Networth Updates

Mid Month Net Worth Update February 2017

Drumroll please…….

A net increase of $12,438.42 to bring us to $197,349.34

Woohoo!!!!!!

We didn’t really want to wait one month to provide a net worth update. We really find it motivating so far making these posts and there’s been a few changes in the accounts that we the thought would make for a good reason to update. Plus it’s fun! (and with each post we learn a little more about adding fun things like COLOR to the text.

So onto the details of where we currently stand:

Change Explanations:

401k$10,764.45 – So this one is just natural growth in the market plus normal payroll contributions. Nothing crazy.

HSA – $143.44 – Same as above, a little bit of growth from the portion that’s invested and normal contributions.

RothIRA – $211.53 – For the Roth IRA, we currently aren’t contributing as we decided that it was more important to get rid of our debt and the resume contributions after that. Hopefully by the end of next year (2018) we’ll be able to start contributing to this again and get that number increasing rapidly!

Acorns – $18.70 – So we’re going to do a little sales pitch here for Acorns because we think it’s pretty awesome. When you sign up, you connect Acorns to one or more of your accounts or credit cards and they monitor the purchases you make. With each purchase they “Round Up” the change to the next whole dollar withdraw that money from your checking account. For example: You buy the fancy $4.15 coffee from the fancy coffee shop. Acorns will round that up to $5 and deposit the $0.85 into your Acorns account. Pretty simple and while the change doesn’t seem like a lot, it does add up! We’ve been using it since May 2016 and have now reached over $250 in our account. Pretty cool!

Cash – $752.31 – Normal ebbs and flows of the checking account at work here. There’s a couple of bills that just went out.

Mr. Joe’s Student Loans – $39.51 – If you’ve been following our blog then you’ll know that we recently Re-financed Mr. Joe’s student loan with SoFI. We’ve detailed that process in some other posts you can find here. So far it’s been great working with SoFI. The change here is interest that’s accrued while we’re waiting for the next payment to process.

Mrs. Jane’s Student Loans – $7.00 – The change here is again interest that’s accrued while we’re waiting for the next payment to process.

Car Loan 1 – $687.53 – Big progress here and it’s due entirely to making a payment towards the end of last month and one early this month so two payments have processed in a reasonably small amount of time against this loan. We’ll take it!

Car Loan 1 – $277.65 – Making progress on schedule here due to making an on time payment. We’ve never been late but it’s nice to get this bill out the way before the midway point of the month.

Credit Cards – $1,133.94 – Another category with HUGE progress! The credit for this belongs entirely to actually sticking to our budget for the first time in a long time. It’s amazing to see how fast this number has dropped in such a small time.

 

One thing to note here is that while we’ve been married for some time we have not combined our finances until recently. That was a personal decision that we’ve revisited so in the coming months you’ll see large influx of cash as Jane has some sitting in savings that is not included here. We’re still working on changing our banking around so the amount you see in Cash currently is just Mr. Joe’s cash accounts.

 

Full Disclosure: The links above to SoFI and Acorns are referral links. I will get a small bonus from SoFI if you sign up using my link and you will get $100. If you sign up for Acorns with my link we both get $5. 

Networth Updates

Wow…the Very First Post

So, we started a blog and we’re going to start with sharing our Net Worth!

To answer the question anyone might have about why we are going down this adventure the simple answer is that Joe enjoys writing a little bit but really loves numbers.

Why do I love numbers? I couldn’t tell you that. Somehow it must be programmed into my DNA.

All through elementary school, high school, and college I’ve loved math and engineering. So it naturally led me to totally ignore my finances and let it get to the point I realized I needed to change something. We aren’t really in any bad shape financially:

  • Both our credit scores are >800
  • We have a positive Net Worth at 30 and 29 years old (Joe is of course the young spry one)
  • We don’t have any major crippling high interest debt
  • But we’ve realized we’re on that hamster wheel of lifestyle inflation not really getting where we want to be

Although the real driver of this change was finding out that Mrs. Average is pregnant! That’ll scare the pants off anyone and make them realize they need to take control of their finances.

So with a little dangerous research and a little free time, we decided to tackle our finances and head down a path to Early Retirement. You see we both LOVE to travel and so the idea of not having any debts and being able to do so at will without worry about our vacation time or bills is just irresistible.

I’ll end this first post with some details of where we currently stand:february-update

As you can see we’re not in terrible shape with a net worth of about $180,000 but those debts are stacking up.

As to what where the movers and shakers:

  1. Moved some money from savings into checking to start knocking some debt out.
  2. Paid off one of the smaller student loans that Mrs. Average has (had?)
  3. Paid off two credit cards

One thing to note here is that while we’ve been married for some time we have not combined our finances until recently. That was a personal decision that we’ve revisited so in the coming months you’ll see large influx of cash as Jane has some sitting in savings that is not included here.