Monday, July 26, 2010

July 2010 - Net Worth



The Stats:

Networth: (37,638.24) - Sigh.....

Assets: $34,542.48
Cash - $11,276.29
Retirement - $23,266

Debt: $72,180.72
Student Loans - $71,978.02
Credit Card - $202.70

It is amazing how fast student loans can add up. I recently finished my Master's degree while working so I was lucky to have my employer pay a good portion of the tab. Still, I am paying about $450 dollars every two weeks. The payment is slightly higher then my obligations. I am considering being more aggressive if I receive a solid merit increase at the beginning of next year.

I know that no matter how secure my job seems, it never truly is, thus the attempt to stockpile cash. I put away about 5k in a Roth IRA last year. I consider this a part of my emergency fund. I now have a solid 11k in cash residing in high-yield savings accounts. I should be able to increase this by about 3k in the next couple months due to the return of a security deposit and no rent next month!

Join me on my journey to become debt free and switch the red to black.


Hello World!

The purpose of this blog is to track my journey climbing out of my mountain of student loan debt with my tips and tricks learned along the way.

So who am I? The deets:

Age: 28
Sex: Male
Job: Employee at an major US bank
Salary: about 80k +/- 5k due to bonus fluctuation
Resides: Major East Coast City

I plan to use Mint.com to track my spending, income, and investments (yes I have a little saved too!)

I save enough to get the full match at work. I use the Roth 401(k) option and am lucky to have a 6% dollar for dollar match.

My other savings are in online bank accounts in the form of cash and a small amount in a Roth IRA.