8/01/2014

Net-worth & Debt Update

Bam!

We did it!

We've broken the $100,000 net-worth barrier!  As of July 31st we're sitting at a sweet, sweet $102(+).

We've been tracking net-worth for the last 19 months...and it's incredible to see how far we have come in that time.

Not including the mortgage, we're not sitting with just over $50K in debt.....where does that debt come from?

  • $28,700 left on the Escape and the Kia combined
  • $2,180 from Jordan's dental work (waiting to be reimbursed)
  • $21,500 on the LOC
...but what, what is sitting on the Line of Credit?
  • $5,500 - purchasing shares at work
  • $1,000 - tires
  • $2,000 - random vehicle work/repairs (living in a construction zone is rough on tires/vehicles)
  • $2,500 - guessing...interest over the last year and a half - embarrassed about this part.
  • $3-5,000 - consumer spending, gifts, camping etc.
  • $3-5,000 - remaining from the back-yard project
It's a whole smash of things, and why a lot of people don't like LOCs...it's so easy to pile extra's on to them. We've been making steady progress over the last six months though; and haven't actually added anything new to the balance for quite some time.  It's hard sometimes not to feel like we're failing because of this...but when I look at our Networth, and I see the overall progress - I know that we're making good choices (yes, we could always make better ones), but good choice, with good results!

If this year continues to trend the way it has so far, it looks like we'll be able to pay down an additional $7,000 from now through to December...oooh that'll feel good!
Reactions:

3 comments:

  1. Woohoo! That's a huge milestone!

    ReplyDelete
  2. Awesome job on hitting $100K NW! I don't count my house/mortgage in my personal NW but it may be interesting to look this up at some point. $7K off the LOC by the end of the year would be awesome, keep pluggin away! :)

    ReplyDelete
  3. Congrats on meeting a major milestone! Great job :)

    ReplyDelete

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