Thursday, October 04, 2007

September Net Worth & Expense Recap

My net worth on September 30 was $356,095. It's nice to have finally crossed that $350k mark, after a couple of months where stock market setbacks prevented it from happening! But from here on, I'll be lucky if I can make it to my revised year-end goal of $370k.

Here's my net worth broken down in way too much detail:


Cash 73.26
6-month CD 3,003.12
Checking 214.34
Savings 4,268.65
2-Yr CD 5,826.67
Money Market 17,320.99
Laundry Quarters 12.00
PayPal 61.09
Miscellaneous Foreign Currency 35.47

Roth IRA CD 2,984.67
Roth IRA CD 2,603.16
Roth IRA 20,495.06
401k 195,805.44

Stocks & Bonds
Treasury Direct & Bonds 4,482.40
E*Trade 17,217.74

Home Equity 83,779.17


Overdraft Line of Credit -7.40
Visa 2,096.00

As for my spending last month, my total expenses were $6,403. A few notable items that contributed:
$378 business expenses (which will be reimbursed)
$1,908 payroll taxes
$264 gifts given
$843 food
$250 clothing
$1,944 housing
$165 household
$55 gas & electric
$117 telephone

I certainly did some damage in the food area, as I went out to dinner a lot. But aside from that, and a wedding gift, and some new clothes, I didn't spend too much on other controllable expenses, and I managed to save about 13% of my gross income. I would like to have saved more, but oh well... c'est la vie...


Anonymous said...

Do you have a mortgage? Wouldn't that be considered a liability?

Anonymous said...

She is showing Home Equity which is net MV less the Mort which is perfectly alright for displaying to the world. In my own "Statement of Financial Condition" I would note my home value based on it's tax assessed value under assets and list the mort under liabilities -- I liked to think of the mort as a negative bond in my asset allocation -- something as an inflation hedge and I tried to be vey conservative on assumed MV.

Andrew Stevens said...

This isn't very important, but I thought I'd just let you know that the phrase "payroll taxes" has a specific meaning. It refers to contributions to Social Security and Medicare (FICA). It doesn't include state and federal income taxes. I mention this because you're pretty clearly including income taxes in your payroll taxes category. I can see why you would think income taxes, taken out of your paycheck, should be called payroll taxes (unlike sales taxes, say, which clearly can't be), but an accountant would be very confused by your balance sheet.

Anonymous said...

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I like your blog and the sharing of your information. The fact that you have $4,268.65 in savings is a problem.
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I DON'T recommend a checking or savings account
Steve Herman

Anonymous said...

Question for you.
i am a 37 year old who lives in NYC. I make about 120k a year. Have about 100k in my 401k. Would like to buy a house but have 70k in credit card debt (i have a side business i have been trying to get off of the ground)
would you recommend i borrow from my 401k to pay off debt? i am feeling very overwhelmed by the amount of credit card debt and the fact that I literally live paycheck to paycheck.

Madame X said...

@ andrew-- I hadn't really thought much about the term payroll taxes. That is what Quicken calls the category for all taxes deducted from paychecks, including state and federal income taxes, so I just went with it!

@ anon 7:11, the next commenter is right, I am just showing the net result of my home value minus my mortgage liability at this point, rather than giving specifics on those two items. I may change the way I do this in the future...

swupak said...

you should break down your net worth into liquid (which excludes your retirement) and retirement (taxable) and retirement (non-taxed). regarding the retirement money, $100K in a 401k is not as good as $100K in a Roth vehicle. to be conservative, just multiply the entire taxable amount by your marginal tax rate.