Detailed Financial Picture – May 2013

April’s Numbers

As of May 7, 2013, we are $466,805.10 in debt (that includes the mortgage).  Without the mortgage, we’re at $42,943.84 in debt.  This includes a credit card, student loans, and an auto loan.  We currently have $939,708.64 in assets (including our house).  Our retirement accounts are at $292,621.36.  Our Net Worth is $472,903.54 (includes house and mortgage), up from $454,769.31 last month (3.97% increase).

Our Line of credit is paid off!  I took a little from savings to do so, so this month is mostly paying ourselves back rather than really attacking debt.  It was worth it in for how good it felt to send in that last payment.  Now, we have a significant line of credit which will become part of our emergency planning (new roof, other major disaster, etc) until the rest of the debt is paid off.  It costs us $50/year to keep the line open, but we figure that it’s worth it for the relatively low interest rate it provides.

Our retirement accounts did great this month (up 4.55%).  We’re still contributing less than I would like, but not an insignificant amount of our incomes is going towards our 401(k) and 403(b).  I haven’t really noticed the tax hit from changing 1% of my contribution from my 401(k) to my Roth 401(k), but until the debt is paid off, we’re leaving the contributions where they are.  I’m really hoping the markets aren’t going to correct themselves anytime soon, but I know that’s inevitable someday.

I’ve switched our order of repayment around a bit due to Chase being PITAs as well as a potential job loss in our future (near the end of the year).  My company is not doing so well, and we have enough money in the bank to keep running until the end of the year (and that’s without getting any new work), and so there’s a potential I won’t have a job next year – at least with the same company.  I love where I work, and who I work for (and I own part of the company – sort of – through phantom stock options), so I’m sticking around to help make it work out.  I’ve told my boss if things aren’t looking better by September, I was going to start looking for another job.  I’m confident that I can find another job because of my line of work and my skills, but I’d rather not leave a company that I really like.  But I’m not being stupid about it either.  We’ve switched to paying off the Chase card before the student loans because the student loans can be deferred if I do get “laid off”, the credit card can’t.  I ran the math, and should things go well, we’ll have paid an extra $30 in interest by paying off Chase before the student loans – that’s a $30 insurance policy as I see it.

On the plus side, I’ve just brought in enough work to completely pay my salary (and benefits) for the next year and a half, and our busy time doesn’t happen until September through December, so I think we’ll be OK.

Debt (in the order we’re paying it down):

  • Line of credit (8.75%): $0.00 (-1300)
  • Chase (4.99% for life): $ 5976.58  (-472.43)
  • Student loans (aggregated 6.55%):  $13,626.98 (-139.72)
  • Car loan (0%): $23,480.00 (-490.00)
  • Mortgage (4.125%): $ 423,861.26 (-655.53)

Total paid off in April: $3,057.68

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