February 27, 2008

February 2008 Net Worth Update (+$3,014.03)

February was a very good net worth increase month. Our net worth increased $3,014.03 from January to $27,693.81 (click on spreadsheet below). We are currently at 57.94% of our 2008 net worth goal of $47,800.

What worked this month?
Our retirement accounts (401k and Roth IRAs) went up by a total of $1,579.60! Thanks in part to our $400 contribution to our Roth IRA's. We also continued our 2nd mortgage accelerated payment plan by cashing out 6 days of my company vacation time for $1,239.53 and paying that directly to our 2nd mortgage principle.

What did not work this month?
We had to dip into our savings account to pay our Federal and State income taxes. We had planned for this so, in reality, I’m not sure it should fall into the category “what didn’t work”.

What's coming next month?
My wife has been doing great at her new job and may get a $1,000 commission next month. We hope to use this money to fund our Roth IRAs a bit more. We also have our property taxes due next month. Thankfully, our property taxes will be less than expected since we got our property value reassessed.

4 comments:

Chicky said...

Awesome progress!BTW what does you wife do? I wanna make $1K commission too :)

1MansMoney said...

Thanks Chicky. My wife is in technical sales.

We're hoping she gets the $1000 commission check in March so we can apply most of it to our 2nd mortgage or our Roth IRAs.

-1MansMoney

Chicky said...

I'd like to start roth ira as well. The only thing is in a year or two I will not be able to eligible for contribution b/c our income is currently 150K. do you think does it make sense i start contributing until iam not eligible, or should i consider something else? What do you think?

1MansMoney said...

Chicky,

I'd say definitely fund the Roth IRA until you are ineligible. Plus the contribution limit will continue to adjust annually.

I prefer having our Roth IRAs with Vanguard because their expense ratios are so low. Over time, that's key.

-1MansMoney