Wednesday, May 9, 2012

Net Worth: A first look

I have gotten really, really curious about what my networth would look like. I know it is negative, but how negative? Let's find out.

Assets:
Retirement funds: $6,904
Cash (including EF): $150
Car (scrap value): $300
Total: $7,354

Debts:
Studen Loans: $10,899
Credit Card: $4,142
Other: $4,426 (dad's car)
Total: $19,469

Net worth: -$12,115

I have mixed feelings about this. It is lower than I thought it'd be, considering my debts, but it is also higher than $10k, which surprised me upon seeing the number. Granted, if I were to decide to be a jerk and drop my dad's car loan on him, that'd bring my total debt to $15,043 and net worth up to a mere -$7,689. I'm pretty sure we've established I am not a jerk, so I'll leave that up there. For now.

All in all, I am kind of happy with these numbers. Two things about my retirement funds:
1) The bulk of it (almost $6,800 of it) is from my full time employment, and I think it is rather low...
2) My PT employer "forgot" I had qualified for the 401k over 6-7 years ago. So I really did not sign up until about March this year, when I received a random booklet about it. This really bites, because they do a match, albeit a small match (3% at 1:1, the next 2% at .50:1). My FT employer does not do any matches, but they do contributions if the year turns out ok, which is a great help.

I can't say or promise I'll increase this amount any time soon, because I wont, but I am definitely going to be looking at that a bit more closely.

6 comments:

  1. Getting your employer to subsidize your retirement is a great way to get some extra money. Now that we know where you're at it's time to set some net worth goals and track your progress.

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    1. You're right! Another number/goal to look at. Not sure how often I'll take a look at it (quarterly, maybe?), so I'll have some goals set before then.

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  2. Good news is that it will go up every month. I don't even remember when I first looked at mine. It was negative for years.

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  3. If the PT employer matches better, increase there for now if you can, and take advantage of the "free" money!!!! You could always scale back a teensy bit on what you are contributing to the FT 401(k) and increase by that same $ figure for the PT 401(k) to take advantage of more matching funds.

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    1. Currently, I am contributing 10% on PT job (I only make about $3-5k/yr), and the first 5% are partially matched. I'm contributing 6% on my FT employer. But you do bring a great pointer! I hadnt thought about switching percentages around.

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  4. This is awesome Tanner. I love Net Worth updates so I hope you will be continuing to track it and update us.

    Your retirement is awesome, it's even more than mine and unlike a lot of people, you have something set aside for retirement.

    I think your net worth will be awesome soon enough, mines was negative at a point as well and now it is positive even though I took on more debt(you will read about it soon).

    You also got me to take a look back at my net worth when I first started tracking it. I'll post about that soon too. Thanks.

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