Net Worth – May 2008 May 31, 2008
Posted by pf in Net Worth Update.Tags: 401k, average net worth, CD, certificate of deposit, Credit Card, debt, march, net worth, Retirement, roth ira, stock market, what should my net worth be
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Well, another milestone achieved as we have finally surpassed $600K in net worth. I had eclipsed $500K in March 2007, and so it took me just a tad bit over a year to make the next one. I’ll take it. Unless the stock market takes off, I am not expecting to achieve the same kinds of gains I’ve had the last couple of months. Gains made possible by a perfect brew of stock market gains (feeling like I actually benefited from some of my investments made in January), year end bonuses, and tax refunds.
Now that we are in summer, we are engaged in the typical activities like yardwork, BBQ, and the ice cream man. As far as spending is concerned, although nothing exciting to report this month, we will have some fairly significant expenditures coming up very soon…not the least of which will be our property taxes. To that extent, I could actually see a drop…bah.
Anyway, let’s get into the thick of it:
NET WORTH FOR MAY
| 2 Mo Ago Mar – 08 | Last Month Apr – 08 | This Month May – 08 | Monthly Change | Monthly Change % | |
| Cash | 152,888 | 144,405 | 152,461 | 8,056 | 5.58% |
| 401(k)/IRAs | 248,608 | 273,651 | 282,474 | 8,823 | 3.22% |
| Home | 290,000 | 290,000 | 290,000 | 0 | 0.00% |
| Other Real Estate | 130,000 | 130,000 | 130,000 | 0 | 0.00% |
| Total Assets | 821,496 | 838,056 | 854,935 | 16,879 | 2.01% |
| Home Mortgage | 123,675 | 122,909 | 122,139 | -(770) | -0.63% |
| Other Mortgage | 107,054 | 106,716 | 106,445 | -(271) | -0.25% |
| Credit Card | 13,280 | 9,754 | 3,532 | -(6,222) | -63.79% |
| Other | 0 | 0 | 0 | 0 | 0.00% |
| Total Liabilities | 244,009 | 239,379 | 232,116 | -(7,263) | -3.03% |
| NET WORTH | 577,487 | 598,677 | 622,819 | 24,142 | 4.03% |
MAY HIGHLIGHTS
- In April I asked “may I order another please?” – the net worth gods delivered
- Well into $600K territory…would like to reach $700K at a faster pace
- Tax refund arrives
- Playing “small ball” with credit cards…not carrying big balances
- Summer has finally arrived
JUNE PREVIEW
- Won’t be greedy and ask again (although tempting)…stay the course!
- Some significant expenses on the horizon (several thousand) – who took the punch away?
- Investments remain on auto-pilot…focus on family and work
- Stay cool!
[...] myself, my current net worth is slightly above where I need to be based upon this rule of thumb – so far so [...]
Net worth is not what it used to be, economy has devastated many>
Design your own climbing frame and be happy!
Hey, why aren’t you posting your net-worth for 2009 any longer?
I like your site. However it looks like you’ve lost interest.
But why are you carrying a balance on credit cards when you have the cash to pay it off.
4. munkeyslam – June 6, 2009
Hey, why aren’t you posting your net-worth for 2009 any longer?
He probably got wiped out with his house debt. It’s hard to talk when you’re underwater. glurgleblurgleblurg! Pride goeth before the fall, huh big guy?
Geez, some mean mofo commenters. Author had 50% equity back then, I doubt he got “wiped out”.
Still the “About” section says:
“1) Create a forcing function to hold myself accountable and actually DO the things that are needed to achieve my financial goals”
I can’t say the author is doing well on the accountability side. It’s persuing goals through adversity that would have made the blog interesting, not reaching some financial goal with a 10% clockwork ROI with little effort. I’d encourage the author to pickup the blog again, tell us what lessons were learned.
Dear All,
This comment is from PFOdyssey. At some point during 2008, the time required to maintain the blog was more than I was willing to invest and discontinued writing. In fact, so much so I am no longer able to sign in to the account (thus the comment instead of post)! Of course, like most people, my stock portfolio and real-estate holdings saw significant declines during the period since my last post. At one point, I recall my stocks having lost approximately 50% of their value. However, as I have always done, I continued to plug away with regular contributions and remained fully invested in equities during this time. Similar to many, my portfolio has since rebounded and combined with the additional contributions, now sit at approximately $420K vs. $279K in July 2008 when I last reported on Networth IQ. Unfortunately, real-estate is another story…I believe my house is now only worth 240K vs. 290K and some land I had purchased is probably worth 60K vs. 130K. Due to some stock options and bonuses, my cash position has improved to approximately $230K vs. 160K. Overall, my networth has improved…but not by a significant margin when you consider the lost value in real-estate. With the exception of our mortgage, I otherwise remain debt free and continue to keep chipping away in hopes of achieving the elusive financial freedom I hope for myself and family. In terms of lessons learned, I find that I sometimes see the “signals”, but can not interpret them well enough to create action (e.g. who is buying all these houses? Where is the money coming from?). Had I been more adept at this, perhaps I would not have purchased the land. More recently, we had seriously considered upgrading to a larger house (and debt / tax obligation). Alas, after some deep soul searching, we have decided against this and wish to allocate our assets in such as way as to minimize our worries (e.g. sense of security) and maximize how we live our lives (e.g. travel, experiences, etc). Of course, our views may change as we age…but this is where we are at right now. Thanks to everyone who bothered to read the blog…I hope you were able to get something from it. My best wishes to all.
we need deep pockets to support the business asap.
the sea does business with evey living person on every sea coast-we hope no one will consider these self-revealing accounts in bad taste. in times past, god spoke in partial and various ways to our ancestors through the prophets.the prophet now gave orders for every woman and child to be allocated a place in one or other of the upper rooms of the fortresses.
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diversifying your portfolio does’t guarantee success.
Facebook is getting to nasdaq this week…