December 2007 Net Worth
Posted on January 02, 2008 by Him and tagged net_worth
In 2008, we're going to update our net worth every quarter. Here's the update for the last three months of 2007.
| September 2007 | December 2007 | % Change | ||
|---|---|---|---|---|
| TOTAL NET WORTH | -$41,303.44 | -$32,059.99 | 22.3% | |
| Assets | ||||
| Cash | $21,470.97 | $29,024.39 | 35.1% | |
| His SIMPLE IRA | $8,637.33 | $10,004.43 | 15.8% | |
| His Roth IRA | $6,552.56 | $6,090.93 | -7.6 | |
| His HSA | $244.71 | $172.07 | -29.7% | |
| Her 401K | $13,825.35 | $14,710.43 | 6.4% | |
| Her Roth IRA | $4,798.93 | $7,062.83 | 47.2% | |
| Automobile ? | $9,715.00 | $9,655.00 | -0.6% | |
| Household Items ? | $25,000.00 | $25,000.00 | 0.0% | |
| Accounts Receivable | $1,130.42 | $1,370.16 | 21.2% | |
| TOTAL ASSETS | $91,375.27 | $103,090.24 | 17.6% | |
| Liabilities | ||||
| Credit Cards (Rewards) | $1,439.08 | $5,973.43 | 315% | |
| Student Loans | $131,239.63 | $129,176.80 | -1.6% | |
| TOTAL LIABILITIES | $132,678.71 | $135,150.23 | 1.9% | |
First things first: the credit card balance. Yes, it is high. We're starting to make major wedding payments (like for my wedding ring). We've also put Christmas presents and the cost of entertaining guests on the cards. We still pay off the cards every month though and are not paying interest on that debt.
The student loan debt is slowly, but steadily decreasing due to our goal to increase our student loan payments. A few months ago, we put a good chunk of it on a credit card at 1.9%; that balance is reflected in the student loan category, not the credit card category.
Of course, if you look at the amount of cash we've stashed away these past three months, you'll see that we have made more than enough to cover what we've put up on our cards. We've also seen some good increases in our retirement plan balances
Overall, we've increased our net worth by $9,243.45 in the past three months. That is a little lower than what we're used to seeing. With the upcoming nuptials, it will be challenging to keep up a respectable rate of increasing the bottom line. We do have a few plans that we've put into place in order to keep everything going in the right direction, and we'll post about them in the upcoming weeks.
Comments/Trackbacks
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MVP | Jan 2, 2008
We value our household goods at $25K too, and that's what we insure it at (not including the actual house), which is pretty normal.
Also, what's the reason for stashing so much cash, rather than paying down the other debt? I'm guessing that's far beyond the recommended 3-6 mos. of expenses for an emergency fund.
Sarah | Jan 2, 2008
As they've mentioned before, the cash is for their upcoming nuptuals.
Impressive turnaround in '07. Good luck with the wedding planning, not cheap, especially in a big city. I had good luck at Goodwill for my centerpieces. Then donated them back for the next frugal bride.
DD | Feb 3, 2008
It is completely absurb to plan a big wedding when you have that much student loan debt. You should be paying that off and just eloping or having a small party. If you plan to have children, you will have trouble - you really want options - one of you staying home for a while or working part-time. With your spending - you will have no options. Further, you have college to pay for -
We regret spending so much for our wedding when we have little children now. We would have college almost paid for if we put the money we put into the wedding into college funds.
Just my 2 cents -
DD
TEL | Feb 10, 2008
You only get married once (if you do it right) so it's worth making the most of this very important day. Enjoy it with your loved ones. If we all waited until life was perfect before we made life changes, none of us would be married, own a home or have children....Life can't revolve around $$$$!!!!
CONGRATS!!!!!!!
BRJ | Feb 25, 2008
How were you able to put the student load debt on a credit card? My lender doesn't accept credit card payments. Is this uncommon?
Livingalmostlarge | Jan 2, 2008
Are you sure you should be valuing your household goods at $25k? That seems rather steep. Most people don't value it at anything.
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