Net Worth Update December 2017: $80,471
Net Worth Update: $80,471
Woot! Officially over the $80,000 net worth barrier. After reading the Globe piece noting median net worth in Boston ($8 for US blacks vs $247,500 for whites), it puts our position in further local perspective.
We’re sooo close to have $200,000 in retirement savings alone. As the year wraps up, I’ll do in depth looks at spending and investment growth for the year.
What’s with the credit card balance increase?
I put over $5,000 in reimbursable business expenses on my personal credit card. I paid off some, but not all of that prior to doing this calculation. I also paid the final balance on a Carnival cruise I’m taking next February (Bahamas baby!), so a big chunk of my anticipated 2018 travel spend is hitting me December 2017.
Student Loans Slowly Shrinking
Derek’s student loan is awful. It’s on income based repayment at an amount that doesn’t shrink it each month. I tried to pay down more to get the balance to move, but they don’t apply his balances that way. His is a low interest rate, so I’m not going to invest a lot of time fighting them to fix it. If we were in a position to pay my grad loan to $0 right now, I’d then be much more concerned that every penny of pay down is properly crediting to eat into the principal.
Earnest Money is Ready and Waiting
I’ve moved $10,000 from my savings into my checking account. It’s ready to go should we find a house we’re ready to buy! It kills me to lose my $5 in interest per month, but we did just make an offer that was rejected. If a house we do want comes on market, I need that money accessible within days, so it’s easiest to keep it in my checking account. My savings account is an online bank (CapitalOne 360) which is great for saving but not so great for instant access of money. It takes days to initiate and complete a transfer between it and my local bank.
Goals for 2018
I haven’t really thought about goals, financial or otherwise, for 2018. The next two weeks should be a little quieter at work, so I shouldn’t be so tired after work, which will give me time to think through what happened in 2017 and what I hope will shake down in 2018.