Dec 2009 Net Worth

January 1, 2010 at 9:51 am (net worth)

December saw a nice increase in my networth!! Most of it is attributable to the stock market, since about $46K are invested in various funds. However, I did make about a big reduction in debt, to the tune of $1249. Every little bit helps!

I also updated my networth IQ chart, and see that the last time I did it was in December ’08. Big change there! I went from a negative net worth to over $10K in a year. A good start for my first year of financial awareness! I hadn’t updated in a year on their site. I think the problem is that wordpress does not allow javascript to be posted to their blogs; I’m unable to put the mini-chart on my blog so it wasn’t something I felt like returning to monthly. However, you can go see it here. I expect I’ll be updating it regularly, at least I’m going to try to!

Assets:
	Dec. ’09	Nov. ’09	Difference
Cash	$300	$700	($400)
Savings	$700	$849	($149)
401K (current):	$5013	$4520	$493
401K (rolled over):	$41,727	$39,392	$2,335
Total Assets:	$47,740	$45,569	$2,171
Liabilities
SBA:	$29,637	$27,860	$1,777
Line of Credit:	$1,469	$304	$1,165
Citibank:	$0	$0	$0
Discover:	$0	$4065	($4065)
US Bank:	$5888	$6014	($126)
Total Liabilities:	$36,994	$38,243	($1,249)
Total Net Worth:	$10,746	$7,218	$3,528

Cash:
This category is from my mini-funds. Most of it was spent on xmas gifts. I will be adding about $500/month into this category, but it will get spent often, so it won’t ever have a huge impact on my net worth (these are savings for larger expenses that will happen unexpected or infrequently).

Savings:
A recent $450 car expense had to partially come out of savings, as my car fund was exhausted. Hopefully nothing more will happen for a few months, as I put in $100/month back into my car fund (which of course is currently zero).

401K funds:
My rolled over 401K I do not contribute anything to; It is an unchanged invested amount. I will not be contributing anything to an IRA until I get out of debt. At least, that’s the decision I have made now. With the majority of my debt at 5%, maybe I should consider revisiting that? It was only a few weeks ago that I got the news that my maturing SBA loan would transfer over to a business line and remain at 5%. I had expected to have moved $23K to various credit cards at higher rates. Since that is no longer having to occur, maybe I should invest in a Roth IRA or something? Still have to mull it over… My current 401K I am contributing 3% at work; just enough to put something in it, but not enough to affect my take-home pay or my debt pay off. Work contributes 1%. I am going to increase this to 4% in 2010.

SBA/Discover/Personal Line of Credit:
My 0% interest transfer rate on my Discover card expired in December. I elected to pay it off in full and use my SBA loan (my lowest interest loan) to pay it off. Because I didn’t have enough cushion to put it *all* into the SBA, the remainder went to the personal line of credit. That will be the loan I focus on paying down first, since it is now my highest interest rate, at 10%. I expect I will have it paid off by March and can then focus fully on the SBA while making only the minimum payments to the US bank card – either til that is paid in full or until the interest rate increases from 0% (which is when it will get transferred to one of my 2 bank loans).

Citibank:
This card will never have a balance. I will always pay it off in full. I will take it off future networth statements.

US Bank:
This balance will continue to decrease, at about $60/month. It has no interest, so I will only be paying the minimum each month.