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Net Worth – May 2008 May 31, 2008

Posted by pf in Net Worth Update.
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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:

Results at Networth IQ

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!
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Comments»

1. Net Worth: How Am I Doing? « My Personal Finance Odyssey - May 31, 2008

[...] myself, my current net worth is slightly above where I need to be based upon this rule of thumb – so far so [...]

2. Jim - March 23, 2009

Net worth is not what it used to be, economy has devastated many>

3. DeeSigno - April 13, 2009
4. munkeyslam - June 6, 2009

Hey, why aren’t you posting your net-worth for 2009 any longer?

5. Todd Pham - September 12, 2009

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.

6. john g - September 18, 2010

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?

7. Anony - November 22, 2010

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.

8. pfodyssey - May 24, 2011

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.

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