January 2010 Net Worth Update

Ding!Ding!Ding! I'm excited to blog about our first ever Net Worth Total. The numbers are in but I have nothing to compare it against.

Although I know we've lost close to $5K in our retirement plan since the pull back of the stock market. On a parallel note, Both DH and I have increased our 401K contribution for 2010 from 6% to 15% for me and 10% to 12% for DH.

The credit card balance will always be zero since we usually pay it in full the first day of the first month. Therefore, it would be a decrease towards our checking/savings number which would then be reflected in the following month's net worth total.


Anonymous said...

Why in the world would you exclude your mortgages - makes no sense.

I could understand not including the credit card if it's always paid in full. However the value of your home as an asset and the mortgage being a liability are most definitely components required to be a part of your networth, because they are whether you acknowledge it or not.

Money Honey SF said...
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Money Honey SF said...

Right! I will have to include an extra row to show our mortgages. And it won't be pretty, although it's building up equity. Will follow up with one come February month end.

Anonymous said...

Not just a row for the mortgages. When you look at net worth it is a balance sheet - you have assets and you have liabilities, networth being assets minus liabilities. Listing mortgages on a row by itself is just the liability. As a debt, yes, it is included in networth, however, the properties must also be included as an asset.

If you're only going to "add a row" then it should be for "property equity" being that difference between the value less the amount remaining on the mortgages.

Money Honey SF said...

Got it. Now only if I can find a way to incorporate the excel spreadsheet onto this blog.

I'm hoping a web search or friends would provide some info.

Howard said...

Open your Excel spreadsheet. With it open, press the key for Print Screen (on the top row usually near the key for scroll lock). Then open Paint, press Control+V (paste) and voila! Then just crop it and save as JPG and it's ready for your web page.

Money Honey SF said...

Thanks Howard. Followed your instruction and was fairly easy to create. said...

Thanks for explaining that. I am kinda still new at blogging and am still figuring this out.

I have Junkmoible too! It's a 1997 Honda Civic and it may fetch about the same price as your junkmoble on a good day!

Howard said...

Junkmobiles are great! So long as it is safe/reliable. A car is just something to get you from point A to point B, nothing more.

I bought our 1995 Eclipse for my wife brand new (the one time we bought a new car). 140,000 miles later it still goes. Sure, it bleeds oil now, but for the extra $10 a month, who cares? I took it in to Mitsubishi 2 years ago for some routine fixing of wear and tear type things and they tried to sell us $4500 worth of fixing. Bozos! The kids at the gas stations look at the car with envy now - definitely bumping up against the "classic" category compared to the boxes on wheels you see today. It also gets about 35 MPG out on the open highway.

Our other car is the 1999 Chevy Blazer (purchased used in 2002), also with 140,000 miles on it which I'll drive until the day they need to tow it off our driveway.

For frugal savers/investors, the car is one of the best places to make your mark. A car is the second biggest investment most people will make next to the house, yet is the worst because it loses value so rapidly and for many people it is a necessity. How you manage your car purchases can literally determine whether/when you become a millionaire.

youngandthrifty said...

wow! your house is over a million?
I guess you're in San Fran and it's similar to here in Vancouver.

I have a junk mobile too =) It's a civic as well. I don't see the point in buying a fancy schmancy car (unless ofcourse you have oodles of money to burn) because a) it'll get dinged up b) it depreciates by 30% when you drive it off the lot, and c) often more $ cars cost more in maintenance/ gas etc.

Money Honey SF said...

Oops actually we have 2 houses - A primary residence and a rental.