Updates like today’s are exactly why tracking net worth can be exciting – we’re up $15Gs!
And I would have had no idea too had we not been tracking all this stuff ;) Granted, we’re heavily invested into the stock market so it fluctuates quite a bit, but the point is we have a solid number to compare to every month. This way we know if our game plan is working or not.
In a nutshell, my evil plan to max out my 401(k) early this year is well on its way :) What you see here is only a portion of the 90% paycheck contributions (& matches) hitting my account – the rest of the deposits should start dropping in anytime. And I must admit, it feels GREAT seeing these numbers rise this month! The last couple of net worth updates blew.
Net Worth break down: March, 2010
CASH SAVINGS (+$6.45): This was actually a little mistake here on my part – we should be down about $1,500 but I was fooling with our company’s 401(k) site and forgot to change my % back to 90%, thus resulting in a full payment of one of my checks for the month :) But I guess it’s not that bad of a problem, eh? Just extends my evil plan by 2 weeks…
EMERGENCY FUND ($0.00): Same $10,000 this month as it was last month, and the month before, and the month before that. The good thing about reaching your goal here is that you can then concentrate on all the others you’ve got brewing!
ROTH & TRADITIONAL IRAs ($1,348.98): Still haven’t put in a dollar to either of our IRAs this year. As soon as my 401(k) is matched we’ll be on to these guys…
401(k)s ($13,231.87): Bow chicka wha wha!! Most of this is due to the market rallying, but a good portion also comes from my paycheck contributions hitting. Here’s how it breaks down:
- Contributed: +$2,812.50
- Company match: +$2,812.50
- Market fluctuation: +$7,606.87
AUTOS WORTH (kbb) (-$100.00): Another expected drop in value. Would be awesome if we only lose $100 every month! :) It’s usually the Toyota that gets the hit too – my caddy has stayed in value for a while now, pretty awesome. Here’s how they break down:
- Pimp Daddy Caddy: $2,995.00
- Gas Ticklin’ Toyota: $8,785.00
HOME VALUE (Realtor) ($0.00): This will remain @ $300k (the price our realtor set it at) until I hit him up later for another review. He’s the master in our particular neighborhood, and has been selling (and living) in this area for 20+ years. I’ve given up on Zillow, and I always forget about Redfin.com.
CREDIT CARDS (-$371.29): As I mentioned last month, we now have credit card debt! Wahooo! Haha….I’m actually excited because we finally went through with booking our 10-day Eurotrip. I know it’s fiscally irresponsible to hold debt when you’ve got the cash to wipe it away, but I’m doing this on purpose to MOTIVATE me to pay it off quicker so you guys don’t see it anymore ;) It’s all about knowing yourself, baby!
MORTGAGES (-$0.43): Because we bought this vacation above, we’ve now stopped paying off more of our mortgages. It’s not the worst thing in the world, but I’ll def. miss seeing these #’s go down for a bit. Well be back in no time, though. Here’s how they break down:
- Mortgage #1: $286,818.64 – 30 year fixed, interest-only @ 6.875%.
- Mortgage #2: $62,554.19 – Maxed out HELOC w/ 2.8% interest.
That about covers it. Not too shabby a month if you ask me! It’s always nice to see your hard work and saving skills come to fruition over time. No getting-rich-quick here, that’s for sure. We just do what we can do every day, week, month, and year until one day we’re sitting on that beach smiling! It’s all a work in progress my friends, and I hope your numbers are looking equally as exciting :) Drop us a note and let us know.
*My budget has now been updated.
**And so have my sidebars. And my excitement for Kal Pen (Kumar) leaving Obama to go work on White Castle III! W00t.
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!