Sorry everyone for my hiatus here on DebtKid. Between traveling overseas for work and a short vacation my time was really limited recently. My focus had to be on my career as we underwent a layoff on September 1st (about 25%!), which I was fortunate enough to survive. This post will be a quick update on my current financial status. I’ve made some good moves to finish the consolidation plan I talked about in the past in order to really start moving this forward. The major items here are that I paid off my 0% credit card before the rate reset to 15.99%. Part of my original plan was to sell-off my mutual fund and put the funds into my savings account as a buffer. I decided to leave the money in the mutual fund since I don’t need it right now and I could hopefully still make some gains.
Assets & Debts – Net Worth +$7k, Monthly CC Payments Reduced!
| Assets | 7/9/2009 | 9/17/2009 | Comment |
| Checking | $2,131.30 | $45.42 | |
| Savings | $8,544.33 | $4,190.14 | The large drop here went to pay off my 0% credit card before the rate reset to 15.99% |
| Small Business Checking | $2,210.50 | $380.00 | |
| Mutual Fund | $3,840.90 | $4,347.53 | |
| ING | $453.64 | $454.68 | |
| Scottrade | $323.76 | $717.60 | |
| Lending Club | $1,069.87 | $1,087.39 | |
| Apt #1 | $177,000.00 | $177,000.00 | Purchase Price (Sept 2005) |
| Apt #2 | $225,000.00 | $225,000.00 | Purchase Price (June 2007) |
| Roth IRA | $4,219.44 | $0.00 | This account was closed in order to contribute the funds to paying off credit card #2 before the rate hike. I did this at a loss so no penalties will be incurred. |
| 401K | $37,191.03 | $44,782.91 | If I didn’t take the 401k loan this would be at about $50k since the market went up after I took the loan |
| Total | $461,984.77 | $458,005.67 | |
| Debts | |||
| Credit Card #1 | ($13,769.43) | ($16,927.52) | 3.99% rate for life of balance |
| Business Credit Card | ($2,688.19) | ($3,019.77) | |
| Credit Card #2 | ($12,437.26) | $0.00 | Paid off before rate reset! |
| Credit Card #3 | ($13.00) | $0.00 | |
| Apt #1Mortgage | ($134,351.86) | ($133,991.26) | 30yr fixed |
| Apt #1HELOC | ($26,359.65) | ($26,031.53) | |
| Apt #2Mortgage | ($195,725.36) | ($195,093.49) | 30yr fixed |
| Apt #2HELOC | ($11,000.00) | ($11,000.00) | |
| 401K Loan | ($8,743.25) | ($8,270.44) | Paid to “myself” at 4.25% rate but lost out on the gains my 401k has made. |
| Infiniti | ($4,527.68) | ($3,961.72) | Lease payments end in October 2010 |
| Total | ($409,615.68) | ($398,295.73) | |
| Net Worth | $52,369.09 | $59,709.94 |
{ 3 comments… read them below or add one }
i have under 30,000 debt. I couldn’t even qualify for a Sears card before 20k debt. When you have no assets and have not filed for Chap.7 what do u do?
I think most people are truly poor who will read this blog.
Poor meaning there is little or no money and the choices some make is whether we pay for electricity or eat.
Credit cards will not accept us and there is no savings account. What next?
I am looking at cleaning up my debt in the next 5 yrs and without the use of more credit. I don’t know if i can do it but i will try.
Great Blog by the way.
Leasing an infiniti?
1. leasing doesn’t benefit the driver. i know, i used to sell cars.
2. inifiniti? it is hard to have sympathy for you when you drive that car.
3. own a corolla or accord for cheap.
remember, you should be taking advice more than giving it.
i have credibility as i am not in debt, unlike yourself.
take care and be smart, k?
ha, nevermind…. thought it was debtkid for a second.
debtkid, please dont lease a car.
k, thx