Welcome to our January net worth update. After three months of slow and steady progress, 2014 punched us square in the face. We dipped a little over $3k in January. Mainly due to the stock market and investments in our 401K. The bright side is this is not a sprint, rather a marathon and these investments should rebound over time. Here’s our breakdown:
Net Worth Details
Cash (-$150.00): A little dip into saving to cover some puppy expenses, but still maintaining $1k for emergencies.
401K (-5,149.00): Currently contributions to retirement are still on hold as we focus on debt repayment. The decrease is due to investment poor performance.
Pension (0.00): Waiting on one final deposit for the now thing of the past company pension. I will need to look at options for this money once we have the ability to move it.
Autos (-$580.00): Another dip, I don’t expect any big gains here with an 11-year-old van and 13-year-old car.
Home ($0.00): Still an estimate, as home prices are still fluctuating in my area. I’ll be very happy if we sold for $350K.
Mortgages ($-300.00): Slow and steady. This will be a major focus after debt repayment.
Consumer Debt ($-2,205): This is an area of consistency. We are on track to be debt free in November.
I’m not overly concerned with the 2.12% drop since most of it came from the 401k bucket. That will fluctuate greatly month over month. I’m happy that we remain constant with our debt repayment and with 10 months left are closing in on paying off our consumer debt. My wife and I have agreed after spending for the Holidays and a puppy it time to take a break and get focused again. We have a number of small bills trickling in and we seem to be a bit all over the place. So instead of trying to knock everything out at once, we will prioritize these little bills and snowball them, just like any other debt.
So what do you think? How are we doing? How does your net worth compare?