Comments on: Net Worth Update: February – $223,270.25

By: J. Money

J. Money — Sun, 20 Mar 2011 00:36:57 +0000

I had to throw it all in before the tax year ended for 2010 ;) This year I’m gonna throw some in over time and hopefully get it maxed as far as I’m allowed… but we’ll see. Still only been 3 months since being on my own so gotta make sure I’m playing it safe.

By: Evan

Evan — Wed, 09 Mar 2011 15:48:23 +0000

I know it doesn’t matter in the long term, but that minus 7K would freak me out! Why not dollar cost average into the SEP

By: J. Money

J. Money — Sun, 06 Mar 2011 16:48:32 +0000

Interesting, really? Never heard that but I wouldn’t doubt it. Although, if the car seekers and sellers are both using KBB to buy & sell, then it doesn’t really matter in that regard :) That’s the only tool I’ve ever used but it’s def. good to keep in mind. Thx for the insight my man.

By: Jason L

Jason L — Sun, 06 Mar 2011 00:55:45 +0000

Just a quick note… KBB is known in the auto industry for inflating resell prices of an Auto of about 3-5%. Not to put a damper on your finances, but just something to be aware of. Regardless, great job this month :)

By: J. Money

J. Money — Fri, 04 Mar 2011 23:26:06 +0000

@retirebyforty – Gotta happen sometime!
@Mercedes – Thanks! Are you investing too?
@Bobby – Oh yeah, running the numbers is like the highlight :) Good job getting that e-fund set up.
@Jen – Yayyyyyyy! Congrats! that’s def. something :) I never checked out how Mint’s net worth stuff goes, but yeah – once you find a method that WORKS for you, as simple or complicated it is, you just gotta roll with it and start tracking that progress. It’s fun! Esp when it goes up ;)

By: Jen

Jen — Fri, 04 Mar 2011 19:49:12 +0000

This is a great idea – I need to calculate our net worth on a simple list like this. I use Mint, but I don’t always trust their net worth number.

That said, I felt like commenting so I could toot my own horn – I just paid off my first student loan today! It didn’t really affect my net worth (I pulled $300 out of savings to pay it off), but it was an awesome psychological victory :) Now I just have another $100k or so left to go…

By: Bobby

Bobby — Fri, 04 Mar 2011 00:12:09 +0000

First of the month is always the best (other than having to pay for rent). I love doing up the numbers and checking out my net worth.

It’s nice to finally have an emergency fund set up and making me money.

By: Mercedes

Mercedes — Thu, 03 Mar 2011 21:04:46 +0000

$9k increase? WAY TO GO J. MONEY! Luckily the markets are heading in the right directing and the 401k is looking better and better.

By: retirebyforty

retirebyforty — Thu, 03 Mar 2011 20:55:55 +0000

Looking good there for an unemployed guy. ;)
Last month was pretty flat for us. Our portfolio had a good chunk of international and emerging market funds so that took a beating from all the unrest around the globe. Hopefully, things will quite down and everyone get on with the business of making money soon.

By: J. Money

J. Money — Thu, 03 Mar 2011 19:08:32 +0000

@Rachel – Well, technically its “Assets” minus “liabilities” but everyone tends to calculate their worth depending on their own situation. Which I like :) Cuz the whole purpose (in my opinion) is to give you a good overall sense of your own finances. And then use it to track your progress over the months.

Some people don’t like to put their cars and homes in it, but I do since there’s usually a “debt” that comes along with it too. It wouldn’t make sense for me to not put in my home’s est value, when I owe $350k on it ya know? Unless I take out both sides of the equation (which some also do). Same goes with cars and anything else you want to put in there. IN fact, some people don’t even put their investments in there because they say it’s not “real” – so really it comes down to personal preference.

I just add up all my accounts and major property, as you can see in that graphic up there, and then deduct all my debts. To me, that’s exactly what I want to focus on every month. This help? :)

@Too Funny – Yeah, I think you’re actually right on that one. Only thing that I pause on is if I need to pull it back out for whatever reason… I know you CAN do that (at least the parts you put in), but I try my best to never touch any of those accounts once the money’s in there. I don’t like tempting myself, so if it goes in, it’s in there forever ;) This is why I keep it more liquid in a savings or money market acccount — it’s my “everyday” money if needed.

@Cassie – GREAT question! I *should* put it toward the highest % rate every month until that one dies, and then switch over to the lesser rate, but that just doesn’t motivate me for whatever reason. I like to knock out the lowest amount first cuz it feels easier (and faster!) so instead I just round up BOTH payments to the 1st and 2nd mortgages and do them at the same time. Financially smart? No. Emotionally smart? Yes. To me at least ;) There’s no point in me doing what’s technically right if I end up quitting due to lack of motivation.

@Austin – Holla holla! Congrats to you too, sir. I think our monies shall keep on trending up! :)

@Jon the Saver – Ooooh la la! Going for the big commitment, eh? Congrats dude – don’t forget to invite me to the wedding! I’m good at drinking beer and dancing like a white boy ;)

@Trinnie – Haha… so you’re just gonna call YOURSELF then? :) Oh wait, you’re in another department…. just walk over there!

@Jenna – Balls! Sorry to here Jenna :( I hope it fixes whatevers broken for good! Car troubles are the worst.