Sunday, August 20, 2017

Net Worth

Here's where the numbers stand.

Savings-
 $10,905 Emergency Fund
 $9,038 Online Savings Account/$3,747 of that amount is for my Car Replacement Fund
  $17,639 Retirement- Roth IRA
$695 Taxable Brokerage (Retirement)


$311 Travel Fund (Work)
$357 pet fund 
$34 medical fund
$413 furniture fund
$81 Slush fund 
$280 Savings

Home-
$292,687-per zillow

                  Total (not including home): $39,753
                  Total (including home): $332,440

Liabilities-
Mortgage $212,577

             
                   Total (not including mortgage): 0
                    Total (including mortgage): -$212,577
 


                                     Total Net Worth(not including mortgage): $39,753                                             Total Net Worth(including mortgage): $119,863

Net worth, not including mortgage, increased by $3,757 from July(last net worth update)
Net worth, including mortgage, increased by $12,481 from July(last net worth update)

Things are moving in the right direction, slowly, but surely.  My net worth should be up over $125,000 but the end of the year (Hopefully). 

Wednesday, August 16, 2017

2017 Roth Maxed

 I have maxed out my 2017 Roth!  I have been tracking my contributions all year and they are as follows:

4/14/17- $1,004
5/15/17- $1000
6/15/17- $1,000
7/15/17-$1,378
8/15/17- $1,118

So now I will work on getting another $2,000 into a taxable brokerage account.  This morning I transferred $695 into my taxable account. My hope is to contribute $9,500 into retirement for the year.  I did $2,000 into my 2016 Roth, $5,500 into my 2017 Roth and hope to get $2,000 into a taxable account.

Next year, I plan to contribute $10,000 towards retirement and I plan to add $500 a year to that total each year until the number becomes completely unrealistic. I'll keep my fingers crossed that I am saving enough fast enough.



Thursday, August 3, 2017

Mortgage Payments

Thanks for all of your helpful posts on retirement savings.  It provides some comfort to know that most people feel that if you just keep saving it will work out in the end!

In other news, I am excited to announce that for the first time since I obtained a mortgage I paid more in principal payments than I did in escrow payments (without counting my normal extra $150 payment to principal only)! My principal payment was $437.85 ($587.85 including my additional $150 principal payment), my escrow payment was $437.21. Additionally, my interest payment fell to below $600.  I "only" paid $599.53 in interest this month!

My real goal for the year is to pay more into principal (including extra payments) than interest for the year.  My year to date totals are as follows:

Principal $4,087.89
Interest $4,231.32

I'm getting so close!  I suspect I will have to make a slightly larger, principal only payment at the end of the year to make sure that I pay more in principal than interest, 





 






   

Friday, July 28, 2017

Retirement Update- How much to Save????

I tried to draft this from my kindle, but gave up because the text displays oddly when you are typing.  Anyways, I wanted to give you all an update on my retirement savings for the year.

Early in 2017 I contributed $2,000 to my 2016 Roth in order to max out my 2016 contributions.  

So far this year, I have contributed $4,382 to my Roth.  I should be able to max out my 2017 contributions next month ($1,118 left to go!).  My contributions for my 2017 Roth are below:

4/14/17- $1,004
5/15/17- $1000
6/15/17- $1,000
7/15/17-$1,378

I plan to add $2,000 into a taxable account after I max out my Roth. 

My Roth as of today is valued at about $16,931.  A few days ago it was worth over $17,000! I hope today is a great day in the market, it would be a nice psychological boost going into the weekend.  

Also, I have been those using those silly retirement calculators a lot and reading about how much money you should have saved for retirement by each age.  I am supposed to have $171,000 saved for retirement by now.  I have less than $17,000.  Five years from now I am supposed to have $257,550 saved. I am already worried about making sure I have enough for retirement, but there is no way that I will reach those numbers.  How much did you have saved for retirement at 35? 40?  Are you worried that you won't have enough?

Saturday, July 15, 2017

I got a raise!!

It was completely out of the blue and unexpected.  I received a $5,000 a year raise which will take place next pay period.  I've already done the math and this will amount to $140 more each pay period. 

I don't know why my bosses decided to give me a raise.  Wait, well let me clarify.  I work very hard, take on extra responsibilities at work and work more than 40 hours a week.  I often end up doing the work of others as well.  However, that type of work ethic, generally, is not rewarded at the firm.  For example, my boss's assistant has been given almost $30,000 in raises over the course of 7 years of employment.  She is rarely at work and because my boss does not work she often does not have much to do.  Even when she is given work, she sometimes doesn't do it.  My boss asked me to ask her (yes, I know- we were all literally in the same building on the same floor) to prepare a list of cases.  Six weeks later, she finally did it.  After, apparently, some prodding by my boss to get it done. The list couldn't have take more than 10 minutes to prepare.

Regardless, I am pleased to be included in the smallish pool of employees that were given raises.  This is my third raise in 6 years.  My first raise was about $7,000, my second was about $3,850 and this, my third, was $5,000.

Saturday, July 8, 2017

Vehicle Repair

So about 2 weeks ago, after work, I went to pick up some Chinese food for dinner. As I was pulling into the parking lot my battery light on my car dashboard lit up and then went out.  Then it came on and stayed on.  I pulled into a parking spot and pulled out my manual and it said something to the effect of pull over immediately and call for help.  Well, I am stubborn.  I first picked up the food I ordered and then drove 25 minutes home in rush hour traffic.  It was a stressful, nail biting experience, but I made it home. 

Once I got home I started googling the battery dashboard indicator light in Toyotas.  I found that it mostly likely meant that my alternator had gone bad.  I deduced this because for about 2 months I had been hearing a whirring noise after long drives.  I had googled the whirring noise, but didn't find anything significant and it wasn't too annoying.  Well, FYI, a battery light and a whirring noise means your alternator has gone bad.  The whirring noise was the first indicator of the failing alternator. (I never had any problems with a dead battery or anything like that).

Well, my car is about to be 11 years old (in about 3 months) and I never had the alternator replaced on the car.  So, I guess it was about time to get a new one.  It cost (along with an oil change, rotation, etc,) approximately $863.  That was after I talked the service advisor into giving me a discount of about $50.  

Right after I had the repair done I received a travel voucher reimbursement for $539 so I used that to cover part of the repair.  I used another $324 from my work travel fund to cover the remainder of the repair.  I could have used my emergency fund, but I just didn't want to!  I have about $600 in outstanding travel vouchers right now so once I receive those- in August- my work travel fund will be back up to about $1,000. 

Thursday, July 6, 2017

Second Quarter Update - Goals 2017

1. Increase emergency fund from $15,000 to $17,500.-IN PROGRESS
I have $15,905 in my EF currently.  6 months to get this where it should be.

2. Add $9,500 to my retirement with an overall goal of having $20,000 in retirement savings by the end of the year.--IN PROGRESS
I have contributed $5,004 to retirement this year. I believe my ROTH is at approximately $15,300. 

3. Pay an extra $100 a month on the mortgage, with an end goal of having the balance under $210,000 by the end of the year.- SO FAR SO GOOD.
I have paid at least $100 extra on each mortgage payment so far this year. This goal may change- more on this later.

4. Save an additional $2,500 into car replacement fund with the end goal of having $5,000 in the car replacement fund by the end of the year. IN PROGRESS
I have over $3,747 saved towards a new car.

5. Pay off furniture I bought before expiration of 0% financing period. --DONE

I paid this off in approximately 2 months- no interest paid!!!

6. Read 12 books- FAIL
I have only completed 2 books this year. 

7. Write a book- FAIL
Lots of ideas- no actual writing

8. Lose 10 lbs- FAIL
no progress

9. Donate $200 to charity- IN PROGRESS
I have donated $100 this year. 

10.  Get more life insurance- FAIL
Was hoping to lose weight first.

11. Build a separate car maintenance fund. - IN PROGRESS
I have $25 in this fund. 

12. Look into and focus on career options.- IN PROGRESS

I have been looking into other careers outside of the practice of law.