It's been quite awhile since I've posted a networth report. I used to post an update every month but decided to quit posting them for awhile. The last report was posted in August 2008.
As of that report, my networth was over $77,000. Due to several factors, it looks like I'm down a little over $20k. Namely, the decrease was caused by decreases in my home values, decreases in my 401k value and small increases in my debt.
As of February 28, 2010, my networth is as follows:
Assets:
- Primary Home - $183,000.00
- Rental Property - $130,000.00
- Car - $17950.00
- Retirement - $34,955.23
- Cash (checking & savings) - $40,703.84
- Total Assets: $406,609.07
Liabilities:
- Primary Home Mortgage - $179,757.53
- Rental Property Mortgage - $143,067.44
- Student Loan - $23,570.51
- Credit Card Debt - $2,914.37
- Total Liabilities: $349,310.05
Total Networth ending February 28, 2010: $57,299.02
Summary:
- Primary Home Value determined by appraisal obtained from my refi in May 2009.
- Rental Property Value determined by neighborhood comps.
- Car value from NADA.
- Credit card debt composed of debt for rental property flooring and new MacBook Pro. Both are at 0%. I will pay both of these off before the promo period expires.
- Yes, I know I have enough in cash to payoff my student loan but I choose not too. I am a cash hoarder and explained the reasons in this post.
- I just started tracking the numbers again last month so I don't have any data for the changes in the prior month. Next month's report will show monthly changes in the numbers.
Looks like your rental property decreased in value. You owe more than it's worth. Hang in there, the prices hopefully will go back up.
Definitely ones you own it, even though you owe on it, things will get better. You are way ahead of me on the curve but......watch this space. Like your blog!
What interest you are being charged for your student loan? I understand building up a cash reserve. I'm building towards 3 times my monthly expenses in my current account with a 3.75% return here in SA. I see you are past 10 times your February expenses.
Surely paying for your student loan will save you loads on interest repayments and you'd still have 5 times your monthly expenses for emergencies.
I too, am curious as to your response to Anon's question -- it's the same one I have
I used to pay 5% and 7% on my student loans, and getting rid of them ASAP was my #1 priority.
If I had such a huge cash reserve, I'd have cleared them by now.
I only kept about $1000 - $5000 as an emergency fund because my job was very, very stable...