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August, 2014 Net Worth Report

August was an extremely busy month (hence no posts other than last month’s net worth report and our guest post from Beau), but you know I get excited for net worth time! August marks our first month of recovery from the major expense of getting our roof done, and since it was a three-paycheck month we got off to a really great start! Without further ado, here are the details:

August 2014 Net Worth

Cash: Cash saw a little bit of a boost due to the three-paycheck month in August. Overall spending was actually really good this month. I had a $400 outflow to some software developers related to one of my other websites (which will be reimbursed this month by revenues from that site) but other than that there really weren’t any major financial surprises.

Retirement Accounts: These might actually be slightly understated because my wife hasn’t gotten around to re-setting her account for her pension, so I’m still using the same balance there from June. Otherwise my 401k got about a $2,500 boost this month (which is awesome) and my Roth IRA added a little more than $200 (mostly just my monthly contribution).

Assets: My cars continued their epic slide in value, dropping another $400 or so this month. I’ve had a couple folks comment on my cars, so I’m actually working on an article to post here in the next week or so where I will discuss the rationale for buying both my cars brand new as opposed to the traditional advice of purchasing used vehicles. There’s a little bit of “chess-style mentality” behind it – stay tuned!

Credit Card Debt & Loans: I can’t tell you how much I enjoy watching these balances continue to drop. I probably say this every month, but this is really my favorite part of putting together the net worth report each month. In total, debt reduced by about $2,500 this month. This is mostly due to natural fluctuations in my primary credit card (the one I pay off every couple weeks) but as you can see, the auto loan and the student loans also get reduced by a chunk each month as well.

What’s Happening in September?

Other than it being my birthday, September will hopefully be another quiet month. My wife and I have come a long way with our budget over the last couple months, but we’ve discussed taking things a little bit farther. Out of the ~$24,000 in credit card debt, about $10,000 of it will come due in June of 2015 (this is when the interest-free promotional period expires) and then another $10,000 will be due around November of 2015. Our current plan makes this easily attainable, but of course we also want to start pumping a little extra cash into our auto loan so we can start knocking out our student loans after that.

My goal of having $100,000 in net worth by the end of 2014 is looking to be very challenging. It’s still doable, but it’s right on the edge of what’s possible. One thing I’m looking into to help make that possible is having my other web business appraised to be included as part of my assets. We’ll see on that, though – I only like to include those sorts of assets when I feel very confident that I’ve got a firm price that the asset could be sold for relatively quickly if needed. Since my other web business was started by me at low cost (as opposed to purchasing business assets, as I’ve done with MoneyJournal) it’s very difficult to get a firm appraisal on what the business is worth.

Have a good September, folks!

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