June 2008 Net Worth and Debt Details
Assets
Cash Savings: $2,581.90
Treasury Bonds: $611.36
401k / IRA / Pension (pre tax) $12,044.05
Home (estimate) $141,500.00
Total: $156,737.31
Liabilities
Car Loan $4,253.42
Student Loans $96,095.59
Mortgage $135,748.70
Total $236,097.71
Net Worth -$79,360.40
Blog Income:
None (Just started!)
Credit Cards?
I’ve done pretty good at keeping the credit cards out of the picture there. Over the past two years, they have actually paid me instead of me paying them! I may charge certain everyday things but I pay it off every two weeks when I do the bills. This ensures I will never have a late fee and I don’t let the credit get carried away. The result is no finance charge due to the card’s grace period and 1% cash back on the purchases. That is a nice turn of events when they only pay me. 
Student Loans
This figure includes the student loans for both me and my wife. The reason these are a big problem (other than for it being almost 100k!) is that the interest rates vary widely from 2.8% all the way up over 12%. The loans are consolidated and the government loan portion is the part with the lowest rate. It was the private loans that were the killers but there was no way to get around it at the time. We were both taking a full load of courses while working part time and the amount of tuition meant we needed to take out the loans.
Car Loan
We are making great progress on this one. My wife’s car is paid off and we are closing in on my car. This was the first piece of debt I wanted to get rid of since it offers no tax benefit.
I’ll be posting these updates monthly so stay tuned!
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