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Archive for the ‘net worth’ Category

Liquid Assets: $4,406.58
Checking Account: $24.01

Emergency Savings: $4,076.41
Car Repair Fund: $89.66
Gift Fund: $165.47
Me Fund: $25
Future Fund: $26.03

Long-term Assets: $4,962.18
401(k): $3,648.27
Roth IRA: $1,275.33
Stocks: $38.58

Debts: $126.78
Credit Card: $126.78

Net Worth = $9,241.98

My cash was down $354 because I had to pay for the car repairs. I’m so upset that I had to use my credit card the first month I become debt-free! Oh well, I need to move on. There’s always an ebb and flow to finances and I’m pretty optimistic about April’s results.

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Here’s the Breakdown:

Liquid Assets: $4,760
Checking Account: $54.48
Emergency Savings: $3,976 | $500 added to this from Tax Refund
Car Repair Fund: $638
Gift Fund: $65.47
Future Fund: $26.03

Long-term Assets: $4,335
401(k): $3,252
Roth IRA: $1,044
Stocks: $38

Debts: $602
Student Loans: $500 | paid $1,200 towards debt!
Credit Cards: $102 | payment on this balance was pending on 2/28

Net Worth = $8,493

I increased my net worth by $2,035, which was mostly due to $1,200 paying debt, my $500 federal tax refund, and the stock market doing well. I think Frugal February was a success!

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Here’s the Breakdown:

Cash (or Liquid Assets): $4,218
Checking Account: $32
Emergency Savings: $3,473
Car Repair Fund: $604
Gift Fund: $84

Retirement (or Longterm Assets): $3,902
401(k): $2,959
Roth IRA: $943
Stocks: $38 – I have no idea why I have this and really should do something with it.

Debts: $1,700
Student Loans: $1,700 (down $800)

Net Worth = $6,458

I increased my net worth by $1,075, a pretty tall order with some large purchases and a loooong month that never seemed to end. Oh, AND here’s an official announcement that I’m a member of the Thousand Dollar Club! Huzzah!

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December is traditionally the most expensive month for me. As you all know I was MIA for about two weeks on vacation so I only checked my online bank account a few times to make sure I wasn’t over budget. To be honest I didn’t really think about my money that much. So when I finally calculated my net worth, I was shocked! Somehow I managed to increase my net worth by over $1,600! That is the most that it has increased since I got my tax refund in March.

Here are the details:

Cash: +$235

  • Checking: $110
  • Car Repair Fund: $427 — Added $144 to this fund from extra money, etc.
  • Christmas: $85 — No change.
  • Wedding: $25 — I added $975 from my Wedding Fund to my Emergency Fund so they were combined. After I pay off my debt, I want to get my Emergency Fund to $10,000 and then save for a wedding. That’s the plan today, anyways.
  • Emergency: $3,466 — Added $975 from Wedding Fund plus $105 saved from the month from extra money.

Retirement: +$350

  • Roth: $866 — $100 added in December, plus interest.
  • 401k: $2,863 — $200 was added (me+employer), plus interest.

Debt: -$1,000

  • Debt to Parents: $2,500 — I paid $1,000 towards my debt in December. Cha-ching!

TOTAL NET WORTH: $5,383 as of 12/31/2009

Summary: It is so encouraging to see that this stuff is really working. It’s really happening! I’m almost done with my debt and already my Emergency Fund sits at almost $3,500! I know January will be pretty expensive and there will be future months with a lot of expenses… but for now I’m just savoring the fact that I ended December worth $11,822 more than in 2008. Hell yeah!

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November Net Worth: +$812

Readers: Do you know your net worth? Yeah yeah, I know about you PF bloggers… but what about you other readers (if there are any): Do you know what you are worth?

I remember when I first heard in the finance world to “calculate your net worth” I thought it would be a long, complicated process. Well, it turned out to be super short and simple because I had so little money to calculate. Ever since then, knowing my net worth has really helped me in keeping my eye “on the prize.” (The prize, of course, being financially secure. That’s what this blog is all about, right?).

On my PF spreadsheet, my net worth sheet is named “HOPE” because it always makes me feel hopeful to see my progress since I began tracking.  Sure there were months it didn’t increase a lot, but slowly and steadily I’m getting closer to becoming financially secure.

If you’ve never calculated your net worth, I highly encouraged it. It may not be a fun experience or a pretty picture, but if you stick to it, you just may be surprising how hopeful it becomes.

Here’s how you calculate:

Assets  – Liabilities = Net Worth

Assets = Anything you own: bank accounts, savings, retirement, cars, etc.
Liabilities = Anything you owe: debts, credit cards, mortgage, etc.

Now here’s mine for November:

A few notes on my November Net Worth:

  • My cash is lower because I paid the rest of the Cruise balance of $225 and also used cash to pay for Christmas presents.
  • Saved $125 in the Car Repair Fund.
  • I don’t include my car because I don’t plan on ever selling it, but it’s worth about $1500.
  • Retirement was pretty standard.
  • I pay my credit card each month so that balance was pending payment on Nov. 30th.
  • Paid $700 towards my debt. Holla!
  • Right now I’m worth $3,713!

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My net worth increased more than I expected in October! I had a $380 car repair and contributed $100 more towards charity than I normally do.

october net worth

Summary:
-I increased Christmas Fund by $180
-I saved $90 in my Emergency Fund
-I paid off $380 in car repairs and added $85 back to the Car Repair account
-Retirement is pretty standard, but I thought it would increase by at least $300.
-I earned $5.25 in interest and it all went to my Emergency Fund.
-I paid off $600 of debt.
-I use my credit card for some purchases because of the points. That will be paid off this week.
Click here to see more details.

Net Worth: $2,901!

I love months when it increases by $1000 or more! It means I’m doing something right. :)

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September Net Worth: +$753

I’m pretty happy about September’s net worth. On any other month, I’d be kind of bummed about only an increase of $753, but this month I’m pretty pleased. I had $350 in car repairs, $150 towards the cruise, and $100 in my clothing budget for my birthday. I made a lot of money thanks to the Earn More Challenge and most of that went back to my Repair fund.

sept net worth

A few notes:
-Car Repair Fund: $471.56 (-$42)
Because of many car repairs, this account fluctuated the most over the month of September. I had to pay $350 to fix my car, plus added $318 back to it thanks to the Earn More Challenge and some birthday money.

-Cruise/Christmas Fund: $133.64 (-$150)
I paid $150 for the cruise deposit. I still have $227 left to pay and may have to use some more savings next month.

-Credit Card: $42.00 (-$42.00)
I use my credit card just for gaining points and pay it off each month. My payment hadn’t gone through yet at the end of the month, which is why it’s listed.

TOTAL NET WORTH = $1,846

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August Net Worth: +$925

Updating my net worth is so exciting now that I’m finally in the positive! I was hoping for a $1000 increase, but I suppose $925 is a perfectly respectable number. My liabilities went down $560 from last month and my assets increased by $365, although most of that was for my retirement accounts. I would love to save more, but for now watching that debt decrease will be sufficient enough. If you’d like to see more details, click here.

If I average around $1,000 net worth increase each month, then in one year I will be around $12,000! Kind of awesome, if you ask me. I cannot wait until all the compound interest kicks in and I start to really make money.

Assets: $6,393.87
Cash: $514.57
Emergency Fund: $2210
Future Fund: $1,000
Christmas Fund: $243
401(k):  $1915
Roth: $469

Liabilities: $5300
Debt: $5300
Credit Cards: $0

Total Net Worth: $1,093.87

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Today is a happy, happy day for me. I have finally reached the tipping point where the things I own are more than the things I owe. If I died today I would leave my family with a total of $168 as opposed to the -$13,850 I was worth this time last year. Excellent feeling. (Actually, that’s not entirely true since the retirement accounts would have to be taxed properly… but that’s something my loved ones can figure out. ;))

Here’s a nice little diagram of my net worth journey since I started actually tracking. When I first began it was -$13,850, but this is how far I’ve come since November.

Picture 1

And here’s how it’s all distributed:

Assets: $6028
Cash: $528
E-Fund: $2130.76
Future Fund: $1000
Christmas Fund: $224.48

401(k): $1750
Roth: $358

Liabilities: $5860
Debt: $5800
Credit Card: $60

Total Net Worth: $168

If I looked at this chart last year I’d probably laugh aloud. It’s been one year since I took charge of my finances and I never want to live a day when I am not conscious of my spending, savings and giving.

More Good News:
This marks my 100th blog post! I cannot believe that way back when I started this blog I’d have enough to talk about for 100 entries. Over the weekend I changed the look a bit, so please tell me what think of it. I have to say this blog has been one of the greatest accountability tools in sticking to my financial goals; so thank you to those who actually read this blog on a semi-regular basis. Your comments, suggestions and cheers have inspired me. Happy, happy day! :)

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Debt Ninja at Punch Debt in the Face is hosting a Personal Finance Mad Lib game to give a little snapshot of your financial and personal information. I always loved Mad Libs, so of course I was going to participate!

Here’s my PF Mad Lib:

Hi my name is MPP. I currently have $6 cash in my wallet. When I started managing my finances (one year ago) I was worth -$13,800, and now have a net worth of -$934. I currently work in advertising and have been doing it for more than a year. I make roughly $37K per year. I want to have $5 million? waiting for me when it comes time to retire. Aside from learning about finances, I really enjoy traveling. I think the world would be a better place if spiders didn’t exist. I had shrimp for dinner last night and it was omg-delicious. I have had two significant others over the course of my lifetime (counting awkward middle school relationships). One thing that makes me different is I was the valedictorian of my high school. Now that I’m done with this mad lib, I think I’m going to fix some coffee.

One thing really awesome that this showed me is that in one year my net worth has increased by $12,866. Holy wow! That’s pretty freaking sweet. Let’s hope things look like that come July 2010! Also, I need to figure out how much I’d like to have to retire. I mean, I think $5 million sounds good, but how much exactly will I need and how much will I need to contribute? Looks like questions I’ll have to answer in a future post….

Fill out your own and link it to his site, or you can refer back to here.

Hi my name is (blank) . I currently have (blank) dollars in my wallet. When I started managing my finances I was worth (blank), and now have a net worth of (blank). I currently work (blank) and have been doing it for (blank) years. I make roughly (blank) per year. I want to have (blank) waiting for me when it comes time to retire. Aside from learning about finances, I really enjoy (blank). I think the world would be a better place if (blank) didn’t exist. I had (blank) for dinner last night and it was (blank). I have had (blank) significant others over the course of my lifetime (counting awkward middle school relationships). One thing that makes me different is (blank). Now that I’m done with this mad lib, I think I’m going to (blank).

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