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!

Related Posts:

  • October Networth UpdateOctober has been a very good month for our networth! We were reimbursed for Jordan's dental surgery, received just over $600 for contents insurance from our hail damage claim, Jordan's increased commissions scale have been r… Read More
  • Networth Update - October 1Well, here we are - nothing like a networth post to get back into the habit of writing. You can see a steady increase from the image to the left. Now sitting at just about $107K - we have  $53, 215 in debt - including … Read More
  • 2014 Year End Net WorthWell, here it is, our 2014 Year End Net Worth. We started out at $77,804 and are now sitting comfortably at $121,006.  A pretty sizable increase for just 12 months!  Okay, Okay, I know - we could always do better. … Read More
  • Networth Update It's mid-March, but just to catch up here's where we are at in terms of Networth. The big dip from January to February was a change in value in my employee-owned shares at work. Since the dip, my Tangerine funds have don… Read More
  • Networth Update Just $600 shy of $120K, our net worth continues to climb. Total debts, including mortgage, have been reduced to $365K and change and total assets have risen to about $485K. The Escape has been paid off!  Completely! … Read More

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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