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Financial Update and Review

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  • Financial Update and Review

    I try to do this every few months not only to track progress but get renewed guidance on where I've improved, what I can further improve, etc. Wanted to post my current, up to date breakdown and see the general consensus since when I started this process 13 months ago I had a negative net worth of almost -$50,000 and today that stands at -$17,000.

    I'm 25 and working two jobs in NoVa region taking home on average, $5,000/mo.

    I average $1300 every two weeks from one job and my paycheck from another is $1220 after taxes/401k contributions. Each pay period, 6% comes out of my paycheck for my Roth 401k and I get a 3% match (half cash towards my investment direction, half company stock).

    My investments are as follows:
    Roth 401k: $4,426 with $150 contribution each pay period
    Roth IRA: $2,603 with $150 contribution each pay period
    Investment Account: $1,576 Etrade and $1,009 Fidelity in independent stocks

    My savings are:
    Checking: $12,317
    Savings #1: $480
    Savings #2: $1000

    My debt is as follows:
    Credit card: $0, paid it off last year and keeping it off
    Student loan: $10,900 @ 7.5%
    Auto loan: $29,900 @ 4.59%

    I run a monthly budget of sub $2,000 which breaks down like this:
    Rent (incl. utilities): $700
    Car: $670
    Gas: $150
    Insurance: $85
    Cable/Internet: $50
    Food: $200
    Netflix: $8
    Parking: $5
    Entertainment/Shopping: $80
    Misc: $50

    Lastly, I have other items of value of:
    Videogames: $1,800
    Electronics/Movies: $3,600
    Baseball cards/Sports Memorabilia: $2,000
    Land: $2,000
    Camera Equipment: $1,000

  • #2
    So you net 5000 a month and your expenses are 2000? How much are you using each month to retire your debt? If you paid off 30,000 in 13 months then you are doing great. I am trying to get out of debt and expect to pay off the last 14k in a year or so.

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