Author Topic: Race to Positive Net Worth  (Read 17353 times)

SwordGuy

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Re: Race to Positive Net Worth
« Reply #100 on: December 26, 2017, 08:28:14 PM »
First off, great progress!  Bravo!


Federal student loan (6.25%): 56000
2) Two pensions.  Reasonably solid funding (public service), and should provide significant income assuming I work until at least age 60.  One is vested, 2nd needs 3 more years of work to vest.
3) PSLF (Public Service Loan Forgiveness).  Assuming Congress doesn't mess with it, in 4 years I'll have whatever remains on my Federal student loan forgiven.  Since I'm currently on a income-based payment plan and only paying interest, this will be substantial - around 50K!  (that will be a really good month for my NW!)

I'm getting married in 2018, so while it will be a wonderful year in some regards, it won't be the best year financially for me.  Questions:
- should I include the pensions in my NW?  If so, then I would most likely have positive NW, but I'm not sure how to calculate it...

If you quit or laid off today, do you lose the pension?   Because if you do, the answer is "No."   If yes, I can't help you with how to calculate it, google would be your friend.


- should I include the fed loan that will (should) be forgiven in 2021? 

Until it's forgiven, you owe it.   So it stays in the calculation until it's gone, one way or the other.

Now, I have a question for you.   Why would getting married be bad for you financially?   Are you spending crazy money on the wedding?  If so, just don't! ;)   Otherwise, it should be a financial benefit, with two incomes and shared expenses. 

SwordGuy

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Re: Race to Positive Net Worth
« Reply #101 on: December 26, 2017, 08:30:14 PM »
Congrats to all of you who have won your race to positive net worth or are making solid progress towards it!

It's a big win!

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #102 on: December 27, 2017, 07:50:50 AM »
2017 wrap-up time:

Student loan: -3,810€ at 0.75%
Bank loan: -9,596€ at 3.3%
Credit Card: -392€ (paid full each period)

Investments and liquidity: 5914€
Car: 3,400€

NW: -4,484€
2017 gain: 7,192€!

Thanks to the community for keeping up the spirit!

Optimiser

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Re: Race to Positive Net Worth
« Reply #103 on: January 01, 2018, 02:33:53 PM »
January: -57,500
February: -58,300
March: -50,400
April: -43,900
May: -46,300
June: -38,200
July: -41,300
August: -40,200
September: -33,200
October: -30,900
November: -34,000
December: -30,800

MrUpwardlyMobile

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Re: Race to Positive Net Worth
« Reply #104 on: January 01, 2018, 05:14:25 PM »
I used to joke with my wife that homeless people have a higher net worth than 90% of America. They have nothing other than the contents of their shopping cart, but they own everything in the cart. 0 is a huge goal and a major milestone. It took me a long time to hit it. I always hear people say "use the bank's money to make you money" I am very reluctant to do this. I have one rental with a lien on it. It is a positive cash flow property so I consider it a success. You guys are all on your way and are actually killing it based on the numbers you posted. The $10k number will find you soon based on the way you are going. 10 becomes 25 faster than you think. Stay the course, you are headed in the right direction!
I used to make the same joke.

EarlyInJourney

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Re: Race to Positive Net Worth
« Reply #105 on: January 10, 2018, 07:56:43 PM »
Thanks for the reply, SwordGuy.  My replies in red:

First off, great progress!  Bravo!


Federal student loan (6.25%): 56000
2) Two pensions.  Reasonably solid funding (public service), and should provide significant income assuming I work until at least age 60.  One is vested, 2nd needs 3 more years of work to vest.
3) PSLF (Public Service Loan Forgiveness).  Assuming Congress doesn't mess with it, in 4 years I'll have whatever remains on my Federal student loan forgiven.  Since I'm currently on a income-based payment plan and only paying interest, this will be substantial - around 50K!  (that will be a really good month for my NW!)

I'm getting married in 2018, so while it will be a wonderful year in some regards, it won't be the best year financially for me.  Questions:
- should I include the pensions in my NW?  If so, then I would most likely have positive NW, but I'm not sure how to calculate it...

If you quit or laid off today, do you lose the pension?   Because if you do, the answer is "No."   If yes, I can't help you with how to calculate it, google would be your friend.
One state pension is secure, in that I worked in the position for 8+ years, got vested, and it's fully mine.  The other is in the state I currently work in.  I still need 3 years to get vested and get my employer's contributions, but if I did quit or get laid off before that, I would at least get my contributions back (approx. 12K).

- should I include the fed loan that will (should) be forgiven in 2021? 

Until it's forgiven, you owe it.   So it stays in the calculation until it's gone, one way or the other.
Gotcha.  Yeah, that's certainly technically true.

Now, I have a question for you.   Why would getting married be bad for you financially?   Are you spending crazy money on the wedding?  If so, just don't! ;)   Otherwise, it should be a financial benefit, with two incomes and shared expenses.  The -being- married will be great for me - my fiance makes more than I do, has more saved, and is reasonably frugal (maybe not by MMM's high standards, but certainly by American society's).  The -getting- married part is the expensive part, at least by my standards.  It could be worse, but I figure my share will be around 10K.  Not crazy money, but definitely more than is strictly necessary.  But yeah, I truly want to marry this woman, and the wedding experience is pretty important to her, so I'm all in.  Also, for years I've been telling her, I don't want "stuff", I want experiences/memories...Time to put my money where my mouth is!  ;-)

Trifele

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Re: Race to Positive Net Worth
« Reply #106 on: January 27, 2018, 06:11:33 AM »
@EarlyInJourney -- No need for a wedding to be expensive. There are several threads about throwing a mustachian wedding on the forum if you want to read up about it.  You can elope of course, but it is also totally possible to have a beautiful and meaningful day for a crowd on the cheap.  Of course, you first have to get your SO on board.  :)

It's been a while since I stopped by this thread, but just want to say -- well done everyone!  I'm an alum of the starting-deep-in-debt class, and I can say from experience that getting to zero is huge.  You can do it!

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #107 on: February 27, 2018, 03:42:59 AM »
First two month of 2018 were challenging. Car insurance up front and bleeding from 1000 small cuts. Emergency budget is now in place to keep the cash flow positive. Still money in the emergency fund, but that number needs to go up again. Need to replace expensive computer parts for my Ph.D. and the washing machine might give out soon. Major car mainenance due in March. Hiccup in taxes let to me receiving 200€ less after taxes in Jan and Feb which will return to me only next year after filing... Hoping for a non-catastrophic March and planning for the worst.

On the bright side, I received my first dividends of 17.50€ :-D

Student loan: -3,575€ at 0.75%
Bank loan: -9,202€ at 3.3%
Credit Card: -309€ (paid full each period)

Investments and liquidity: 5401€
Car: 3,200€

NW: -4,483€ (Up 1€ over December...)

How are you guys doing?

Optimiser

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Re: Race to Positive Net Worth
« Reply #108 on: March 05, 2018, 02:38:12 PM »
January: -57,500
February: -58,300
March: -50,400
April: -43,900
May: -46,300
June: -38,200
July: -41,300
August: -40,200
September: -33,200
October: -30,900
November: -34,000
December: -30,800
Jan 2018: -28,300
Feb 2018: -24,300

Greyweld

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Re: Race to Positive Net Worth
« Reply #109 on: March 08, 2018, 06:50:18 PM »
I'll join in.

Car 1: $12,991.96
Car 2: $35,737.00 <-- Trying to convince the husband to sell this
Mortgage: $155,560.00
Investments: ~$38,000 at last check

Total: -$166288.96

I'm aggressively paying these off. Currently ~T-18 months until we're at positive investments-debts, ~T-24 until we're debt free. Faster if SO will get rid of Car2.

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #110 on: April 27, 2018, 11:49:16 AM »
Here comes April, still recovering from the weird stock market :-D

Student loan: -3,339€ at 0.75%
Bank loan: -8806€ at 3.3%
Credit Card: -355€ (paid full each period)

Investments and liquidity: 5472€
Car: 3,000€

NW: -4,028€ (Up 394€ over February)

Feels a bit like like an uphill battle right now. Double down for May!

PacificEve

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Re: Race to Positive Net Worth
« Reply #111 on: April 27, 2018, 04:59:50 PM »
I want to be in on this.  I'm scared to post my numbers because I'm ashamed but I'll get the courage soon.

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #112 on: April 28, 2018, 03:37:31 AM »
PacificEve don't be ashamed, you entered the race and that is half the way to finishing it! Everone in his/her pace, but we're getting there.

Trifele

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Re: Race to Positive Net Worth
« Reply #113 on: April 28, 2018, 06:52:40 AM »
I want to be in on this.  I'm scared to post my numbers because I'm ashamed but I'll get the courage soon.

Welcome @PacificEve !  Come on in.  Don't worry -- many of us started way in the negative.  My journey to positive was really slow, but I got there, and so will you! 

MrUpwardlyMobile

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Re: Race to Positive Net Worth
« Reply #114 on: April 28, 2018, 08:33:02 AM »
I want to be in on this.  I'm scared to post my numbers because I'm ashamed but I'll get the courage soon.

It’s a positive motivational group here.  People don’t look down on people for being broke. I used to comment that homeless people had net worths that were more than a hundred thousand dollars higher than my net worth. Eventually, things got better.  Participating in net worth threads has been awesome. I’m seeing huge growth month over month now.

JonnyFromCanada

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Re: Race to Positive Net Worth
« Reply #115 on: April 28, 2018, 11:17:28 AM »
Okay, I was in the process of moving the US from Canada last time I posted in this thread, I had a low-wage factory job,and I was living in my buddy's condemned house. It was a weird time in my life haha. I've been living in the US for 6 months now so things are normal again. New numbers:

Canadian accounts:
Line of Credit: -$8,100 CAD (only $6100 US)(My only debt!)
RRSP: +$4,000 CAD
Chequing accounts: +$400ish.

Canadian Accounts overall: -$3,600 CAD

US Accounts:
Chequing: +$730
CD: +$760
Roth: $430
US accounts overall: +$1,930 US.

(-$3,600 CAD = -$2,802 US)

New net worth = -$872 USD


I'm moving to a new town on Sunday (tomorrow). I was stressed out about the idea of getting an auto loan for a used car, when I've been doing so well lately. It would really slow my progress down and stress me out. So, I'm just not gonna do it. There are a couple good bike stores where I'm moving, and a cycling club. I'm just gonna bike to work, and if I get sticky and sweaty, I'm just gonna live with it. I would rather bear that burden that go in debt a whopping $6000 plus having to pay gas and insurance every month.

I'm excited to update this again in a few months and move into a different thread! :)

PacificEve

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Re: Race to Positive Net Worth
« Reply #116 on: April 30, 2018, 10:58:54 AM »
I'm at -$70,919 net worth.  No reason why it shouldn't be under $70k by my June birthday.  So I'm racing to under $70k right now.

Trifele

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Re: Race to Positive Net Worth
« Reply #117 on: April 30, 2018, 12:09:13 PM »
I'm at -$70,919 net worth.  No reason why it shouldn't be under $70k by my June birthday.  So I'm racing to under $70k right now.

Great goal, PacificEve.  Go you!

talltexan

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Re: Race to Positive Net Worth
« Reply #118 on: May 04, 2018, 08:29:45 AM »
I think this kind of forum is great for sharing personal details. PacificEve, do you think you can make a plan to turn that -$70,000 into a zero in two years?

shinn497

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Re: Race to Positive Net Worth
« Reply #119 on: May 21, 2018, 10:06:05 PM »
I'm at - 4k ish (- 6.5k + 2.5k in investments).

I think i could be positive in july!

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #120 on: May 30, 2018, 11:51:43 AM »
Update for May:

Student loan: -3,220€ at 0.75%
Bank loan: -8,557€ at 3.3% (small extra payment of 50€ incl.)

CC, Investments and liquidity: 5912€
Car: 2,900€

NW: -3,235 (Gaining almost 800€)

I like.

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #121 on: June 16, 2018, 01:48:25 PM »
It appears the closest race to my current state is "Race to 10k." 

I'd like to break this down into an even smaller increment:  Race to 0. 

Here is my rough breakdown of where I am at today:

April 2017
Student Loans: -$124,000
Mortgage: -$133,000
Investments: $88,000
Net Worth: -$170,000

Question.  Shouldn't your home value be counted in this?  If your home is worth $150,000, your Net Worth would be -$20k right?

I was thinking the same thing. Assets - Liabilities. Value of house minus the mortgage owed.

Unless OP is upside down $133k on the house.

Wow, how could I have overlooked this?  I also haven't added my two cars either.  I'm such a rookie.

End of April Update (Revised):

Student Loans: -$122,551.68
Mortgage: -$133,024.59
House Value: $213,725 (Zillow Estimate)
Car 1: $7,500 (Edmunds Estimate)
Car 2: $10,300 (Edmunds Estimate)
Investments: $101,808.61

Net Worth: $77,757.34

Ummmmmmm.....
I know I just created this thread....but I can't wait to be able to graduate to the next level up!

As sometimes happens, unforeseen changes occurred in my life.  At the time I last posted, I had a partner and a house.  Currently I don’t have either...so I am back for my second go-around to $0.

Current Status
Student Loans: $92,294.60
Personal Debt (loan from family member): $1500
Retirement Investments: $17,312.07
Emergency Fund: $1,051.43
Cash (payout from house-just received): $20,306

Net worth: -$55,125.10

Great job on everyone’s progress while I have been gone!  Very motivating!

ElleFiji

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Re: Race to Positive Net Worth
« Reply #122 on: June 17, 2018, 09:32:11 AM »
@SeaKayEl

Resetting finances is hard. A massive push backwards. But you'll be a zero again in no time!

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #123 on: June 20, 2018, 04:12:52 AM »
@SeaKayEl

Resetting finances is hard. A massive push backwards. But you'll be a zero again in no time!

Thanks ElleFiji—all it takes is one step at a time

shinn497

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Re: Race to Positive Net Worth
« Reply #124 on: June 29, 2018, 01:44:54 AM »
I'm at - 4k ish (- 6.5k + 2.5k in investments).

I think i could be positive in july!

Ayo its nearly july but that direct deposit just hit (yeah I stayed up for it).

As of it I am EVER so close.

investments: 2550

Student Loans: 1900
Medic debt: 750
Cable bill debt: 90

Net: - 190

ALMOST THERE

Technically I am net worth positive because of cash, but I run a zero based budget so I am not counting that since it is all going to be gone this month.

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #125 on: June 29, 2018, 10:59:32 AM »
Nice shinn, next month probably!

I made a huge jump thanks to my investments. I plan on cashing most of it out during July, I already converted some gains to cash. Here it goes:

Update for June:

Student loan: -3,102€ at 0.75%
Bank loan: -8,199€ at 3.3% (major extra payment)

CC, Investments and liquidity: 7,713€
Car: 2,800€

NW: -788€ (Gaining around 2,500€!)

Wow. I Never thought I would see 3 digits that soon. That is 148% of my target increase for September already :-) I did not plan further because of job change at that time point. Up Up!

Trifele

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Re: Race to Positive Net Worth
« Reply #126 on: June 29, 2018, 03:02:56 PM »
Wow @shinn497 and @BobTheBuilder  -- you are almost there!!  [cheering wildly from the sideline!]

What's next for the two of you?  The Race to $10k thread?  Lots of nice people there.

shinn497

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Re: Race to Positive Net Worth
« Reply #127 on: June 29, 2018, 03:15:40 PM »
I have a couple milestones 25k net worth next year. Then 65 after that then 100k and onto a MILLLION . I have a spreadsheet with plans.

Also doubling down on work to increase my salary so I can save moar. And oyu know japan and anime conventions and stuff.

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #128 on: June 30, 2018, 02:35:49 AM »
Yes, race to 10k will be the next step.

In the best case scenario, I will be looking at several hundreds to 1k more after taxes after October. My preference is on not moving, since we rent quite cheaply here, and work much closer to home. In that case, 10k is doable in 2019! More detailled, that would be upping the EF, automating the increased pay down on the bank loan and filling investment accounts with MSCI World for a while.

SeaKayEl

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Race to Positive Net Worth
« Reply #129 on: July 06, 2018, 10:44:56 AM »
June:
Student Loans: $92,294.60
Personal Debt (loan from family member): $1500
Retirement Investments: $17,312.07
Emergency Fund: $1,051.43
Cash (payout from house-just received): $20,306

Net worth: -$55,125.10



CURRENT STATUS:
Student Loans: $91,510.90
Personal Debt (loan from family member): $1,250
Retirement Investment: $18,026.52
Taxable Investment: $20,625.42
Emergency Fund: $1,302.65

Net worth: -$52,806.31
« Last Edit: July 06, 2018, 10:46:52 AM by SeaKayEl »

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #130 on: July 21, 2018, 02:16:00 PM »
Thanks to Manchester from the "Saving to 10K" thread, I have charted out my progress.

talltexan

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Re: Race to Positive Net Worth
« Reply #131 on: July 25, 2018, 08:13:11 AM »
SeaKay, you deserve credit for trying to lap the debt through "taxable investments" rather than just trying to pay it off. How are you allocating those investments?

Malkynn

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Re: Race to Positive Net Worth
« Reply #132 on: July 25, 2018, 08:56:40 AM »
SeaKay, you deserve credit for trying to lap the debt through "taxable investments" rather than just trying to pay it off. How are you allocating those investments?

This is what I'm doing too.
I'm far more concerned about offsetting my 46% tax bracket than paying extra onto my student loan.

We're currently at
-98K in debt
+~80K in tax-deferred investments (a bunch more in DH's pension, but I'm ignoring that)

It's hard to say if we'll actually be at + net worth when our investments outweigh the debt, because it's all tax deferred money, so it's not actually worth the same as the after-tax dollars debt.

So, I'm not really sure when we can claim + net worth status because it's not like we could just turn around and use the investments to pay off the debt at a dollar to dollar value.


SeaKayEl

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Re: Race to Positive Net Worth
« Reply #133 on: July 25, 2018, 12:14:18 PM »
SeaKay, you deserve credit for trying to lap the debt through "taxable investments" rather than just trying to pay it off. How are you allocating those investments?


I’m not sure I can take any credit!   The $20k (waiting on $3k more) was a payout of half the equity in a house I co-owned.  I am keeping it in SCHX, with the plan to contribute more after I max 401k &amp; IRA (goal for monthly contribution to max 401k is Dec 2019, goal to contribute monthly to max IRA is Dec 2020).  Money in SCHX will be to buy property (most likely after I retire).

Currently, I don’t plan on paying anymore than the minimum on my student loans with the final one being paid off in 2029 although I have gone back and forth on paying them off as soon as possible vs paying the minimum payment....

Any advice or opinions welcome as I am a novice and have a lot to learn!

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #134 on: July 25, 2018, 12:24:35 PM »
SeaKay, you deserve credit for trying to lap the debt through "taxable investments" rather than just trying to pay it off. How are you allocating those investments?

This is what I'm doing too.
I'm far more concerned about offsetting my 46% tax bracket than paying extra onto my student loan.

We're currently at
-98K in debt
+~80K in tax-deferred investments (a bunch more in DH's pension, but I'm ignoring that)

It's hard to say if we'll actually be at + net worth when our investments outweigh the debt, because it's all tax deferred money, so it's not actually worth the same as the after-tax dollars debt.

So, I'm not really sure when we can claim + net worth status because it's not like we could just turn around and use the investments to pay off the debt at a dollar to dollar value.


46% Yikes!

Even if you aren’t technically at zero net worth when you’re at zero net worth, mentally I imagine it will be awesome! 

Malkynn

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Re: Race to Positive Net Worth
« Reply #135 on: July 25, 2018, 01:08:04 PM »
SeaKay, you deserve credit for trying to lap the debt through "taxable investments" rather than just trying to pay it off. How are you allocating those investments?

This is what I'm doing too.
I'm far more concerned about offsetting my 46% tax bracket than paying extra onto my student loan.

We're currently at
-98K in debt
+~80K in tax-deferred investments (a bunch more in DH's pension, but I'm ignoring that)

It's hard to say if we'll actually be at + net worth when our investments outweigh the debt, because it's all tax deferred money, so it's not actually worth the same as the after-tax dollars debt.

So, I'm not really sure when we can claim + net worth status because it's not like we could just turn around and use the investments to pay off the debt at a dollar to dollar value.


46% Yikes!

Even if you aren’t technically at zero net worth when you’re at zero net worth, mentally I imagine it will be awesome!

High income in Canada.
It's cool, I offset the highest bracket easily with tax deferred savings and I get a lot for my taxes, so I don't mind.

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #136 on: August 01, 2018, 04:03:00 PM »
Aug 2018: ($48,629.96)

I added in the "Forever Days" into the chart inspired by the "I just bought 2 days per year of free life, indefinitely.  363 to go" thread.

How is everyone else doing?

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #137 on: August 03, 2018, 03:03:49 AM »
Hey SeaKayEl, congrats on the recovery speed! Keep going!

This month I am late to the party because I was/am heavily invested in TESLA and did not want to skew my results right before/after earnings and the correspondingly hysterical market reaction. So with a grain of salt and not the detailed listing from the last months, I am now at....

-270€ net worth. Which is up 500€ over end of June including summer vacation.

Almost there! Let's see what happens in August while I lock in some more paper gains on my foolish stock pick :-D


SeaKayEl

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Re: Race to Positive Net Worth
« Reply #138 on: August 03, 2018, 04:16:25 AM »
BtB- I can’t believe how close you are
What a great feeling!!  Looks like we may be having a going away party for you next month

AngelaG86

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Re: Race to Positive Net Worth
« Reply #139 on: August 12, 2018, 11:11:50 AM »
Really glad to find this thread! I won't know my exact number until my fiance comes home from work (doing joint net worth), but will post it once I know. Going purely off the numbers I do have, I expect it to be greater than -$200,000. :/

Trifele

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Re: Race to Positive Net Worth
« Reply #140 on: August 12, 2018, 11:48:32 AM »
Welcome @AngelaG86 !  You can do this -- lots of us started way in the hole.  Lots of good support here. 

Malkynn

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Re: Race to Positive Net Worth
« Reply #141 on: August 12, 2018, 04:16:35 PM »
Really glad to find this thread! I won't know my exact number until my fiance comes home from work (doing joint net worth), but will post it once I know. Going purely off the numbers I do have, I expect it to be greater than -$200,000. :/

Don’t feel bad.
We started at well over -400K

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #142 on: August 12, 2018, 04:53:24 PM »
Really glad to find this thread! I won't know my exact number until my fiance comes home from work (doing joint net worth), but will post it once I know. Going purely off the numbers I do have, I expect it to be greater than -$200,000. :/


Welcome Angela!

It may seem disheartening, but we’re all here for support and motivation whenever needed

talltexan

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Re: Race to Positive Net Worth
« Reply #143 on: August 15, 2018, 06:22:37 AM »
For those of you just starting, don't forget: if you have a huge mortgage on your residence, you also own that residence, so add a conservative estimate of its valuation. You may find you're not as deep in the hole as you thought.

EarlyInJourney

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Re: Race to Positive Net Worth
« Reply #144 on: August 16, 2018, 11:28:50 AM »
Update:

12/9/2017:

Federal student loan (6.25%): 56000
Navient student loan (4.75%):  5600
Credit cards (0% until Feb. 2019):  10600
car lease (face punch!):  4800
Total debt:  77000

Retirement health savings account:  7000
457B:  2500
Cash:  4000
Total assets: 13500

Net worth:  -63500

I'm getting married in 2018, so while it will be a wonderful year in some regards, it won't be the best year financially for me.  Still, my goal is to have all CC debt paid off by the time the promotional 0% offer ends in 2019, plus keep contributing steadily to the RHSA and 457 (currently, including employer contributions, adding $700/mo).



Current - 8/16/2018:

Federal student loan (6.25%): 56000  (chugging away paying interest and not much more, what I'm required to pay based on income, waiting to get to Public Service Loan Forgiveness in a few years)
Navient student loan (4.75%):  0  (Yay!  With a little help from my now wife, wiped out that debt!)
Credit cards (0% until Feb. 2019):  12400 (last month's wedding costs bumped this up $1800 from last December.  Not bad, actually - I was able to pay a lot as I went)
car lease (face punch!):  2800
Total debt:  71200 (reduction of 5800)

Retirement health savings account:  10400
457B:  8200
Cash:  2000
Total assets: 20600

Net worth:  -50600 (+12900)

I'm getting got married in 2018, so while it will be a wonderful year in some regards, it won't be the best year financially for me.  I'm actually pretty happy that I was able to get married and still increase my net worth by almost 13K in nine months! 

Still, my goal is to have all CC debt paid off by the time the promotional 0% offer ends in 2019, plus keep contributing steadily to the RHSA and 457 (currently, including employer contributions, adding $700/mo).  Hmm, I'm not sure I'll make, or even want to make, the CC goal.  I've significantly increased my contributions to my 457b, up to $1300/mo, trying to get my AGI as low as possible for taxes and what I'll be required to pay on my student loan next year.  With a bunch of attractive balance transfer offers floating around (0% for 15-21 mos, possibility of no balance transfer fee), I'm wondering if I shouldn't just put paying off the CC debt on the back burner (keeping it all at 0% via transfer), and plow as much as possible into my 457b.  Thoughts?


Also, I should probably bump up my bare bones emergency fund.  Currently it's $500.  My wife has a decent chunk of cash in savings to draw from if necessary, so it's not scary low, but yeah, I'm thinking it would be good to have a slightly less bare bones $1000 sitting in a high yield savings account, just in case...

Congrats to everyone on your accomplishments - it's definitely inspiring to read about other folks' successes!


SeaKayEl

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Re: Race to Positive Net Worth
« Reply #145 on: August 16, 2018, 06:53:26 PM »
Update:

12/9/2017:

Federal student loan (6.25%): 56000
Navient student loan (4.75%):  5600
Credit cards (0% until Feb. 2019):  10600
car lease (face punch!):  4800
Total debt:  77000

Retirement health savings account:  7000
457B:  2500
Cash:  4000
Total assets: 13500

Net worth:  -63500

I'm getting married in 2018, so while it will be a wonderful year in some regards, it won't be the best year financially for me.  Still, my goal is to have all CC debt paid off by the time the promotional 0% offer ends in 2019, plus keep contributing steadily to the RHSA and 457 (currently, including employer contributions, adding $700/mo).



Current - 8/16/2018:

Federal student loan (6.25%): 56000  (chugging away paying interest and not much more, what I'm required to pay based on income, waiting to get to Public Service Loan Forgiveness in a few years)
Navient student loan (4.75%):  0  (Yay!  With a little help from my now wife, wiped out that debt!)
Credit cards (0% until Feb. 2019):  12400 (last month's wedding costs bumped this up $1800 from last December.  Not bad, actually - I was able to pay a lot as I went)
car lease (face punch!):  2800
Total debt:  71200 (reduction of 5800)

Retirement health savings account:  10400
457B:  8200
Cash:  2000
Total assets: 20600

Net worth:  -50600 (+12900)

I'm getting got married in 2018, so while it will be a wonderful year in some regards, it won't be the best year financially for me.  I'm actually pretty happy that I was able to get married and still increase my net worth by almost 13K in nine months! 

Still, my goal is to have all CC debt paid off by the time the promotional 0% offer ends in 2019, plus keep contributing steadily to the RHSA and 457 (currently, including employer contributions, adding $700/mo).  Hmm, I'm not sure I'll make, or even want to make, the CC goal.  I've significantly increased my contributions to my 457b, up to $1300/mo, trying to get my AGI as low as possible for taxes and what I'll be required to pay on my student loan next year.  With a bunch of attractive balance transfer offers floating around (0% for 15-21 mos, possibility of no balance transfer fee), I'm wondering if I shouldn't just put paying off the CC debt on the back burner (keeping it all at 0% via transfer), and plow as much as possible into my 457b.  Thoughts?


Also, I should probably bump up my bare bones emergency fund.  Currently it's $500.  My wife has a decent chunk of cash in savings to draw from if necessary, so it's not scary low, but yeah, I'm thinking it would be good to have a slightly less bare bones $1000 sitting in a high yield savings account, just in case...

Congrats to everyone on your accomplishments - it's definitely inspiring to read about other folks' successes!


What would the downside be of transferring to another 0% card?  This looks like an attractive option in order to be able to contribute more to your 457b.

Keep up the good work

SeaKayEl

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Re: Race to Positive Net Worth
« Reply #146 on: September 03, 2018, 03:02:27 PM »
Feb 2018: -$85,506.10
Mar 2018: -$82,490.08
Apr 2018: -$80,444.82

Jun 2018: -$75,431.10
Jul 2018: -$52,806.31
Aug 2018: -$48,629.96
Sep 2018: -$43,134.64

...

Dec 2019: $0