Assets:
Approximate value of our house: $240,936 (+$12,987 since last net worth update) (Estimation from Zillow)
Roth IRA: $40,625 (-$2,886 since last net worth update)
Simple IRA: $7,683 (-$304 since last net worth update)
Regular IRA: $6,676 (+$31 since last net worth update)
401(k): $12,094 ($8,144 since last net worth update)
Savings (including emergency fund): $36,096 (-$9,192 since last net worth update)
Total assets: $344,110 (+$8,568 since last net worth update)
Liabilities:
Mortgage: $152,581 (-$9,355 since last quarter)
Total net worth including our house: $191,529
Difference since last quarter: +$17,923
Calculation of my net worth not including the house:
Assets:
Roth IRA: $40,625
Simple IRA: $7,683
Regular IRA: $6,676
401(k): $12,094
Savings (including emergency fund): $36,096
Total assets: $103,174
Liabilities:
Mortgage: $152,581
Total net worth not including the house: -$49,407
Difference of +$4,936 since last net worth update
Looks like I forgot to do an update in the beginning of the 4th quarter, but not much has changed. The two biggest changes are due to buying a new truck last fall (we paid cash rather than taking out a loan - thus the smaller savings amount) and my 401(k) jumped up a lot due to saving 20% of my paycheck starting sometime back this summer. No major changes in the total net worth, but at least it's going in the right direction.
Monday, January 4, 2016
Sunday, September 6, 2015
What can paying an extra $2,000 a month towards your mortgage do?
I had been saving for a new-to-us truck for about 2 years now. We finally saved up enough money and bought the truck in July. Now that this financial goal has been completed, I wasn't really sure what to do next. Of course saving for our next big purchases came to mind. We would like to go on a nice vacation next year and get a few things around the house updated. I increased my 401(k) contribution from 10% to 20% (the max the company will allow). I thought about maybe putting some money into my Roth IRA, but I had been getting a little frustrated seeing that huge mortgage balance on our mortgage statement. It had been getting smaller each month, but very, very slowly. I just didn't seem to be going fast enough for me. So I figured I'd give it a little boost and put an extra $2,000 towards it this month. Just doing so knocked off 5 payments. Our regular payment is $1,017, so paying $2,000 now will mean we'll be paying $5,085 less later. I was going to change it back to $300 extra (which is what I had been doing the past couple months), when I opened my account I saw a link that showed me how view how extra payments could help pay off the mortgage faster. If I was to continue paying an extra $2,000 a month, this is what our mortgage (with a current balance of $158,813) would look like:
(Click image for larger version)
Wow - we could be mortgage free by 2020 and knock off 177 payments (177 x $1017 = $180,009)!! I probably won't be able to continue to pay $2,000 a month (that's about what I take home after taxes), but after seeing this, I think I'll be paying an additional $2,000 for at least one more month.
Wednesday, July 15, 2015
Net worth update - beginning of 3rd quarter 2015
Assets:
Approximate value of our house: $227,949 (+$7,250 since last quarter) (Estimation from Zillow)
Roth IRA: $43,511 (-$20 since last quarter)
Simple IRA: $7,978 (+$64 since last quarter)
Regular IRA: $6,645 (-$184 since last quarter)
401(k): $3,950 (+$2,505 since last quarter)
Lending Club: $221 (same as last quarter)
Savings (including emergency fund): $45,288 (+$9,871 since last quarter)
Total assets: $335,542 (+$19,486 since last quarter)
Liabilities:
Mortgage: $161,936 (-$1,816 since last quarter)
Total net worth including our house: $173,606
Difference since last quarter: +$21,302
Calculation of my net worth not including the house:
Assets:
Roth IRA: $43,511
Simple IRA: $7,978
Regular IRA: $6,645
401(k): $3,950
Lending Club: $221
Savings (including emergency fund): $45,288
Total assets: $107,593
Liabilities:
Mortgage: $161,936
Total net worth not including the house: - $54,343
Difference of +$14,052 since last quarter
I'm pretty happy to see my net worth is still going in the right direction! Wow, that little 401(k) balance is raising rapidly. I've been working lots of overtime lately, so not only have my paychecks been bigger, but my 401(k) contributions (and therefore the company match) have been larger. I don't even think about the 401(k) much because it's an automatic deduction, so it's a good way to easily save money for retirement. Ever since I left the job with the Simple IRA over 10 years ago, I've always had to make a decision that I have going to invest in my IRAs, so I've always kind of mentally wrestled with whether or not I really wanted to put that money and not see it again until retirement. Now I don't have to decide (although I am kind of debating about putting some in my Roth IRA this year as well). If you have the option to invest in a 401(k) or something similar (403(b) etc.), I would highly recommend you do so!
Approximate value of our house: $227,949 (+$7,250 since last quarter) (Estimation from Zillow)
Roth IRA: $43,511 (-$20 since last quarter)
Simple IRA: $7,978 (+$64 since last quarter)
Regular IRA: $6,645 (-$184 since last quarter)
401(k): $3,950 (+$2,505 since last quarter)
Lending Club: $221 (same as last quarter)
Savings (including emergency fund): $45,288 (+$9,871 since last quarter)
Total assets: $335,542 (+$19,486 since last quarter)
Liabilities:
Mortgage: $161,936 (-$1,816 since last quarter)
Total net worth including our house: $173,606
Difference since last quarter: +$21,302
Calculation of my net worth not including the house:
Assets:
Roth IRA: $43,511
Simple IRA: $7,978
Regular IRA: $6,645
401(k): $3,950
Lending Club: $221
Savings (including emergency fund): $45,288
Total assets: $107,593
Liabilities:
Mortgage: $161,936
Total net worth not including the house: - $54,343
Difference of +$14,052 since last quarter
I'm pretty happy to see my net worth is still going in the right direction! Wow, that little 401(k) balance is raising rapidly. I've been working lots of overtime lately, so not only have my paychecks been bigger, but my 401(k) contributions (and therefore the company match) have been larger. I don't even think about the 401(k) much because it's an automatic deduction, so it's a good way to easily save money for retirement. Ever since I left the job with the Simple IRA over 10 years ago, I've always had to make a decision that I have going to invest in my IRAs, so I've always kind of mentally wrestled with whether or not I really wanted to put that money and not see it again until retirement. Now I don't have to decide (although I am kind of debating about putting some in my Roth IRA this year as well). If you have the option to invest in a 401(k) or something similar (403(b) etc.), I would highly recommend you do so!
Subscribe to:
Posts (Atom)