Medicated Money

Monday, March 27, 2006

Net Worth Recap

"Oh, people can come up with statistics to prove anything. 14% of people know that." -Homer Simpson

Along with the ability to create open discussions on financial issues with readers, one of our main goals of this blog was to be able to see and track our progress as we dig ourselves out of debt, invest in our retirement, and cure ourselves of 'Docitis!' We previous discussed our net worth in a earlier post. We wanted to add a post to see our net worth from the beginning of the year. With the use of Quicken, here are those numbers:

First the good news; since the beginning of the year, our net worth has increased by 9%. Also, as you can see, we were able to pay off a student loan of $11,529 straight off. The bad news; analysis of this chart shows that we did have money just sitting in banking accounts with low interest rates. Our retirement savings was only the mandatitory 6% our employer required us to save. No 403(b)'s or Roth IRA for either of us. Lastly, our debt is just ridiculous. We are okay with debt of Student Loan #1, at 3.625%; the others are just cement blocks tying us down.

So, what does this all mean? Well, for one, we are typing this, so we think we have plugged some of the holes that were sinking the ship just by being honest with ourselves. Secondly, there was no logical to our finances. One day it was pay off the loans, next day it was just put it on the card. Due to this, we needed to create short term and long term goals to help keep us on track. In our next post, we will discuss our short-term 2006 goals. Stay tuned...


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