O.k. So this post is probably long overdue. After all I do blog a lot on personal finance and I notice most other bloggers throwing their net worth out their so I probably should to. I guess I just have been a little nervous to do so. I mean after all, telling a bunch of people who you may or may not know isn't exactly normal in America.
Most people in America act like they have money and really don't. I act like I don't have money and I really don't. Then their are those who act like they don't have money and they really do. I want to be the third option.
We all have to start somewhere so I guess I will just give you the lowdown on my net worth via Mint. The only thing I don't really agree with on Mint is that the value of my cars is assessed. I know I can change this setting but I really don't want to, and I don't factor in the value of my house either. I figure the house is a liability really until I pay it down, because I can't cash it out...well I could but then I would be renting again and that is not my goal:)
According to Mint at this very moment my wife and I are worth....drum role...
Well that sucks. I suppose I can celebrate slightly in the fact that we started at -167,032.95.
We do not have any consumer debt, medical loans (yet), or car loans. The only loan we currently have is our mortgage which sits at 163,507.90. Our house is a modest 3 bed, 2 bath 1200sqft ranch (basement unfinished so far) on 2 gorgeous acres of woodland. We built the house/had the house built in 2013 and have been living in it for almost a year. I may write an extensive post later on building but for now I'll give you some more specifics on our current situation.
Vehicle #1: $9,222.00
Wifes 401k: $11,661.19
Roth IRA: $488.58
403b: $ Unsure
I will not factor in checking and a few other saving accounts that we have because that money is already spoken for in the form of everyday bills, insurance, and annual expenses.
What I take away from this is that we are light on cash, but I am figuring that is due to paying medical bills out the wazoo. That happens when a member of your family has a chronic illness. There is nothing to be done and just a way of life so you just have to suck it up, make the best of it, and move on.
I am also getting my butt handed to me by my wife in the 401k department. I know that I have some money in a 403b I set up when I first got hired, but I am not actively managing it currently and need to be better about that. My wife also started before me in her career but she is still whipping my butt, something that will change this following year;)
1. I think that we should aspire to save $5000 in savings. It is only $320.37 away so I know that we can do it. Ultimately I'd feel pretty comfortable with 10-15k in the bank, but for now 5k seems do-able.
2. I need to find out how much money is sitting around in my 403b and start to do a better job of managing that. Right now I'm pretty sure the money is invested in a really crappy annuity, but that is my fault for just putting the thing on stupid auto pilot. So my goal is to make a meeting with a rep and get it straitened out.
3. Reduce spending, and increase earning. The first part I can do. I just need to not spend money on foolish things...which may be hard because I have a bachelor party coming up and I know I'm going to spend some dough on that.
Increasing my earning is where it gets difficult for me. Two jobs is out of the question currently unless I were able to snag a paper route. I have toyed around with other ways to make money. I always read J.Moneys side hustle series and tried to get the old synapses firing in my brain. I have a few ideas but I'm not going to share them until I start making some money...hopefully they pan out instead of falling flat on their face like many of my schemes do!
Well until next time keep on rolling that proverbial boulder up the hill and one day we will meet together at the top and laugh as we push it down the other side.