Sunday, May 20, 2007
Net worth
As an exercise in where we stand financially I calculated our net worth today. Our assets are mainly in two areas. Our 401k accounts are just under 50% of our assets with the other large chunk being the equity in our home. We have about 60,000 in equity accounts and another 50,000 or so tied up in real estate investments. Our liabilities are almost all accounted for in the mortgages on our house, with our credit card debt under 5k. Most of the credit card debt is 0% interest and will be paid off by Feb. The rest of the debt is in the 2 car loans one of which will be paid off in 11 months. Over all our net worth comes out to just over 800,000. Not too bad, but we need to get more agressive in our savings. We currently put about 45k per year into our 401k and SEP IRA which is about our maximum. It will be a good motivational tool to check this number periodically to see how we are doing.
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