• January 2006 Net Worth – We’re Broke!

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     January 2006
    TOTAL NET WORTH-$98,615.39
    Assets
    Joint Checking$285.49
    Joint Savings$2,798.83
    Petty Cash$300.00
    His SIMPLE IRA$2,945.29
    His Roth IRA$6,373.72
    His HSA$816.34
    Her 401K$5,122.00
    Her Roth IRA$1,276.00
    Upromise$52.94
    Automobile$10,435.00
    Household Items$25,000.00
    TOTAL ASSETS$55,405.61
    Liabilities
    Credit Cards$18,054.88
    Student Loans$135,966.11
    TOTAL LIABILITIES$154,020.99

    A few notes about our net worth:
    The “Petty Cash” category consists of money that is in our individual checking accounts, money in our pockets, change in the couch cushions, etc.

    The “Household Items” category includes all of the items in our apartment that can be sold at a garage sale for their garage sale value plus jewelry at appraisal value.

    The Financial Snapshot in the sidebar to the left was VERY inaccurate, as I included our life insurance. Upon further reading, I found out that we can’t include our life insurance plans because they do not accumulate wealth.

    We’ve got a lot of work to do.

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