Welcome to our June net worth update. We have achieved an incredible milestone by reaching a $100,000 in total debt paid off during this month. We are super pumped to be in the home stretch with only 5 months remaining before we are debt free! We are trying to gaining our sprinting speed, but with summer upon us and my wife taking this time off we are finding it a little tough to gain any momentum. We will make the best of it and keep our eye on the prize and gear up for a debt free Holiday season. Here’s how the month broke down:
Cash (+$10.00): Very important we get a fully funded e-fund in place certainly without the 2nd income offline until September. We are trying.
401K (+4,035.00): A nice increase for the month base on performance. Currently contributions to retirement are still on hold as we focus on debt repayment.
Pension (+260.00): This is interest income. The pension contributions are now over. Once I have the ability to roll this somewhere else I will.
Autos (-$467.00): I have not idea why this category continues to fluctuate, but can’t expect any big gains with an 11-year-old van and 13-year-old car. I would expect the cars to continue to slow depreciate. We continue to maintain them until we are debt free and can afford something newer.
Home ($0.00): Still an estimate, as home prices are still fluctuating in my area. I’ll be very happy if we sold for $350K. A smaller home just went up for sale in our neighborhood for $339K.
Mortgages ($-263.00): Slow and steady. I’d hate being underwater, but we have higher priorities right now.
Consumer Debt ($-2,238): This is an area of consistency for the last 48 months. We are on track to be debt free in November. Feeling good!
Overall another good month, so wanted to press paused on the debt snowball to take a family vacation but with being so close didn’t want to risk it. We will be taking a mini vacation in the coming weeks. I have been thinking about our plans after our debt repayment is complete, investments, passive income ideas, building wealth, etc. If you have any ideas or tips for me on these topics please leave me a comment or send me an e-mail with any tips or ideas.
So what do you think? How are we doing? How does your net worth compare?