Your Net Worth is a pretty simple concept, add up all of your assets, add up all of your debts/liabilities, subtract your debt total from your asset total and you have your Net Worth. There are great apps and websites for helping you calculate this number, such as www.mint.com and www.personalcapital.com . I’ve been promising to get my numbers together to share for a while now, and after going through and updating our budget spreadsheet, and then updating Mint to match, I have those numbers for you. Lets run through everything step by step until we get to that final number.
Cash on hand took a hit last weekend when we had to put a new transmission in Mrs. CD’s car. Between the transmission and a few other less pressing things, $6500 poorer in cash this week, but the current total is:
There are a few things in the works that will replenish some of the cash hit over the next 2 months, we’re trying to keep better than a month of full bills available in an emergency fund while paying off the credit cards, boosting that savings here and there while doing so, and then getting it up to 3 to 6 months of expenses once the cards are paid off. Those card totals are:
I’ve gone through the credit card and payoff numbers in the last post: https://creditsanddebits.net/where-were-at/ . There are other government student loans and our mortgage out there as well. I’m going to paste the number from Mint, but it’s off because 2 loans that both my Wife and I are debtors on show up twice due to separate logins to access other accounts with the same company that we’re not both on together. So the Mint numbers are:
The actual numbers are the above minus the 2 loans that show up twice for a total of: $377,062.79. A positive difference of $30,882.43.
Between our HSA and a couple of retirement accounts our investments are:
Our tangible assets add up to:
So Mint comes up with our Net Worth currently at:
But based on the above mentioned double counted loans, our Net Worth is actually:
-172,671.20 + 30,882.43 = -141,788.77
So that’s where we’re starting. We have an income around $120k/yr, and a Net Worth of negative 1.18% of our yearly income. These are our current chains to bear. Now, it’s time to attack them. Updates to come, planning on doing so quarterly. Let us know where you’re at in the comments below. Do you have any questions about digging out of a hole like this? Let’s see if we can answer them together.