The first step to getting you financial situation in order is to analyze where you are right now. Without knowing the money you have and what you owe, you will not be able to make decisions regarding what you need to do in order to meet your financial goals. Below I will give you a snapshot of my assets and liabilities.
ASSETS
Assets
Cash and Cash Equivalents $ 1,238.66
P2P Lending 3,204.92
Investments 920.23
Roth IRA 2,238.99
403(b) 8,346.63
Real Estate (my home) 257,560.00
-----------
Total Assets $273,509.43
LIABILITIES
Credit Cards $ 19,366.95
Student Loans 99,125.17
Mortgage 265,960.81
-----------
Total Liabilities $384,452.93
-------------
NET WORTH $(110,943.50)
=============
Yes, that's a negative 111K net worth, but most of it is student loans and my mortgage. That gives me even more motivation to investigate ways to work on my financial position and look at ways to earn and save money.
Now I'll give you some explanation of my finances.
Assets -
Cash - This is for short term needs. We are working on getting three months income for emergencies or if one of us should lose our job.
P2P Lending - This is a peer to peer lending account used for mid term investments. Terms of the loans are three years. A detailed analysis of this account will come at a later date.
Investments - This is an account that I have set up for a hobby. I just started and invest small amounts each paycheck. I will explore this account with you in a future post.
Real Estate - This is my main residence. I calculated the balance by taking the purchase price and reduced it 6% for fees it would take to sell the property. I will look into revaluing the amount annually.
Liabilities
Credit Cards - I refinanced my student loans to these cards several years ago. I was offered a rate of 2.99% on one card for the life of the balance and 3.99% on two other cards for the life of the balance. This was much lower than the 6% I was paying on these private loans
Student Loans - Exactly what they sound like.
Mortgage. Exactly what it sounds like
I'm having issues with the formating of the balances above. I will look for a better way of showing these numbers next month.
That's it for today. Talk to you tomorrow!
Hi, I left you some advice on the help page about getting traffic. I've never followed a financial blog before and I'm curious to see if it will be helpful or interesting to me. $19,000 in Credit card debt! Yikes. Dh and I had $5,000 once for a bit and we were horrified. But I realize that for some reason a lot of young people are in your shoes that way.
ReplyDeleteThe ads at the top of your page are a little off-putting by the way. It makes it look like they are the point of the blog. You might put them over in the side column instead if you can so your posts are at the top of this column. I like your graphic choice on the sides.
Kathy
Thanks for the comments. You're right about the ads. I moved them to the bottom. I've also looked at your suggestions on the help page and will be following your advise.
ReplyDeleteI tried looking at your blog, but the network at work was blocking it. I'll take a look when I get home tonight.
I really hope you enjoy the blog! I have many ideas that can help without changing much (sometimes anything) of your daily activities.
If you have any friends that might like it, please tell them to check me out!
Cheers...
Sorry, I must correct myself. I will follow your "advice" not "advise" as I posted in my last comment.
ReplyDelete