QuestForAMillion.net

October 2007

Here is our net worth calculation for October.  Liabilities went up due to increased spending on our rewards card (for World Series tickets) but assets went up nicely.  We had a net worth gain of $3687 or about 4% for the month, about the same percentage as last month. And we cracked six figures for the first time!

All in all, we’re not doing too bad, but we’re not where we need to be yet.  Our goal for the end of 2007 is to have a net worth of $100,000 and we made it this month.  Our net worth at the end of 2006 was $72,068.88 so we’ve made good progress this year.

Notes:

1. Most of the increase in Cash & Savings is due to selling World Series tickets for a profit. Some of this is offset by the increase in credit accounts.
2. The credit accounts consist of a HELOC, a balance on a 0% credit card that ends in March 2008, and the rewards card that most of our monthly spending goes on (which we pay in full every month).  Since the HELOC is paid directly from our checking account which we hardly ever use anymore, any extra money in there goes to HELOC principle.  We managed to pay $216 to principle in September.
3. The decrease in hard assets is due to revaluation of Car #2. Every year when we pay registration I estimate the car’s value using the average of Kelley Blue Book and Nada Guides. We had a $1275 decrease over the past year. Thank goodness we’re past the massive decreases now!

Goals

Our main goal for next month hasn’t changed: work on building cash and savings up.  We’re committing about $800/month for our Savings & Debt account so it should continue to grow. We’ll start buying Christmas gifts so our Irregular Expenses account will take a hit but it’s going to be a frugal Christmas this year.