April 2011 Net Worth

May 2, 2011 at 3:54 pm (net worth)

Here are the changes to my net worth over the last 6 months, since my last posting in November 2010. I ramped up my debt payments as of January, and I’m fully on track to paying off more than $10,000 for the year, beyond any extra unexpected income. However, that may not be fully apparent at first glance, because due to a major decision to get a new-to-me vehicle in April, my overall networth flattened with an additional $13,700 of new debt (after the sale value of my old vehicle). So instead of a whopping decrease in my debt, I only show a $2700 reduction is 6 months.

Here’s a simple chart, with a description to follow afterwards. WordPress blogs won’t allow javascripting to be displayed, so I can’t show you a pretty graph. Instead, you can view it here.

Assets:
  April ’11 Nov. ’10 Difference
Cash $1,520 $1,849 ($329)
Savings $1,000 $715 $285
401K (current): $9,820 $7,928 $1,892
401K (rolled over): $50,163 $44,814 $5,349
Total Assets: $62,503 $55,306 $7,197
 
Liabilities
SBA: $23,291 $27,699  ($4,408)
BECU Auto Loan: $10,283 $0  $10,283
BECU Visa: $0 $1,389  (1,389)
Line of Credit: $0 $0 $0
Citibank: $0 $0 $0
Discover: $0 $0 $0
US Bank: $0 $0 $0
Total Liabilities: $33,574 $29,088 $4,486
 
Total Net Worth: $28,929 $26,218 $2,711

Cash will continue to fluctuate. It is my reserve savings for things that will eventually be spent (vehicle fund, christmas spending, clothes fund, and whatever is in my checking account at the time of posting).

With a recent windfall due to a settlement, I fully funded my $1,000 emergency fund. Nothing further will be put into this fund until I am fully out of debt. Then I’ll build up a 3+ month fund, but not before.

the 401K funds continue to grow. I increased my pre-tax contribution for my current job from 4% up to 6% this year. I previously decided to increase my contributions by a percentage point a year, but due to the social security payroll deduction of 2%, I split the difference, 1 for me, 1 for 401k, bringing the total increase to 2% for the year. Next year? I’ll probably keep it at 6% if that deduction goes away in 2012.

As for debts – I paid off my BECU Visa, have kept all other cards at $0, and continue to pay down the SBA loan. I’ve decided to put all my energey in the larger SBA loan – it has a slightly her rate (5% instead of the auto loan’s 3.99%), and they charge an annual fee, which the auto loan does not. Plus, I hear having different types of loans is good for the credit score. I haven’t ever had an auto loan, so maybe this will help get me into the 800s finally? Who knows. Not planning on paying off the auto loan beyond the minimum. It’s a 45-month loan.

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