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2017 has come to an end and we were able to hit our year-end Net Worth goal of $600,000. December was a tough financial month for a couple of reasons. The first is Christmas and gift buying, the second is with work, I had to front all of December’s travel/lodging expenses. I will get refund in January, but it still hit our credit card this month. Lastly, we went to Disney for Christmas. We stayed within budget, but that place is expensive. It was a fun time and our daughter loved it.
I had mentioned in the post about putting it all together that I had never tracked or officially calculated our net worth. I started back in April 2017 with the first Net Worth Update #1 and will continue to track and post monthly. This month provided another jump in our net worth, which was driven by positive gains in investments and our retirement accounts. Here is a look at this month’s numbers.
|Total – Retirement||$461,505||Total – Installment||$0|
|Total – Liquid||$87,779||Total – Transacting||$6,884|
|Total – Investments||$235,662||Total – Revolving||$0|
|Total – Physical||$90,400||Total – Physical||$268,058|
|Total Assets||$875,346||Total Debts||$274,942|
|Net Worth Dec ’17||$600,404|
|Change Since Apr||$111,799|
Our monthly change was an increase of $5,620 bringing our net worth over the $600,000 mark for the first time. We did it, although just barely, we hit our year end goal of $600,000. It’s awesome hitting these milestones along the way. We are also now over 60% of the way our $1,000,000 goal. I will go into more details about this month’s number below, but first a quick break down of what we are looking here. Net worth = Assets – Liabilities. In short, everything you own minus everything you owe.
Retirement – 401K, 401B, and a Roth IRA account
Liquid – Checking/Savings Accounts
Investment – Stocks
Physical – House and car
Transacting: Credit Card (paid in Full Monthly)
Physical: Mortgage and Truck Payment
Note: I am using Zillow for the estimated value of our home as it is the closest/most realistic value I can get on a monthly basis.
The month of December saw the majority of the gains come from our retirement and investment accounts. Our retirement account saw about a $4,000 gain this month. This is one of the lower month to month increases we have seen. Although not complaining, I am hoping that we see an increase in these numbers heading into the new year. I also shifted some cash for the sale of our house into stocks and plan to do so again next month as well. I am planning to keep a higher amount of cash on hand for the time being because we are investigating a couple of real estate investments.
Standard 30-year mortgage that we started in June 2017 when we bought the new house. In the past I would be paying this down, but right now I am paying the standard monthly payment.
We are still in the 1 year “sign up for the best deal”, once this is up we will be taking a look to see what else in available.
Cell Phone: $53.39
This is for 1 phone with Verizon. There are cheaper options out there, but we have zero issues with service. Maybe in the future we will be look to change companies. My phone is a company phone, so no payment on that one.
Truck Payment $533.94
Yup, this one hurts. We traded in a 2004 Silverado, that we owed for over 10 years and almost 200,000 miles, about 18 months ago. Hopefully, this “new to us” truck will last as long as the last one.
Home Insurance & Taxes: $341.70
Nothing special here. We did shop around our house insurance and are now happy with the rates that we have with a local company.
The cost of taking showers, doing the dishes and laundry.
Trash is paid quarterly and it happens to fall into this month.
Gas Home: $77.35
The house has gas hot water and gas heat. The cost of the gas for hot water is only a couple of dollars a month. The majority of this is for heating the house. December was unseasonable cold in Georgia.
Yup, this is to power the mothership. When the AC is not running the bills are pretty low compared to New England.
All Other: $5,600
WOW! Huge amount. This includes the travel and lodging I had to put on our credit card. It also included all Christmas gifts and the trip to Disney. We have also decided to finish about half of our basement and I have started the work on that. I will be detailing this on the blog with some DIY posts and maybe a monthly update on the progress.
How did your year end goal end up?