It’s been an exciting month and full of random expenses such as the $225 home inspection fee and weekly expenses associated with our Saturday morning tailgates. However, we still managed to show a positive increase in our total net worth. It’s nice to still have significant influence over this number, through either reducing expenses and/or earning income. I don’t think it will be too long before the market is the primary indicator of our total gain or loss each month.
Cash – $42,126
Our cash reserves have still been growing in anticipation of our closing date this Friday.
Stocks – $1,030
Our two cars are completely paid for. So instead of sending a monthly car payment to the bank, we’ve recently started investing $350 per month in a mutual fund. There are some risks associated with this strategy, but they are risks we are both comfortable with. This strategy was solely inspired by Dave Ramsey’s Drive Free, Retire Rich.
Retirement – $18,531
We are still saving roughly 15% of our gross take home pay for retirement. I believe the market is down slightly from my last update, but our contributions and employers’ matches still made for a slight positive increase.
Cars – $11,875
The value of our cars is an estimation from Kelly Blue Book.
Student Loans – $7,405
Still looking forward to getting rid of these next spring. After sending our lender the $8,000 from our first time home buyer’s tax credit, I’ll still have a few hundred dollars left.
That graph sure is lookin’ nice! I really REALLY like the idea of throwing your “car payment” money into a mutual fund like that too – extremely smart of you. Most would splurge around or find other random ways to go through it, but to store it like you guys are is wonderful! Keep it up
Thanks J! I appreciate the overall encouragement and support of our car savings method. We have automatic drafts to savings and investment accounts each month which make it much easier to avoid splurging.
Hey Broke! Good work on the net worth growth! I like that cash chunky you’ve compiled.
Keep on the righteous path. All I’ve got up on my site is my “Freedom Cash Fund”, but I do have my Net Worth IQ thing which is hidden. Oh well. I’m just focused on getting that $1 million cash nut!
Best, FS
Hey Samurai, Thanks!
The cash fund is going to take a hit this month due to a home down payment. I’ve seen your “Freedom Cash Fund” and think that’s a great idea. It looks like you are off to a screaming start. You will hit your mark before you know it!