|---|---|---|---|
| Home | $100,000 | $100,000 | 0% | $0 |
| Mortgage | -88,394 | -87,702 | .78% | 692 |
| Vehicles | 12,750 | 12,450 | -2.35% | -300 |
| Car Loan | -10,100 | -9,737 | 3.59% | 363 |
| Cash (Net of Credit Cards) | 8,439 | 7,995 | -5.26% | -444 |
| Brokerage Accounts | 1,677 | 2,027 | 20.87% | 350 |
| HSA Account | 2,081 | 2,364 | 13.6% | 283 |
| Pension Cash Value | 2,687 | 2,917 | 8.56% | 230 |
| 401 & 457 | 5,691 | 6,831 | 20.03% | 1,140 |
| ROTH Accounts | 16,902 | 16,200 | -4.15% | -702 |
| Student Loans | -16,641 | -15,272 | 8.23% | 1,369 |
| Total Net Worth | $35,092 | $38,073 | 8.49% | $2,981 |
Not alot of movement in general, just the typical retirement contributions, but I did knockout the remainder of a single student loan in September – as you can see from a big drop in that category. The ROTH account’s are getting a bit battered from two fronts. First, the ROTH transfer occurred which resulted in some painful one time expenses to save from years of painful expenses. Second, Strum Ruger has been a drag in value and dividends, so that isn’t helping the cumulative balance either. October wasn’t too eventful because that is when I paid the remainder of the home deductible, not allowing for much activity in investments or debt repayments.
Not a bad few months overall, how was yours?
Congrats on the net worth increase. It must be good seeing your student loans declining. Do you think you can have them fully pay off by end of next year, or maybe the year after?
Hey Henry,
It depends upon my focus, as well as other things, I have some news that I need to update everyone on, but I was thinking about saving that for next week. But, the news fuels me even more so to pay off debts before investing.
Thanks!
Kipp
Good job on the increased net worth. I like how you have everything categorized and tracked. It matches with the approach of treating yourself like a business. I was doing something similar at one point but let it fall by the wayside. Good luck on your positive growth.
Thanks DD! I do like tracking the categories, I don’t actually subtotal each area, but it is pretty easy to see how much is left outstanding in cars or home after taking away the corresponding debt. I might be getting my own version of a Franken Caddy that J-Money has ( http://www.budgetsaresexy.com/2014/06/franken-caddy-car-keeps-making-money/ ). It is a buick that someone is selling cheap that was hit on the side, but runs a hell of alot better than my neon. Runs over looks!
Nice seeing that growth occurring Kipp! Those pesky student loans should be done sometime around 2015 huh?
Possibly, I must say they are pesky, that is for sure! That would require a little over $1,000 a month going towards them to get them cleared out before the end of 2015.
That’s a nice net worth increase. Getting rid of your student loans will be huge moving forward. Any idea when you’ll get rid of your student loans?
Hey Tawcan,
Everyone seems to hate these student loans! I will have a better idea of when once some things settle down, more on that next week is the plan.
Nice job increasing your net worth, Kipp! Keep it up and you’ll be a millionaire before you now it!
Thanks for stopping by Thomas! I still hate that your page doesn’t load, I keep trying to go there and have to do that google cache page, which is quite slow as well :(.
I believe that I will become a Millionaire, but having a Million really isn’t exactly the goal. Having no debt and being financially independent are the goals. Being a millionaire will more than likely be a side effect of those goals due to inflation by the time I get to that point!
Not a bad month at all! And it’s nice to see you back and posting again. Congrats on knocking out that loan.
Thank you Cecilia!
Yea, I need to pick which loan is next on the hit list and go from there. I have to remember when visiting your blog to copy my entire post before clicking submit… because the first time it logs me into the google account and clears out the text often leaving me frustrated. I remembered this time at least!
Nice work. It won’t be long before add up your numbers and find yourself in the six-figure bracket.
Thanks MMD! Maybe not next year, but I am hopeful for the year after!
Hey there, got turned onto your page from J$s list. I had a read through you last few months NW updates and you are doing fantastic. Looks like that nasty student loan should be knocked out by September or something next year. Your net worth is going up real nice month over month, i am going to stay tuned into your blog to see how well it starts to explode once that loan is payed off.
Good work,
Jeff
Hi Jeff,
Thanks for stopping by and welcome to the blogging world! It appears you started recently in November, I was on a bit of a hiatus late October and early November, but I am back in action and trying to keep myself accountable.
Paying off debt is a bit slower, in theory, than investing for building debt. But you have guaranteed returns and can really open up cash flow to poor into your investments as well as immediately decrease your current cash needs. I count that as two wins versus one loss, so I like the idea of paying off debt early.
Thanks for coming by!
Kipp
Yep I have wanted to give it a try for a while, finally decided it was time to give it a try.
Cool! I love seeing that student debt coming down so quickly.
And I hate debt in general, so I do as well!
Great progress on increasing your net worth over the past couple months. Nice to see that student debt coming down so fast, always a great feeling.
Happy Holidays,
Mr. Captain Cash