Net Worth Update #3 – June ’17

 

Wow, time is flying. Sorry for the late net worth monthly post. We have been so focused on moving and getting the new house up and going I have had no time to post. The next week will be hectic, but hopefully after that things will be back to normal and I can get back to a regular posting schedule.

I had mention 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. June saw a major drop in net worth due to purchasing the new house, but not nearly as much as I thought. I will go into the numbers in more detail below.  The drop isn’t a concern as it will jump back up as soon as our old house sells. Now, let’s get to this month’s numbers.

Dollars and cents behind the move

I have previously mentioned that we are moving. The driving force behind this was to be closer to my in-laws and along the way reduce our monthly expense. It would also be nice if we could walk away with some extra money to invest. Below is a quick break down of where I see us being in a couple of months.

Old House Numbers:

Market Value $305,000 – $310,000.

1,400 sqft, 3bed/3bath, .8 acres

Current Mortgage: $193,548

A move is coming

I have to say I am not the best writer nor the most organized with getting my thoughts on virtual paper. I am sure this post will jump around a bit and with that here we go.

I mentioned in the May Net Worth post that we had bought another house and are planning a move. We are moving from New England to the great state of Georgia. Where do I start with this one? I was born and raised in the same area of New England for my entire life and my wife has lived here for about 15 years. This is a huge change for both of us. Trading in the cold weather gear, 4 seasons, and the snow (No more snow blowing!!) for warmer weather, longer swimming season and slower pace of life.

Over the last 10 years

Net Worth Update #2 – May ’17

Here we go with the second net worth monthly post. I had mention 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. May was an exciting month for us as we are buying a new house and it is only 1,100 miles away. This is why I haven’t posted in the last few weeks, I have been tied up with this new house thing. I will be posting about this new adventure and be asking a lot of questions along the way. Now, let’s get to this month’s numbers.

Net Worth Report #1- Baseline

This is my first net worth monthly post. I had mention in the post about putting it all together that I had never tracked or officially calculated our net worth. Well here it is Net Worth Update #1.

Net worth progress:

Total – Retirement $368,906 Total – Installment $0
Total – Liquid $24,928 Total – Transacting $3,973
Total – Investments $232,957 Total – Revolving $0
Total – Physical $92,002 Total – Physical $226,215
Total Assets $718,793 Total Debts $230,188
Net Worth Apr ’17 $488,604
      Monthly Change Start Date
      Change Since Apr $0

There we have it, a net worth of $488,604, almost half way to our goal of $1,000,000. I am excited to continue

Taking Lunch to Work

Anyone looking for an easy way to start saving for financial independence or early retirement? My current employer has a cafeteria on site, it makes it so convenient for everyone to buy lunch, but I think this is one of the biggest wastes of money. Ever since my first “real” summer job, I have been taking my lunch to work. I could never imagine buying lunch daily, but I see people do it every day.

I have never added up how much can be saved by bring lunch to work. Let’s give it a whirl. In my 15-year career, which would equate to roughly 3,375 working days, I can say I have bought a lunch around 30 times or .9% of the time.  

Putting it all together

I have been tracking our monthly bills and expenses since 2008, but it wasn’t until just a few years ago that I really took a hard look at our finances. We had debit like the majority of people do.  There was a mortgage ($1800), car payment ($315), truck payment ($450), undergraduate loan ($220), and a graduate loan ($270). This was over $3,000 a month is debt alone. If you add on top the monthly bills of cable, electric, cell phones, daycare, trash pickup, water, and insurances and so on you get another $1,400-$1,700 a month in bills. We still have to account for food, gas, beer, eating out and misc spending, yet another $1,400 a month. A total of $5,800+ a month!!! Wow! And I thought we were doing well. I was paying the credit cards monthly, was saving (401K), I was living the dream, just like everyone else. I was doing exactly what the world was telling us to do.