Net Worth: Q1 2014Posted: April 1, 2014
Edit 6/4/14: I severely overvalued our cars. I realized this quite a while back, but finally decided to edit this update rather than tweak it for the update at Q2’s end.
I’ve been looking forward to checking on our net worth for a couple weeks now. We’re progressing well. It could always be faster, but I know things will speed up very quickly as we stop having to waste money servicing debt.
- Home (Estimated Market Value): 78,000 (Zestimate)
- 401(k) combined: 60,692
- Cars combined: 3,000 (will depreciate out by $500 each quarter)
- Cash Savings: 6,633
- Total: 148,325
- Home Mortgage: 106,324 @6.5%
- Student Loan (Chief A): 3,875 @0.1%
- Student Loan (Chief B): 12,675 @6.5%
- Student Loan (Alchemist A): $2,983 @0.1%
- Student Loan (Alchemist B): $26,873.62 @6.5%
- Roof Loan: 10,900 (no interest before March 2015)
- Total: 163,630
Net Worth: -$15,305 (QOQ +$13,643; YOY N/A)
We doubled our net worth in three months! Of course, we’re still negative 😛
It’s cathartic seeing the asset lines go up and the debt lines go down as I edited the information copy-pasted from the last update. Going forward, we’re still going to be adding cash to our debt repayment war chest, but I’m also starting a few savings buckets for education (homeschooling), travel, and vehicle replacement expenses.
I wish we had enough liquid assets to fund our ROTHs for tax year 2013, but we’ll definitely try to get some funded for the 2014 year. 6.5% rates are eye-watering but tax-free growth forever is good to have, especially since you can only fund $11,000 each year.
I also just pinged our mortgage company about the PMI on our mortgage. If I can get that off when we hit 80% LTV based on the original purchase price, not the substantially lower current value, that’s going to be our first target after killing the same-as-cash loan for our roof.