Author Topic: Race to Positive Net Worth  (Read 19430 times)

Optimiser

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Re: Race to Positive Net Worth
« Reply #50 on: September 07, 2017, 07:45:36 AM »
January 2017: -16,000
September 2017: -9,320

I just sold $2,800 worth of my stocks which will go straight to that debt. So in three days or so when it goes through I should be at -6,500.

I'm thinking by June 2018 I will definitely be debt-free (finally).

Were you not including those stocks in your net worth?

JonnyFromCanada

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Re: Race to Positive Net Worth
« Reply #51 on: September 10, 2017, 10:14:04 AM »
My bad, I didn't.

I guess my net worth would be steady around -4000 then.

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #52 on: September 25, 2017, 07:44:10 AM »
Numbers coming early, as we are flying to Crete in 36 hours :-) 5 days of sun for us hopefully!

I refinanced the big student loan. By paying back all at once and early, I got a 26.5% discount, around 2500€. Rate of the bank loan is 3.3%, which is so low I put the excess money in div-stocks since they would not lend less than 10K. Btw they qualified me for 38K, which is insane...

Here it comes :-)
Student loan: 3,955€ at 0.75%
Bank loan: 10,000€ at 3.3%
Credit Card: 864€ (paid full each period)

Investments and liquidity: 5216€
Car: 3610€

Net worth: -5995€ up 3043€! (YEAH; crossed -6K!)
« Last Edit: September 25, 2017, 07:46:04 AM by BobTheBuilder »

MrMustache

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Re: Race to Positive Net Worth
« Reply #53 on: September 30, 2017, 09:46:57 AM »
So glad I found this place has made me quite conscious of my finances. Made many many many mistakes living beyond means over the years especially after salary bumps.

Credit cards: -4230 (0% until May 2018), paid off 14k on my high interest cards between May and today.
Cash: 2600
401k: 1280 (stopped contributing since no match to pay off the high interest credit cards and returning 8% on that as of now)
Today: -350 NW
Live in a HCOL area though so tomorrow I get to dish out ~2100 for rent, utilities, car insurance. So really about -3000.

After running numbers November 3rd is my day to officially be positive net worth. Since my last card is 0% till May I'm getting my emergency fund built and paying off the card at April statement.



Optimiser

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Re: Race to Positive Net Worth
« Reply #54 on: October 02, 2017, 09:31:30 AM »
I like it here, and I can look forward to graduating to the 10k thread.


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

Cashed out all of my unpaid overtime per the suggestions in my case study. I'm up 24k this year and I'm starting to feel like I'm actually going to make it to zero at some point.

lexde

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Race to Positive Net Worth
« Reply #55 on: October 04, 2017, 09:12:41 AM »
Oh man, this one hurts.

Assets: $25.6K (I count my car, I shouldn't, but it's the only thing that keeps me sane. And it's paid off.)
Loans: $42.1K

Net Worth: -$16.5K

Goal: $0NW (with $24Kish in loans remaining) by 12/31/17
Goal: debt-free by 05/31/18
Per YNAB, June 2016 ended me up at -12,532.
In the first half of this year I have increased my NW by $12,928.66. So that puts me on track to hit $0 by 12/31/17 with a few dollars to spare.
July 2017: -7,715
August 2017: -6,251


So close! Getting there slowly but surely.
September 2017: -4,475

Abooki

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Re: Race to Positive Net Worth
« Reply #56 on: October 04, 2017, 12:21:14 PM »
Long time no update.
Since May 2017 to Oct 4 2017(now)
-$52452.56 -->-$49260.62 student loans
-$3381--> $0 stupid car loan.(got a cheap 2006 Honda Civic but got a car loan since I didn't know better then)
+$28916.02 -->+$35733.21 401k
Networth: -$26917.9-->-$13527.41
Yayyy this is exactly what I was looking for. Here we go:

Here are my stats:

-$52452.56 --> student loans
-$3381--> stupid car loan.(got a cheap 2006 Honda Civic but got a car loan since I didn't know better then)
+$28916.02 --> 401k
Networth: -$26917.9

Goal: Debt free before 2019.

Vindicated

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Re: Race to Positive Net Worth
« Reply #57 on: October 11, 2017, 06:11:15 AM »

Sep 2016 = -$65,647
Oct 2016 = -$63,503
Nov 2016 = -$62,024  Discovered MMM
Dec 2016 = -$59,969
Jan 2017 = -$58,670   Job Changed Lowering Income ~$500/mo :(
Feb 2017 = -$57,447
Mar 2017 = -$53,518  Taxes! Woohoo!
Apr 2017   = -$52,280
May 2017  = -$52,135
Jun 2017   = -$52,335
Jul 2017    = -$49,500
Aug 2017   = -$47,200  Started new job!
Sep 2017   = -$45,832  All Credit Cards = $0!
Oct 2017   =  -$44,189 

Remaining debt is Car, Home, and Student Loans.  Car and Home are both below 5%, but some student loans aren't.  They're my new focus!  I'm contributing 6% to 401k to get company match of 5%.  Once all debt above 5% are gone, I'll open a Vanguard account or increase 401k contributions.

I've got more info and some graphs in my journal if any are interested.
« Last Edit: November 01, 2017, 09:12:52 AM by Vindicated »

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #58 on: October 30, 2017, 02:57:09 PM »
October is done! Cat got sick, stocks went so-so. I am still invested in hand-picked stocks, but added German-Mid-Cap to the mix and will only increase this portion of the portfolio for now. Anyways, two stocks with massive gains, one with more-massive loss, ended up slightly positive for this month.

Student loan: 3,957€ at 0.75%
Bank loan: 10,017€ at 3.3%
Credit Card: 320€ (paid full each period)

Investments and liquidity: 5081€
Car: 3500€

Net worth: -5713€ up 282€

Optimiser

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Re: Race to Positive Net Worth
« Reply #59 on: November 01, 2017, 08:57:45 AM »
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

It seemed like a normal month, blows my mind to see us moving so quickly in the right direction.

lexde

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Re: Race to Positive Net Worth
« Reply #60 on: November 01, 2017, 09:09:05 AM »
Oh man, this one hurts.

Assets: $25.6K (I count my car, I shouldn't, but it's the only thing that keeps me sane. And it's paid off.)
Loans: $42.1K

Net Worth: -$16.5K

Goal: $0NW (with $24Kish in loans remaining) by 12/31/17
Goal: debt-free by 05/31/18
Per YNAB, June 2016 ended me up at -12,532.
In the first half of this year I have increased my NW by $12,928.66. So that puts me on track to hit $0 by 12/31/17 with a few dollars to spare.
July 2017: -7,715
August 2017: -6,251


So close! Getting there slowly but surely.
September 2017: -4,475
October 2017: -3,098

Vindicated

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Re: Race to Positive Net Worth
« Reply #61 on: November 01, 2017, 09:12:09 AM »
October 2017: -3,098

So close!  woohoo!

vertkurt

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Re: Race to Positive Net Worth
« Reply #62 on: November 01, 2017, 09:28:55 AM »

October 2017: -3,098

So close!  woohoo!

That's encouraging to see. Currently screwed with a 278k student loan...fml

lexde

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Re: Race to Positive Net Worth
« Reply #63 on: November 01, 2017, 10:03:47 AM »

October 2017: -3,098

So close!  woohoo!

That's encouraging to see. Currently screwed with a 278k student loan...fml
Doctor?

vertkurt

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Re: Race to Positive Net Worth
« Reply #64 on: November 01, 2017, 11:06:37 AM »

October 2017: -3,098

So close!  woohoo!

That's encouraging to see. Currently screwed with a 278k student loan...fml
Doctor?

Yes...and not the high earning kind unfortunately. Still young, 30, but it's going to take at least 10 years at 800/week to pay it off with the criminal interest rate they charge. It's okay though...still have my health.

I've posted in the race to 10k-100k also because I'm trying to blast the loan and invest at the same time. It's quite depressing really. I now advise other young folks to reaaaallly think about post bac studies financially because frankly optometry, pharmacy, and vet just isn't worth it imo. The income to loan is absurd. MD, DDS, and others are really bad also, but atleast they command 300k+ salaries sometimes.

I often think I should've gone engineering or some other applied STEM degree. Alas, it's too late now.

Kudos to you for paying yours off. I was watching yours tick down in the thread and felt hopeful.

lexde

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Re: Race to Positive Net Worth
« Reply #65 on: November 01, 2017, 11:23:52 AM »

October 2017: -3,098

So close!  woohoo!

That's encouraging to see. Currently screwed with a 278k student loan...fml
Doctor?

Yes...and not the high earning kind unfortunately. Still young, 30, but it's going to take at least 10 years at 800/week to pay it off with the criminal interest rate they charge. It's okay though...still have my health.

I've posted in the race to 10k-100k also because I'm trying to blast the loan and invest at the same time. It's quite depressing really. I now advise other young folks to reaaaallly think about post bac studies financially because frankly optometry, pharmacy, and vet just isn't worth it imo. The income to loan is absurd. MD, DDS, and others are really bad also, but atleast they command 300k+ salaries sometimes.

I often think I should've gone engineering or some other applied STEM degree. Alas, it's too late now.

Kudos to you for paying yours off. I was watching yours tick down in the thread and felt hopeful.
I started at 120k in debt since I got my undergrad debt free. Starting salary was 40k (had to wait to become licensed) then 65k, which is my current salary and I’m taking a decent chunk out of my loans just on that. If you can, specialize and go hard. I have a doctor in my family and he gave me some advice that’s applicable to both MD and JD (at least because we both deal with insurance companies). He told me to focus on billing. Bill for everything that you ethically can. Get creative with it as long as you aren’t fudging it. “Pain pays”. He finishes his charting every day without fail and bills for everything he possibly can since the insurance companies will cut it anyway. By doing this, he brings in 30-40% more than the other doctors in his practice and gets much larger bonuses. He said he put time into improving his billing but the time you put in it pays for itself with every single patient you see.

I make 65k as a lawyer, my SO makes 80k as a mechanical engineer, so you’re doing okay! Don’t let the day to day get you down. That’s the hardest part.

Sometimes what I do is make “F—U” payments of like $1 or $5 or $20 when I can. Just so they have to process it. It’s petty but makes me feel a little better and it does add up. One time I made a $.63 payment to even out my bank account.

We will get to zero and then it gets easier from there!

vertkurt

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Re: Race to Positive Net Worth
« Reply #66 on: November 01, 2017, 01:47:07 PM »

October 2017: -3,098

So close!  woohoo!

That's encouraging to see. Currently screwed with a 278k student loan...fml
Doctor?

Yes...and not the high earning kind unfortunately. Still young, 30, but it's going to take at least 10 years at 800/week to pay it off with the criminal interest rate they charge. It's okay though...still have my health.

I've posted in the race to 10k-100k also because I'm trying to blast the loan and invest at the same time. It's quite depressing really. I now advise other young folks to reaaaallly think about post bac studies financially because frankly optometry, pharmacy, and vet just isn't worth it imo. The income to loan is absurd. MD, DDS, and others are really bad also, but atleast they command 300k+ salaries sometimes.

I often think I should've gone engineering or some other applied STEM degree. Alas, it's too late now.

Kudos to you for paying yours off. I was watching yours tick down in the thread and felt hopeful.
I started at 120k in debt since I got my undergrad debt free. Starting salary was 40k (had to wait to become licensed) then 65k, which is my current salary and I’m taking a decent chunk out of my loans just on that. If you can, specialize and go hard. I have a doctor in my family and he gave me some advice that’s applicable to both MD and JD (at least because we both deal with insurance companies). He told me to focus on billing. Bill for everything that you ethically can. Get creative with it as long as you aren’t fudging it. “Pain pays”. He finishes his charting every day without fail and bills for everything he possibly can since the insurance companies will cut it anyway. By doing this, he brings in 30-40% more than the other doctors in his practice and gets much larger bonuses. He said he put time into improving his billing but the time you put in it pays for itself with every single patient you see.

I make 65k as a lawyer, my SO makes 80k as a mechanical engineer, so you’re doing okay! Don’t let the day to day get you down. That’s the hardest part.

Sometimes what I do is make “F—U” payments of like $1 or $5 or $20 when I can. Just so they have to process it. It’s petty but makes me feel a little better and it does add up. One time I made a $.63 payment to even out my bank account.

We will get to zero and then it gets easier from there!
I will keep that advice in mind regarding the billing. You are your SO are earning slightly more than us, 80k and 45k here, and have managed to eradicate your loans so there is hope for us too I believe. 278k at 7% is absolutely draining us and there is no way to refinance either. We just have to snowball the loans and pay off the ones in reach that have higher interest rates and hopefully refinance once its down to 150k.

I like the FU payments! That made me chuckle.

Primm

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Re: Race to Positive Net Worth
« Reply #67 on: November 02, 2017, 11:02:04 PM »
I'm playing too. I reckon 3 years and I'll be close to zero.

Current situation as at 1 November 2017:

Assets: I'm not including cars or house in here because realistically they aren't easily monetised, and I'll still need them post-retirement. So this is cash, retirement fund and investments.

$245,659.90

Liabilities: Conversely I *am* including car loan and mortgage in here, because while they exist they still need to be paid and impact on my expenses.

-$300,822.73

Net worth:

-$55,162.83

Better than last year, but not by enough.

Vindicated

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Re: Race to Positive Net Worth
« Reply #68 on: November 03, 2017, 06:20:08 AM »
I'm playing too. I reckon 3 years and I'll be close to zero.

Current situation as at 1 November 2017:

Assets: I'm not including cars or house in here because realistically they aren't easily monetised, and I'll still need them post-retirement. So this is cash, retirement fund and investments.

$245,659.90

Liabilities: Conversely I *am* including car loan and mortgage in here, because while they exist they still need to be paid and impact on my expenses.

-$300,822.73

Net worth:

-$55,162.83

Better than last year, but not by enough.

If you're looking for net worth, you would include home and cars.  Just assuming the -$300k doesn't include other debt, and your value if you sold those items was $350k, you would have a net worth of roughly $300k.

You're welcome to track your money however you want of course.  I'm just not sure it's still considered "net worth" if you don't count your home and cars.  Maybe there is another name for this number.

ElleFiji

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Re: Race to Positive Net Worth
« Reply #69 on: November 03, 2017, 10:01:03 AM »

October 2017: -3,098

So close!  woohoo!

That's encouraging to see. Currently screwed with a 278k student loan...fml
Doctor?

Yes...and not the high earning kind unfortunately. Still young, 30, but it's going to take at least 10 years at 800/week to pay it off with the criminal interest rate they charge. It's okay though...still have my health.

I've posted in the race to 10k-100k also because I'm trying to blast the loan and invest at the same time. It's quite depressing really. I now advise other young folks to reaaaallly think about post bac studies financially because frankly optometry, pharmacy, and vet just isn't worth it imo. The income to loan is absurd. MD, DDS, and others are really bad also, but atleast they command 300k+ salaries sometimes.

I often think I should've gone engineering or some other applied STEM degree. Alas, it's too late now.

Kudos to you for paying yours off. I was watching yours tick down in the thread and felt hopeful.
I started at 120k in debt since I got my undergrad debt free. Starting salary was 40k (had to wait to become licensed) then 65k, which is my current salary and I’m taking a decent chunk out of my loans just on that. If you can, specialize and go hard. I have a doctor in my family and he gave me some advice that’s applicable to both MD and JD (at least because we both deal with insurance companies). He told me to focus on billing. Bill for everything that you ethically can. Get creative with it as long as you aren’t fudging it. “Pain pays”. He finishes his charting every day without fail and bills for everything he possibly can since the insurance companies will cut it anyway. By doing this, he brings in 30-40% more than the other doctors in his practice and gets much larger bonuses. He said he put time into improving his billing but the time you put in it pays for itself with every single patient you see.

I make 65k as a lawyer, my SO makes 80k as a mechanical engineer, so you’re doing okay! Don’t let the day to day get you down. That’s the hardest part.

Sometimes what I do is make “F—U” payments of like $1 or $5 or $20 when I can. Just so they have to process it. It’s petty but makes me feel a little better and it does add up. One time I made a $.63 payment to even out my bank account.

We will get to zero and then it gets easier from there!

I love your fu payments!

Almost every time I log into my bank I throw $10 at something - the SL, pre paying a bill. Just moving a small amount I won't miss into a useful spot.  But I'm now tempted to throw SOMETHING at the loans every time so they can process it.

talltexan

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Re: Race to Positive Net Worth
« Reply #70 on: November 16, 2017, 01:07:37 PM »
Is anybody here doing the plan where you just sock money away into an SP500 index, and--when it's equal to the balance of the loans--you take it out and pay those suckers off?

lexde

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Re: Race to Positive Net Worth
« Reply #71 on: November 16, 2017, 02:01:19 PM »
Is anybody here doing the plan where you just sock money away into an SP500 index, and--when it's equal to the balance of the loans--you take it out and pay those suckers off?
Nope. The gains from S&P are not worth risking vs. guaranteed 6% interest rate from loans plus capital gains tax. Paying it off in big chunks each month instead. Investing will come later.

lexde

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Re: Race to Positive Net Worth
« Reply #72 on: November 16, 2017, 02:02:22 PM »
Oh man, this one hurts.

Assets: $25.6K (I count my car, I shouldn't, but it's the only thing that keeps me sane. And it's paid off.)
Loans: $42.1K

Net Worth: -$16.5K

Goal: $0NW (with $24Kish in loans remaining) by 12/31/17
Goal: debt-free by 05/31/18
Per YNAB, June 2016 ended me up at -12,532.
In the first half of this year I have increased my NW by $12,928.66. So that puts me on track to hit $0 by 12/31/17 with a few dollars to spare.
July 2017: -7,715
August 2017: -6,251


So close! Getting there slowly but surely.
September 2017: -4,475
October 2017: -3,098
November 16, 2017: -2,585

Shelfside27

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Re: Race to Positive Net Worth
« Reply #73 on: November 17, 2017, 07:21:28 AM »
Nice work Lexde, almost there :-) . Also a big fan of your graph formatting  and stolen it for myself :-D

Dicey

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Re: Race to Positive Net Worth
« Reply #74 on: November 18, 2017, 12:57:07 AM »
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!
Looks like SeaKayEl has left the building thread. Just chiming in to say I hope no one else is counting their mortgage. It is Secured Debt on an appreciating asset, which is a whole different thing. Also, please be sure you're saving enough to get the full match if there is one. Do your Roth, too. Your future selves will thank you for not waiting until you get out of debt, even if it takes you slightly longer to climb out of the abyss.

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #75 on: November 30, 2017, 12:27:19 PM »
November was... bad. Car maintenance, higher expenses than usual and bad stock market make the following numbers:

Student loan: 3,959€ at 0.75%
Bank loan: 9,797€ at 3.3%
Credit Card: 675€ (paid full each period)

Investments and liquidity: 5,042€
Car: 3,500€

Net worth: -5,889€ down from the month before. Still looking to make an increase of 7000€ per Dec 31st YoY, for that I need to go up by 1226€ next month. That is going to be a tough one, but with our small year's end bonus of 860€ still possible. Selling everything on ebay now :-D

EarlyInJourney

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Re: Race to Positive Net Worth
« Reply #76 on: December 09, 2017, 12:42:14 PM »
Yay, a thread for me!  ;-)

Lurker for the past few months, now getting a bit more involved on the forum, with the hope for a bit more accountability.  As my profile name would suggest, I'm not doing too well compared to lots of folks here, but I have seen the light (at the ripe old age of 40), and I do have some things going for me.

Some of this is rehash from my "say hi and introduce yourself" post, but here goes:

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

Things I have going for me:
1) Income and savings/debt reduction are way up recently, thanks to new-ish job (and starting to grow a 'stache).  I haven't done the full math yet, but I have increased my NW approx 25K in the last 1.5 years (paid off 15K in CC, saved 9500 in RHSA and 457B).
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!)
4) I actually like my job!  Also, 40 hours/wk + 5 weeks of time off/yr = not burning out.  Though it would be nice to be able to retire early, the thought of working until I'm 65 doesn't freak me out (though it might in 10 years) - I'm much more interested in the FI side of things, not so much the RE...

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).

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

Thanks,
EarlyInJourney



lexde

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Re: Race to Positive Net Worth
« Reply #77 on: December 14, 2017, 07:33:16 AM »
Oh man, this one hurts.

Assets: $25.6K (I count my car, I shouldn't, but it's the only thing that keeps me sane. And it's paid off.)
Loans: $42.1K

Net Worth: -$16.5K

Goal: $0NW (with $24Kish in loans remaining) by 12/31/17
Goal: debt-free by 05/31/18
Per YNAB, June 2016 ended me up at -12,532.
In the first half of this year I have increased my NW by $12,928.66. So that puts me on track to hit $0 by 12/31/17 with a few dollars to spare.
July 2017: -7,715
August 2017: -6,251


So close! Getting there slowly but surely.
September 2017: -4,475
October 2017: -3,098
November 16, 2017: -2,585
December 14, 2017: +811


Still Being

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Re: Race to Positive Net Worth
« Reply #78 on: December 14, 2017, 07:45:26 AM »
December 14, 2017: +811

Congrats!!!

ElleFiji

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Re: Race to Positive Net Worth
« Reply #79 on: December 14, 2017, 08:05:48 AM »
Beautiful!

NinetyFour

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Re: Race to Positive Net Worth
« Reply #80 on: December 14, 2017, 08:10:24 AM »
December 14, 2017: +811

Congrats!!!

Glad to see a post from you @lexde !  And one with such good news!  AWESOMESAUCE!!!

recklesslysober

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Re: Race to Positive Net Worth
« Reply #81 on: December 14, 2017, 11:41:40 AM »
06/2017: -$83,700

Haven't updated in awhile.. just steadily working away at it.

07/2017: -$81,500
08/2017: -$79,300
09/2017: -$77,200
10/2017: -$70,200
11/2017: -$67,500
12/2017: -$65,000

I'm now halfway to worthless, the big $0 net worth milestone. Most of that progress ($42K) happened in 2017 so if I push just a bit more I should be able to hit that goal next year!

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #82 on: December 14, 2017, 12:50:16 PM »
December 14, 2017: +811

Very nice, congratulations! See you in the next race :-)

Irish in Valencia

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Re: Race to Positive Net Worth
« Reply #83 on: December 21, 2017, 05:45:42 AM »

Hi folks
Flat 125000
Car and furniture 2000

Mortgage 95712
Business loan 26286
Home deposit loan 46400
Wife’s college loan. 6000

  Negative equity 60,000€
Plan to get to zero inside 18 months
June 2018

Suzanne

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Re: Race to Positive Net Worth
« Reply #84 on: December 25, 2017, 10:55:57 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

Yeah I am also In:
Submitting expenses at -$1000,
Mortgagee: -$100000,
Investments: $ 30000,

ElleFiji

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Re: Race to Positive Net Worth
« Reply #85 on: December 26, 2017, 04:22:04 PM »
Friends... I worked myself to exhaustion this month, and recieved a Christmas gift. If we count uninvoiced hours, I have graduated. If we don't, I'll graduate December 30th.

See you in the next round!

Optimiser

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Re: Race to Positive Net Worth
« Reply #86 on: December 26, 2017, 05:51:58 PM »
Friends... I worked myself to exhaustion this month, and recieved a Christmas gift. If we count uninvoiced hours, I have graduated. If we don't, I'll graduate December 30th.

See you in the next round!

Congrats!

SwordGuy

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Re: Race to Positive Net Worth
« Reply #87 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 #88 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 #89 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 #90 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 #91 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 #92 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 #93 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 #94 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 #95 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

BobTheBuilder

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Re: Race to Positive Net Worth
« Reply #96 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 #97 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 #98 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 #99 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!