Edward Antrobus

Personal Finance Contrarian - Money Rants & Frugal Musings

Net Worth Update: May 2013

It’s time for another net worth update! All of the numbers are in the right direction this month, but I’m not expecting that to last forever. Later this month it will be time to buy the plane tickets to travel back east for my best friend’s wedding. Meanwhile, it looks like we are getting sued for a debt we are already paying. For a second time. Settling that would pretty much wipe out our savings and force us to use the credit card to buy the plane tickets.

May net worth update

Other pieces of exciting news:

  1. The car is finally completely paid off. It was actually paid off on the 3rd and May felt so long that I had completely forgotten that this was the month of that milestone!
  2. I now have a 401(k). When I was first hired by my employer 2 years ago, they weren’t matching 401(k) contributions, so I opted out and instead funded my Roth IRA. Last month, I learned that they are not matching contributions again, with a catch. A minimum 6% contribution is required to get a 3.5% match. After thinking about it for a little while, I filled out the paperwork. I got a notice in the mail stating that my paperwork had been processed and I was now enrolled, but I haven’t seen anything on my pay-stub. So far, I haven’t been able to log into the 401(k) administrator’s website to check.

Meanwhile, income has been tough. All this wet weather, while really needed for the area has meant that I haven’t been working as much as I should. By this time of year, I should be hitting over-time by Thursday or even Wednesday. So far, I’ve only had 2 weeks with overtime and one of those was due to a 20 hour shift to get a job done before a snow-storm pulled through the area. I looked at my pay stub when it arrived on Friday. The year is almost half over and I haven’t broken $4000 in gross income yet!

Online income has been helping, and May was a good month on that front. I’ll go into more details later this month with my $3k challenge update, but I made more on Fiverr last month than I made online in 2011.

Debt wise, it looks like about ready to round another digit on my big student loan. My two student loans, medical debt, and about three grand of old credit card debt are all I have left.

And finally, my net worth has is now roughly the size of my gross income last year (multiplied by a negative one, of course). It is gratifying to see it is no longer a multiple of my income and, theoretically, I could have a positive net worth by the end of the year. Granted there are taxes, interest, and other expenses that have to come out of that, and this year’s income will likely only be half of last years.

Assets:

Cash $4940 Up $593.
Retirement Savings $394 Up $163
Car: $0 Still junk.

TOTAL ASSETS: $14,334

Liabilities:

Cirrus car loan: $0 W00t!
Credit Cards: $3338 Down $100
Student Loans: $30,921 Down $154.
Outstanding Medical Bills: $4745 Down $91

TOTAL LIABILITIES: $39,004 <–almost down another digit in the thousands column 🙂

NETWORTH: -$24,671

How was your month?

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