Tuesday, April 04, 2006

The Beginning...

I got the idea for this blog after reading lpkitten's blog about digging herself out of debt. She was able to pay her credit card debt down from $19,794.23 to $4,899.00 in less than 11 months. That was very inspiring. You go girl!

It's very important to have a financial goal in my life. My goal is to have a net worth of $1 million excluding my primary residence. Why one million dollars? The simplest answer is because that makes one a millionaire! One million dollars will provide me a comfortable retirement in or about 2038 (when I turn 60).

I have always been a saver. So, it was shocking to read about our nation's negative savings rate in 2005. 2005 was the first negative savings year since the great depression! I want to do my part to make it again.

As of today, April 4th, 2006, my net worth is $24,087, based on the figured below.
Credit Union: $ 3,200
Money Markets: $30,200
CDs: $ 1,000
Retirement Accounts: $10,400
Car: $ 7,400 (Trade-in value according to kbb.com)
Cash & Equivalent: $ 1,000
Total: $53,200

Outstanding Checks $ 1,569
Student Loans: $ 6,656
Credit Cards: $20,888 (0% APR or pay off every month)
Total: $29,113

I will re-evaluate my net worth once a month.


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