It’s the start of new a month and time to take a look at the ol’ networth.
Cash – $40,577
Our cash reserves have been growing steadily over the past year as we have been saving for a down payment on a new home. We had a slight decline in cash thanks to the title company depositing our $2000 check made out for earnest money.
Stocks – $706
We decided two months ago to begin depositing our “car payment” into a mutual fund. I put “car payment” in quotes since we aren’t really sending the payment to a bank. We are simply saving money in an account so that we can pay cash for a car when the time arrives. You can read my thoughts on Dave Ramsey’s Drive Free Retire Rich concept here.
Retirement – $17,897
We are currently saving 15% of our gross take home pay for retirement. I contribute 4% of my gross pay to my company’s Roth 401(k) account in order to get the 4% match. The remaining 7% is deposited into mutual funds inside a Roth IRA at ING. My wife contributions are deposited into her 403(b) at work.
Cars – $11,875
The value of our cars is an estimation per Kelly Blue Book.
Student Loans – $7,493
The dreaded student loans. I can’t wait till these are gone, and they will be. Soon. It turns out I have just under $8k left which is the exact amount of the first time home buyer credit! If everything turns out as planned, we will be proud homeowners without any consumer debt by next spring. Check out an interesting post at Financial Highways regarding this First Time Home Buyers Tax Credit.
Fun to look at your net worth. It reminds me a bit of where I was at when I first started doing my net worth. Keep up the good work and you’ll surprise yourself how much you can do. Looking forward to seeing how your blog comes along, you are off to a good start.
Cheers,
Miel