It’s that time again! I like net worth updates and restarted them early this year. Posting them pushes me to try harder, I am also forced to actually check, and I started blogging so I could share with all of you and get feedback.
Net Worth Update – August 2015
Cash (in all checking and savings accounts) – $88,000
Stocks – $16,778
Retirement – $140,127
Home – $306,000
Rental House – $122,000
Cars – $17,200
Home – $197,200
Car – $12,620
Total Net Worth = $480,285
July 2015: $462,270
Total Change: +$18,015
Our big jump this month was mainly because of our home’s value. I had an informal meeting last week with a county appraiser since our property tax market values tried to jump up by about $100,000 overall. One of my real estate friends/pet sitting clients ran competitive market analyses of both of our homes, and we all came to the conclusion that the total values increased by about $48,000 total thanks to an Exxon compound built close to our home…not $100,000 though. And my actual researched estimates were about $16,000 too low for our current home and $3000 too high for our rental. My property taxes are still jumping up by about $1200-$1500 a year though. I’ll know the exact number in November.
Our cash on hand also increased by about $4500, but that was pretty much eaten up by the loss of value on our rental home and the depreciation of our cars. We had a very small decrease in our stocks and a small increase in our retirement savings (two Roth IRA’s and my old 401k).
Overall, it was a solid month with increased pet sitting income and a major increase in our home’s value since I was estimating too low. Next month’s net worth may take a hit though since we have used our credit cards to buy a new computer and some reffing equipment, and those bills will be paid in full this month.
Our home values are pretty spot on right now thanks to the official evaluations we just had done. Our car values are based off of Kelley Blue Book and what I see on Craigslist.
In the short term, we are working on keeping our expenses low and increasing our income. I’d also love to hit a net worth of $500,000 by the end of 2015, but it’s probably going to depend more on the stock market than on pure savings…
How have you been doing lately? What are your short-term and long-term financial goals?