Friday, January 05, 2007

Net Worth Report: Year-End 2006

I haven't done this in quite a while (like since August) so here's a quick catch-up on my approximate net worth as of the end of 2006:

NetWorthIQ: Just Breached $111k

For the first time ever, we have more than $10,000 spread across our checking and savings accounts. A nice chunk of it resides at Emigrant Direct (review), so I'm hoping that before too long, we will have reached my goal of tucking away a full $10k in our Emergency Fund. For those of you familiar with Dave Ramsey's Baby Steps, doing so will mean we've accomplished Baby Step #3.

So all in all, 2006 wasn't bad to us. We started the year with a rough net worth of $86,606. A little math tells me that over the course of the year, our net worth increased $25,211, or about 29 percent. That's fine, I guess, but to be honest, I'm happiest for now just to see our cash savings increase — even as we tackle (slowly!) repairs around our home.

Nasty Facts: During the year 2006, our household rang up $2,008 in dining-out expenses — considerably more than we spent on auto fuel ($1,095) but less than half of what we spent on groceries ($4,296) and medical insurance ($5,590).

— Posted by Michael @ 11:08 PM


So what's your plan of attack for '07? Things to do different, things to do the same?



Over $5K in Medical Insurance. That's crazy.

I had to get medical insurance for the 1st time in my life after my recent divorce to an Active Duty Service Member. I was looking for the best options for me and I found that going with a HSA (Health Savings Account) with a high deductible. My deducatble is $5500 but if I don't need it, it rolls over year after year.

My premiums for insurance is $68 per month and I am starting to put $150 per month in the saving account. Also the money that I put in the account is deductible off the top on taxes further reducing my tax liability.

Secondly in my savings account I can invest in equities once my account reaches a certain amount (something like $2000) then my money will compound over time and with help in the long run, especially when I'm older and might need to have high dollar prescription drugs.

Dave Ramsey explains this in the Financial Peace Series.

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Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]


Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]