Assets
- Rental Property - $137000.00
- Primary Residence - $193000.00
- Car - $29500.00
- Retirement - $38482.89
- Cash (checking, savings) - $39514.15
- Brokerage - $3387.77
Total Assets: $448384.81
Liabilities
- Rental Property Mortgage - $151162.72
- Primary Home Mortgage - $184123.06 (first and second mortgage)
- Car Loan - $26693.48
- Student Loan - $22223.81
- Credit Cards - $11947.41
Total Liabilities: $396150.48
Net Worth: $52,234.33 increase from June: 1.12%. YTD Increase: 62.56%
In last month's update, I stated that June was the worst month as far as Net Worth increases but due to the market correction at the end of July, this is now the worst month YTD.
There aren't any major expenses coming up in August but I will get paid 3 times this month due to my bi-weekly pay schedule. My non-mortgage debt is $60864.70 but should get below $60k this month.
My credit card debt is as follows: $8017.78 @ 2.99% until balance is paid, $3800 @ 0% and $129.63 in charges from July that will be paid in full this month.
Have you thought of putting some money in the IRA account? If you put in $4K for '07 contribution, you could save $$$$ at the end of year. If I were you, I would use $4K from your savings or from your brokage account. You do have a lot of cash in the savings account...I don't think taking out $4K is going to hurts you.
Additionally, I would contribute max on your 401K. This will allow you to save additional $$$$ at the end of year.
Furthermore, why not borrow from your 401K to pay off the car loan--assuming that you could borrow from around 4% to pay off 8%. I think you could borrow upto 50% from your 401K.
These are only suggestions...I think you are on track. As you know, taxes will eat you up, especially if you are a single guy.