Detailed Financial Picture – January 2014

December’s Numbers

As of January 6, 2014, we are $450,453.74 in debt (that includes the mortgage).  Without the mortgage, we’re at $31,918.46 in debt.  This includes student loans and an auto loan.  We currently have $1,012,394.70 in assets (including our house).  Our retirement accounts are at $348,080.08.  Our Net Worth is $561,940.96 (includes house and mortgage), up from $538,555.92 last month (4.34% increase).

We topped $1 million in assets before the end of the year (thank you stock market!), so I guess I can call that goal completed – even if it was down to the wire.

Our investments increased 31.38% over the course of 2013 – a good portion of that was contributions, so we have no secrets for timing the stock market.  Our net worth increased 28.38%, with a lot of thanks to the stock market.  We did pay down just shy of $30k ($29,996.34) of debt principal this year, so that helps with increasing the net worth.

We paid off the last credit card.  All we have left now is student loans and our car loan.  Our current plan is to aggressively pay off the student loans (expected about June-July) and then contribute towards our retirement accounts before throwing everything else to the car loan.  The student loans are broken up into three loans, one (very small one) at 2.15% and the others at 6.55%.  January is a three paycheck month for Dad, so that extra paycheck is going towards a ~$2,300 loan at 6.55%, completely paying it off. I just have to (impatiently) wait until after the January auto-debit clears to get a final payoff number to schedule the payment.

Daughter Person is “graduating” to the next room at daycare, and starting next week, our tuition will drop almost $20/week – giving us anywhere from $80-$100 extra in the budget every month.  She’s been hanging out in that room for the last few weeks when there are too many kids in her room, so I think she’ll do just fine during the transition.

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

  • Line of credit (8.75%): $0.00
  • Chase (4.99% for life): $ 0.00 (-1,992.53)
  • Student loans (aggregated 6.55%):  $12,500.73 (-142.27)
  • Car loan (0%): $19,560 (-490.00)
  • Mortgage (4.125%): $ 418,535.28 (-673.77)

Total paid off in December: $3,298.57

7 thoughts on “Detailed Financial Picture – January 2014

  1. Pretired Nick

    Credit card gone — woohoo!! That’s gotta be a great feeling! Only thing better will be when the student loans are gone. This looks really awesome to me!
    Was your line of credit a home equity line of credit? Seems like a high rate, if so. My first thought when I saw the student loan and the car loan is that a HELOC could consolidate those at a lower rate pretty easily if you had the equity.
    Great stuff!

    1. Mom Post author

      The line of credit isn’t secured, we used it to sell our townhouse (actually paid someone to take it off our hands), so it was the difference between the mortgage and selling price (and fees, etc). That’s why the rate is so high on it. We don’t quite have enough equity in the house for a HELOC (20.5%), so it’s not an option for us at the time. We’ve kept it around for a ‘hell in a hand basket’ emergency that our meager 5k emergency fund can’t cover. Hasn’t happened yet, but you never know :).

      We’re never going to consolidate the car loan, we’d end up paying more interest on it ;), and I don’t qualify to consolidate the student loans – not sure why, but it hasn’t bothered me other than I hate the new processor. My job was questionable over the last year (still is a bit), so we switched to paying off the CC first, we can always defer the student loans due to job loss. But, we’re on track to have them paid off mid-year!

  2. donebyforty

    I know a millionaire now! That’s pretty cool! We’re less than halfway there, but hopefully we’ll cross the half million mark this year.

    1. Mom Post author

      We’re only “millionaires” if you count our assets! We still have a ways to go before our net worth is over one million.

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