We made it to spring! We took the boat out and I mowed the lawn a couple times since I last shared these numbers. Not much to say about them this month, but we continue to pay off our debts.
Monthly Net Worth Update
Our assets increased $784.77 or 0.08% since last month. This was mostly due to cash savings.
Our cash went up $715.53 and all of it went into our Synchrony Bank High Yield Savings account. Even though we had Dr. SoS’s parent’s stay with us for 10 days we were only $40 over our initial food budget for the month. She is rocking the food budget!
Cash Back/Gift Cards
Our cash back increased $70.85 from March, which accounts for much of the rest of the increase. When any of the credit cards gets to $100, if I am able, I will cash it out. I decided it would be better to put those Benjamin’s in a savings account and gain interest on them.
My Ethereum is up by $298.59, which is higher than the previous 5 months.
The Dow is up 14% since the first of the year. We’re up $740.62 since last month and that was just from what I contributed to my retirement accounts. Go ahead, you are welcome to call us crazy for sitting in cash. Maybe we are wrong, but if you do not tell us “I told you so!” when the market melts up another 20%, we will not tell you “I told you so!” when the market drops 50% to 90%.
The estimate for our house went up 2% from March. I plan to leave the amount the same until I run comps in July and figure out a new estimate.
Cars and Boat
Kelly Blue Book was not kind to us last month. Our cars dropped in estimated value by $951. The NADA Guides dropped the value of our boat by $100. I had to replace part of the fuel line last month and charge the battery. The good news was we were able to clean the seats and take her out on the lake already!
We reduced our liabilities by $4,876.42 in March, which was nearly 1% off our debt in the past month.
I cannot express how nice it is to have ALL of our credit cards paid off. I continue to pay them off every Friday. This really helps us stay under budget and increase our savings.
We only owe $12,000, which is 20 more $600 monthly payments to pay it off.
HELOC (Home Equity Line of Credit)
We made our fifth monthly $2,000 plus interest payment on this loan since we decided to pay it off last November. Our balance is now $14,000. We originally planned to pay it off by December 2019, but I have a plan to pay it off sooner. Stay tuned…
We continue making our monthly payment. Now down to 115 payments or 9 years 7 months. The months go by so fast now that we will have this paid off before we know it and perhaps even sooner than that. Read on…
I have a plan for Dr. SoS’s massive student loan debt which now stands at $208,231.07. Here is a brief summary. Currently we pay about $200 against the principal of this loan. We will increase this to $500 beginning in July. My plan is to then increase the monthly payment to principal by an additional $500 each January. I calculated that this will pay off the loan by August 2026. Once we have this loan paid off, we could then snowball this payment to our final mortgage debt and be completely debt free by April 2027. This would be 19 months earlier than our current mortgage payoff date.
As of the first day of May 2019, we have a new net worth high of $568,155.58 up 0.87% from our net worth of $563,279.16 last month and up 48.45% from our net worth of $382,732.68 from the first of May 2018. Our current net worth puts us in the top 29% at 222/767 bloggers on the Rockstar Finance Directory Net Worth Tracker.
We compile this information each month to keep us accountable and to hopefully inspire others to spend less than they make, save more, and make wise investment choices. If you have any comments or questions, please leave a comment or contact us directly.
Thank you for reading!
The unsung hero this month is the 1% reduction in your total debt! Who care about anything else, the elimination of debt is basically an annuity that you’ve created since you will no longer have that debt and interest going forward.
Don’t worry about the naysayers and your cash position. If they are looking to pounce, send them on over to My Mattress Money money where wealth is being built off of whole life cash value! Oh the horror!
I actually like your cash position right now. To much uncertainty and as we get closer and closer to the election year, nothing is really going to get done.
You are right about the debt. This is the reason I wanted to pay off the Home Equity Line of Credit (HELOC) so fast despite wiping out our emergency fund. Once that loan is paid we can pay ourselves $3,000 per month instead of paying on a loan.
We are not worried about the cash position or we would not be in it. The Dow is at the same level it was at January 16, 2018. This is also the reason we choose our own investments rather than invest in Index Funds. Since we are paying so much on debt and not adding to our investments, being in cash seemed the best course of action.
As for your whole life cash value, I still do not understand that. We can chat about that another time, though. Thanks for the support!