Jan 2010 net worth: slow progress

February 15, 2010 at 6:40 pm (net worth)

January saw a modest decline in my net worth because of 2 things. Most of my assets are tied up in 401K mutual funds, which decreased, slightly in the past month. The other reason was due to my final large installment on rental move-in costs (the second half of last month’s rent, plus security, pet, and cleaning deposits).

WordPress blogs won’t allow javascripting to be displayed, so I can’t show you the chart. Instead, you can view it here. Further explanations are below.

  Jan. ’10 Dec. ’09 Difference
Cash $580 $300 $280
Savings $700 $700 $0
401K (current): $5222 $5013 $209
401K (rolled over): $40,147 $41,727 ($1580)
Total Assets: $46,649 $47,740 ($1,091)
SBA: $29,699 $29,637 $62
Line of Credit: $1,017 $1,469 ($452)
Citibank: $0 $0 $0
Discover: $0 $0 $0
US Bank: $5,763 $5888 ($125)
Total Liabilities: $36,479 $36,994 ($515)
Total Net Worth: $10,170 $10,746 ($576)

I started contributing small amounts again to my mini-funds. Most of this money I expect to pay out at some point, so it won’t have a large impact on my networth from year to year. February will see a much larger and regular gain, once my budget gets back to “normal.” The most this category should increase in any one month would be $370.

This category is primarily my $1,000 emergency fund. It’s been depleted with moving, rental fees, a recent car expense that I didn’t quite have enough saved up for, and finally, moving my primary checking/savings from Wells Fargo to Boeing Employees Credit Union. Now that the rent will be back to a sane $895/month instead of over $1500, and now that I don’t have to shuffle between paying out of 4 different accounts, I can start building this up again in February.

401K funds:
The only reason my current 401K (the one I am contributing to in my current employment) went up at all is due to my contributions and extremely minor (1%) employee match. As you can tell from my past (and partially rolled-over) 401K, I lost in the one that I don’t contribute to. Just a small jog in the road, and I’m not really concerned.

Credit Cards:
I overpaid my US Bank account as I started online banking (and was worried payment wouldn’t make it in time). This is a low-priority debt, as it is currently 0% interest; it should only go down by $60/month until the rate expires. Citibank is always paid in full (like frugallawyer, I hate them). Discover is now paid in full, now that their 0% rate expired.

Personal Line of Credit:
This is at $1017 and should be paid in full by end of February. All my extra payments go here; it’s my highest interst rate at 10%.

Until the line of credit is paid off, this gets the minimum payment. It is at a lowly 5% interest rate. I overpaid a little in January for the same reason I overpaid the US Bank card – I was worried about my first online bank payment getting there in time. Come March, this will be receiving my complete and undivided debt-payoff attention.

Next Month
Unless the stock market completely tanks, I should have a somewhat (at least to me and my moderate salary) significant change in net worth in February – I expect to get my $792 tax refund in 2 weeks and this will go towards my EF and completing my line of credit payoff. This will be on top of my regular debt extra payments, which I guestimate will be about $800, making it one of the best debt payments I’ll have made outside of any month that I receive a tax return. Fingers crossed that nothing untoward happens.


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