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Net Worth Update

April 24th, 2010 at 08:17 am

I hadn't looked at my net worth this year. It is too depressing.

I don't expect to do well this year, so why track how horrible I am doing? Kind of the attitude.

BUT, I know the stock market has been doing well and so I decided to peak:

Um, I am up about $7k for the year.

I decided since I am not tracking regularly to just update my annual net worth statement, adding "12/31/10" and filling in current numbers to see where I am at.

It's an interesting perspective.

**Cash is hovering around $20k. Though I have made cash savings my primary goal for 2010, to get over the hump, I am still spinning my wheels a bit.

That being said, the house can be painted without pulling money from savings, and is FAR cheaper than I expected it to be. Assuming it all pans out. So that is a good thing, and will help.

**Investments are up about $5k, in returns. I've only contributed $1k to retirement, so far this year.

We've been kind of hovering around the $100k mark with cash/investments, but it seems to depend on the day. With the positive stock market gains, we are at about $105k at the moment.

I'd really like to have more cash/investments than debt (mortgage). I can see it getting closer - which feels real nice! (Don't get me wrong - I've got a ways to go!)

**Mortgage - paid $1500 off this year. Actually, in June we will dip below our "first ever mortgage" balance, once again. We had passed the mark about 2 years ago, but ended up borrowing closing costs to refi last January. We've already past the breakeven mark and it is nice to make true forward progress again. We should break the $200k barrier within 2 years. That is what I really look forward to.

**Net worth is still hovering around $200k. It's not overly impressive since our net worth was a little higher in 2007. BUT, I suppose we haven't had much backward slide either. We really bulked up our investments while the stock market was super low. Right now we are battling sliding house prices more than anything. Though prices actually seem to be holding (knock on wood).


Overall, feeling good about things. I project we will be able to max out both of our ROTHs next year, with my income. Which is something we haven't done (from income alone. Not since living on one income). & I actually think it is possible during the calendar year. (We usually utilize until April to fund). That said, I suppose I could *up* that a notch and just about max out 2009, if we do a May through April funding schedule.

Will see.

Net worth is still going to slow considerably. I am no longer getting $8k-ish per year in my work retirement plan. That slows things down a LOT. BUT, I also have no other retirement vehicles at my disposal, so it doesn't really change my financial goals. If we max out our ROTHs (about 12% of income), every spare penny will go to mortgage pre-payments.

The loss of retirement benefits just means that dh's "optional return to work," feels less optional at the moment. But I know we can increase our income significantly in a year or 2, so I am not freaking out about it. I almost feel more calm because dh and I have both agreed on a "return to work" date. Which helps since I really think my job will be up in the air very soon. My boss is going to close up shop and I am not quite sure how that will pan out. Another income would be extremely helpful during that time of transition. & honestly, I do not know if I have the stamina for anything more than part-time. My industry is all about 80-hour weeks. My current work schedule is pretty unheard of. Though if dh were working, I may be able to take the time to find a full-time job that pays well and won't kill me. Big Grin On the flip side, if he settles in a job, I will feel more free to search out part-time/seasonal work. I could work "full-time" half the year and yet have slow summers with the kids. I know there are better part-time options out there - I just can't swing those as the sole breadwinner - too much risk for me.

I am feeling positive, today, but will see what the year has in store for us still...

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