Happy Fool’s day!!
Except for all of us who pay attention to our money! (HEYO!)
Saw these stats come out from Experian, and while it looks like an epic prank it’s anything but:
- As of the the last quarter of 2018, consumer debt now totals a whopping $13.3 trillion
- With credit card debt coming in at $834 billion
- Mortgage debt totaling $9.4 trillion
- Personal loan debt at $291 billion
- Auto loan balances at $1.27 trillion
- And student loan debt at a new record high of $1.37 trillion
But hey! At least our lifestyles must be great!! (Oh wait, they’re not??? Then what the hell are we doing??!)
But in positive news, at least those of us HERE are on track, right?? :) Even if you’re slowly working through some of life’s past mistakes?! Better to make them all now than later, baby! Life doesn’t have to be so complicated!
As a wise P. Diddy once pontificated:
“Anything that costs you your peace of mind is too expensive…”
(And people say rappers aren’t fiscally aware – HAH)
At any rate, here’s this month’s net worth report along with the rhymes and reasons behind it… Although much less rhyming than reasoning I’m afraid… (I like big budgets and I cannot lie! You other debtors out there can’t deny! Woop!)
Net Worth Report: March, 2019: $886,776.74
[As part of our Net Worth Series where we share real life snapshots of our money (my money!) to better open up conversations around this stuff… Some months we’re up and others we’re down (way down), but it all gets displayed here as it happens in real life! Here’s report #134!]
CASH SAVINGS: $62,233.54 (-$8,907.66): A hefty drop, but a hefty addition to our Roth IRAs too! As we finally decided to max them both out (me + mrs) and keep our yearly record going… Even though it did make me a little nervous knowing a house purchase may be looming around the corner… But hey – gotta keep my finances on its toes, right?! ;)
THRIFT SAVINGS PLAN (TSP): $18,121.60 (+$754.13): Another nice jump as my wife continues to divert money into it every paycheck! One of the nice perks of having a 9-5: matching retirement contributions!! Something that goes out the window when you’re self-employed!
BROKERAGE: $53,962.55 (+$426.65): Nothing too fancy going on here, but this account *is* why I’m more comfortable dumping out cash reserves to fund our IRAs… knowing we have a nice pot we can liquidate at any point once/if needed. Like for that 20% down payment coming up!
ROTH IRAs: $158,305.78 (+$12,089.43): Now we’re talking!! If the market’s not going to amp it up for us this month, we will! ;) And pretty much the only time where you can even see your contributions making an impact with how wild the swings are these days, jeesh…
SEP IRA: $584,620.27 (+$4,621.99): Similar to the brokerage account, nothing new going on or added here lately… Just the markets doing its thing and taking the accounts along with them!
Here’s how our investments have fared over the past handful of years through Vanguard:
CAR VALUES: $9,533.00 (-$206.00) — And lastly, the cars! Which we conservatively value *down* every month using KBB.com’s tools… Here’s the values of them, both very much paid off:
- 2008 Lexus RX350: $6,974.00
- 2005 Toyota Corolla: $2,559.00
And that’s March!
Total change in net worth this month: (+) $8,778.54
Total changes over the rolling 12 months:
It’s nice to be inching closer to last September’s highs again :) Though we’ll see what the future brings!
And lastly, a snapshot of my kids’ net worths…
Featuring Baby Dime who’s proudly showing off his standing skills now at only 10 months (!!).
(I swear – he cannot WAIT to be like his brothers! He just wants to play and wrestle all day like a “big boy,” and gets so frustrated when his body doesn’t work the way he wants it to, haha… Not unlike daddy after a few too many beers!)
Alright – so that’s what my money is doing this month… How about yours?? Anything exciting going down??? Anyone cross any major milestones?
Divulge it all below and let’s discuss!! If you can’t talk about money here, where can you??! :)
Peace, love, and spreadsheets,
PS: If you’re just getting started in your journey, here are a few good resources to help track your money. Doesn’t matter which route you go, just that it ends up sticking!
- The "Budget/Net Worth" spreadsheet - the colorful Excel template I personally use.
- The "Money Snapshot" spreadsheet - a simple Excel template I created for my former $$$ clients
If you're not a spreadsheet guy like me and prefer something more automated (which is fine, whatever gets you to take action!), you can try your hand with a free Personal Capital account instead.
Personal Capital is a cool tool that connects with your bank & investment accounts to give you an automated way to track your net worth. You'll get a crystal clear picture of how your spending and investments affect your financial goals (early retirement?), and it's super easy to use.
It only takes a couple minutes to set up and you can grab your free account here. They also do a lot of other cool stuff as well which my early retired friend Justin covers in our full review of Personal Capital - check it out here: Why I Use Personal Capital Almost Every Single Day.
(There's also Mint.com too btw which is also free and automated, but its more focused on day-to-day budgeting rather than long-term net worth building)
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!