I cannot believe we are already to our second Net Worth review. All our assets are down except for the MOST 529 account for Baby SoS. The good thing is that all the liabilities are also down! Let’s dive into the numbers.
|NET WORTH: 2017-07-01|
|Cars & Boat||$49,583.00||-1.9%|
|TOTAL NET WORTH||$292,683.62||-12.8%|
Here is additional information about each of the categories shown in the table above.
Our total cash and savings accounts are down $514.92 since last month. I used the cash out of our Travel Savings account to pay off the remaining amount due from our trip to San Francisco in early June. I also cashed out some of our Gift Savings account to pay for June and July birthday presents for the kids.
This amount is down $139.15 since last month because I got upset with one of our credit cards for slapping me with a finance charge. In my fury, I cashed out the $316.21 rebate on that card. The double month balance thing is just a trick for them to figure out another way to make it even more difficult for people to dig themselves out of debt. I paid the statement balance for May, but did not bring the card to absolute zero and they hit me with a finance charge in June. I paid the entire balance, called them, and after speaking with a couple different representatives convinced them to credit the $40.86 finance charge. I have not decided if I am going to use the card again since I was so upset with them. It pays a hefty rebate, but if I have to get the balance to zero every month, it may not be worth the hassle.
Although I made $149.56 in options trades last month, I own a stock in the account and it is down for the month. The stock is a good one, and I will sell it for a profit eventually all the while placing more options trades along the way and making even more money.
I had a really good month trading last month. I cleared $8,870.03 after commissions and fees. The account is down overall because a couple stocks I own in the accounts are down. This does not concern me as I believe they will rebound and I will make even more money on the way back up.
This is my one asset account that was a net gain for the month. It doesn’t hurt that we are adding $150 per month to the account this year. This means unless the fund drops significantly, it should be a net gain each and every month.
I am not sure what to do with this number. I know my home is worth between $300,000 and $315,000, and I thought I finally found a site that adequately assessed the value. That is until this month when they dropped my home value from $317,834 to $275,421. Seriously? Do you really think my home dropped $42,413 in a single month? No. However, I need some way to get an estimate, so I will put down their number. Besides, I am now really curious how much this number will fluctuate in the future.
Cars & Boat
The values of these diminishing value assets decreased by $956 since last month. Thus far the boat is holding the value better than any of our cars.
Remember SoS Financial Goal #1? Before the end of 2017, we will have all our credit cards paid off completely. Well, we made some significant headway in the past month. We paid down $4,811.62. All our cards are nearly at a $0 balance except the two cards that are not charging interest. The balance would be even lower except my middle daughter is at Anime Expo in Los Angeles, California and is using our Amex Blue Cash card. She has plenty of money, though, so we will pay off the balance when she gets home later this week.
This amount did not change because I finally broke down and set it up on automatic payment. It is due on the 7th of the month and I used to pay it around the 25th of the month. I moved it out to pay on the 5th of the month, so it looks like we did not make a payment. We’re ahead now anyway with only 42.5 payments to go.
HELOC (Home Equity Line Of Credit)
Part of this amount was a loan we made to our oldest daughter to buy a car. The rate we could get was much less than what she could get on a loan for a bank. I have some advice for you. Dave Ramsey often tells people to not loan money to family members especially if you have to borrow the money yourself. She is two months behind on her payments because she moved into a new place and quit one of her two jobs. She feels bad for not paying and I feel bad about continuing to ask her for the money. It’s just no fun all around. My advice is to follow Dave Ramsey’s advice. Gift all the money you want to family and friends, but do not loan them money.
This massive loan is down $1,221.21 since last month. When you have principal reduction like that every month despite the large mortgage payment it sure feels nice to see the amount owed drop month after month. By next month we’ll be under $200,000.
No real headway here, yet. After we pay off our credit card balances, we are going to focus more on these. My goal for the year is to pay off at least $10,000. It would be great to get this loan down under $200,000 with our house, but this will be up to the growth of Dr. SoS’s new practice.
As of the first day of July, we are down to $292,683.62 from June’s total of $335,067.89. This seems pretty significant until you realize that $42,413 of that is from the silly home value adjustment. The remaining $611.29 difference is pretty insignificant in the grand scheme of our net worth.
If you have any questions about any of this, please let us know. Until next time we will keep saving and swimming! Thanks for reading!