Author Topic: Race to Positive Net Worth  (Read 31525 times)

EarlyInJourney

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Re: Race to Positive Net Worth
« Reply #150 on: July 25, 2019, 07:05:10 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


8/16/2018:

Federal student loan (6.25%): 56000
Navient student loan (4.75%):  0
Credit cards (0% until Feb. 2019):  12400
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)


10-15-2018
Federal Student Loan (6.25%):  56000
Credit cards (0% until 2-2019):  11061
Car lease:  2281
Total Debt:  69342

RHSA:  10822
457B:  10579
cash:  2000
Total assets:  23401

Net worth:  -45941 (+4659 since 8-16-2018, +17559 since 12-9-2017)


2-26-2019
Federal Student Loan (6.25%):  55600
Credit cards (0% until 5-2019):  10261
Car lease:  1015
Total Debt:  66876

RHSA:  12544
457B:  18499
cash:  2000
Total assets:  33043

Net worth:  -33833 (+12108 since 10-15-2018, +29667 since 12-9-2017)


7-25-2019
Federal Student Loan (6.25%):  54500
Credit cards (0% until 5-2019):  7775
Car lease:  0(!)
Total Debt:  62275

RHSA:  14870
457B:  22255
cash:  4000
Total assets:  41125

Net worth:  -21150 (+12863 since 2-26-19, +29450 since 8-16-2018, +42350 since 12-9-2017)

Wow, taking a step back and looking at my progress over time makes me happy.  I could do better, sure, but the progress has been pretty steady, even with getting married (not cheaply) last summer. 

Having said that, I'll be taking a hit within the next couple of months - I'll need to get a new (to me) car.  My lease just finished up, and I returned the little electric car I had for the past 39 months.  Living in LA means I pretty much need a vehicle, and since my wife and I just learned we're pregnant with our first child (!!!), I don't want to buy something without good safety features and ratings.  Right now, I'm looking at getting a 2018 Toyota Camry, and I should be able to get one for under 17K.  I'm aiming to put down about 4K as a down payment, so with taxes, etc., that leaves about 14K to finance.  Not crazy about that, but I'm determined to pay it off in 36 months, which, along with good credit, qualifies me for a pretty low interest rate from my credit bureau (under 3%).  Any fab advice or strategies for getting a great deal on a new to me Camry?

Recently, I have been fully realizing the psychological weight of having CC debt... It really does weigh on me, despite having it all at very low or no interest, via good balance transfer offers.  I've been chipping away at it, and making steady progress over time, but I'm getting impatient.  I'm making it a priority and a goal to pay it off by my next birthday, next May.  That does mean possibly contributing less to my 457B (I'm currently putting in $525 every 2 weeks) and/or having less for a down payment for a car... Thoughts?

In any case, having kids might very well be a shitty financial decision, but in terms of meaning/happiness/life satisfaction, etc., it's a no-brainer for my wife and me, so yeah, we're excited!

Good luck to everyone - hope your own financial journeys are going well.

talltexan

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Re: Race to Positive Net Worth
« Reply #151 on: August 05, 2019, 08:21:00 AM »
I had a 2009 Camry when my daughter was born seven years ago: it's got an excellent back seat, with plenty of room for those snap-in baby carriers, and Toyotas are certainly safe enough. That is a great choice!

EarlyInJourney

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Re: Race to Positive Net Worth
« Reply #152 on: November 27, 2019, 08:32:18 PM »
In the spirit of the holiday, I'll do an update so as to feel thankful for how far I've come...

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


8/16/2018:

Federal student loan (6.25%): 56000
Navient student loan (4.75%):  0
Credit cards (0% until Feb. 2019):  12400
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)

2-26-2019
Federal Student Loan (6.25%):  55600
Credit cards (0% until 5-2019):  10261
Car lease:  1015
Total Debt:  66876

RHSA:  12544
457B:  18499
cash:  2000
Total assets:  33043

Net worth:  -33833 (+29667 since 12-9-2017)


7-25-2019
Federal Student Loan (6.25%):  54500
Credit cards (0% until 5-2019):  7775
Car lease:  0(!)
Total Debt:  62275

RHSA:  14870
457B:  22255
cash:  4000
Total assets:  41125

Net worth:  -21150 (+12863 since 2-26-19, +29450 since 8-16-2018, +42350 since 12-9-2017)


11-27-2019
Federal Student Loan (6.25%):  53410
Credit cards (0% until 5-2019): 0 (!!)
Car lease:  0
Total Debt:  -53410

RHSA:  16706
457B:  32281
cash:  5900
Total assets:  +54887

Net worth:  +1477!!!    (+35,310 since 2-26-19, +64,977 since 12-9-2017)

I'm really excited about this, for a number of reasons.  First, and obviously, positive net worth!  2nd, paying off my CC's is a huge deal to me - I've carried some kind of balance for at least 15 years.  I do feel a psychological weight off my shoulders, and it feels sublime.  Finally, I'm on track to max out my 457 b contribution this year, which is fantastic for yet more reasons:  saving for the future, and lowering my taxable income, thus lowering the amount I'll be required to pay on my student loans (the balance should be forgiven in 26 months, so I'm all about minimizing my payments). 

Woo-hoo!  (I'm currently celebrating by eating a delicious $1.50 container of Greek yogurt)   

I wish you all success in your own journeys, and happy Thanksgiving!



SwordGuy

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Re: Race to Positive Net Worth
« Reply #153 on: November 27, 2019, 11:25:59 PM »
In the spirit of the holiday, I'll do an update so as to feel thankful for how far I've come...
Net worth:  +1477!!!    (+35,310 since 2-26-19, +64,977 since 12-9-2017)

I'm really excited about this, for a number of reasons.  First, and obviously, positive net worth!  2nd, paying off my CC's is a huge deal to me - I've carried some kind of balance for at least 15 years.  I do feel a psychological weight off my shoulders, and it feels sublime.  Finally, I'm on track to max out my 457 b contribution this year, which is fantastic for yet more reasons:  saving for the future, and lowering my taxable income, thus lowering the amount I'll be required to pay on my student loans (the balance should be forgiven in 26 months, so I'm all about minimizing my payments). 

Woo-hoo!  (I'm currently celebrating by eating a delicious $1.50 container of Greek yogurt)   

I wish you all success in your own journeys, and happy Thanksgiving!

Thanks!   You've gotten the worst of it off your back!  What a great way to celebrate Thanksgiving!

Make sure your paperwork on that loan forgiveness is 100% in order.   I bet we'll see a posting from you in 26 months.  And a shout of joy so loud we'll know to look for the posting!!


Trifele

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Re: Race to Positive Net Worth
« Reply #154 on: November 28, 2019, 04:04:16 AM »
In the spirit of the holiday, I'll do an update so as to feel thankful for how far I've come...
, , ,
Net worth:  +1477!!!    (+35,310 since 2-26-19, +64,977 since 12-9-2017)
, , ,
I wish you all success in your own journeys, and happy Thanksgiving!

Congratulations on crossing the zero @EarlyInJourney!  You're doing great.  See you in the Race to $10,000 thread.  Happy Thanksgiving!

EarlyInJourney

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Re: Race to Positive Net Worth
« Reply #155 on: December 09, 2019, 07:25:08 PM »
Thanks, @SwordGuy!  Yup, I send in my paperwork every year for PSLF certification - I definitely don't want to get screwed over by FedLoan, etc.  I already needed to get them to do a review of my qualifying payments (which took over a year for them to do!), to get to the right total...

Thanks, @Trifele!  I appreciate it, and yes, I'll move on over to that thread!

EscapedApe

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Re: Race to Positive Net Worth
« Reply #156 on: December 12, 2019, 04:19:02 PM »
Down to join this thread.

June 2019
Student loan (federal): ~$13,000 @ 3.75%
Student loan (private): ~$17,000 @ 6.00%

Net worth: ~ -$30,000

December 2019
Student loan (federal): ~$12,000 @ 3.75%
Student loan (private): ~$11,000 @ 6.00%

Net worth: ~ -$22,000