I have wavered on how much detail to go into with our finances, but after finding people like Paula Pant of Afford Anything and J. Money of Budgets are Sexy, I am in agreement that the info I give out can be helpful…not only to ourselves but also to other readers. After all, I’ve been fully upfront that we have made some huge mistakes in the past (hello money fools???) and are trying to rectify that all now. Now I personally can’t wait to watch that net worth climb. 🙂
I think I mentioned before that I started using Personal Capital and still seriously have mixed feelings on it. We have more than one account (401k’s) with Wells Fargo, and it’s pulling in my husband’s no problem, while my doozy of a balance is an error message every single time I try. Grrrrr. I’ve sent them a message and so far…no response (other than the advisor feature which I have zero intention of using at this point). So, I had to compile a bit of a spreadsheet that I’ll have to track each month unless PC gets their act together. I love the idea of it…it’s just not working for me.
Anyway, here goes:
I’ve created the chart above but will obviously start tracking changes beginning with the end of March. The cash accounts include our checking and our currently pathetic excuse for an emergency fund – a problem I hope to remedy very quickly. Our retirement accounts are a bunch of things currently….Mr. Fool’s current 401k, his rolled over previous 401k’s, and his Roth IRA, which is actually missing from the balance. It also includes my previous employer’s 401k, as well as a rolled over SEP IRA from one year that I worked part-time. I’m not eligible for my current employer’s retirement plan until July of this year, but I plan to contribute the maximum once I can. This balance should also see a hefty increase once I max out a traditional IRA later this month – something I’ve never done before.
The investment accounts currently only contain a paltry Acorns balance, but planning to start beefing that up a bit to increase investments without thinking much about it. I also plan on starting a Vanguard account soon to add savings to whenever our income is greater than our savings. Our spending is an area I really plan to dive into in the coming weeks/months, because without getting that down, our years of working are many.
Our non-liquid (thus, not easily cashed out) assets consist of two things: 1) our home (around $270K – possibly more based on recent listings in our neighborhood, but I’d rather be conservative) and 2) our boat. And the cat comes out of the bag! Yes, we are those types of people that Mr. Money Mustache would love to punch in the face. We also have a rather large SUV to pull said boat, and that is my primary driving vehicle (ducking now). Regardless, this is one of those non-negotiables for us that isn’t going anywhere. We use it often in the warm weather, my husband wanted one for years before buying one (used, that he’s invested time and yes, more money into to make it his own), and we have spent countless hours with friends and family on it that we wouldn’t trade for anything. We trailer it (no lake house for us, thanks) and take it to a reservoir a mere 15 minutes from our house. Regardless of all that, I’ve estimated the value at $32K. Likely more, but again – being conservative. I’m not including our vehicles in here because I don’t really consider them assets. They are a 13 year old Honda Accord and a 2007 Toyota Sequoia. If anything I consider them looming liabilities, not only for the expenses they’ll cost in the coming years keeping them running, but also in the sense that at some point we will need to replace a vehicle. They’ve also been a wrench in our spending lately, so hopefully we don’t see any more of that for a while. We replaced the tires on both vehicles, brakes on the Sequoia and a new battery. Fingers crossed we’re good for awhile….
Our credit card debt consists of two cards….our main personal card that nearly all of our purchases goes on and is paid in full every month, and a second card that was a card I used for a part-time job that I’m no longer pursuing. Unfortunately I racked up some debt that now has to be paid down. I currently have two side-hustles that are paying that down, and once gone, all of that money will go toward either further debt payment or investing.
The student loan is mine, and consists of my undergrad and graduate debt. Maybe some day I’ll talk about that mistake as well, but for now I guess the most important thing to note is that it’s locked in at 3%. I was paying extra to it each month, but have since decided that bigger debt (like the credit card) would be smarter to get rid of and also investing while the market is down.
Lastly our mortgage. It’s a rather large expense each month ($1551) but is a 15 year loan locked in at 3% as well. We have roughly 12 years left on it. Same as the loan above, I was paying extra on it each month, but am currently forgoing that option to invest the money and pay down that extra card.
So there you have it. The amount doesn’t match what I previously reported, but I know Mr. Fool’s IRA is about $5K as well, so thus the $488K balance, and the boat is now included. It’s a rather large asset that we could sell for sizable cash if the need arose. Hoping for some positive changes at the end of this month!