Saturday, February 3, 2018

Net Worth.....February 1st Update



We have gone from acquisition mode with money into spend-down mode since we are now officially retired here at Chez Sluggy.

Our Net Worth will no longer be growing so I have to stay on top of what we have and where it sits.
I shared where we keep out money and why in the first Post-Retirement Net Worth post HERE.

So here is how the money did in January......

* Checking Account #1 Went up by $5863.09(mostly this was a 401K withdrawal-see accompanying 401K account lose below)
* Checking Account #2  Went up $156.66(blog revenue and Ibotta deposit and interest)
* Savings Account  Went down $1(monthly fee)
* Online Accounts  Went up $80.36(monthly interest)
* Certificate of Deposit  Went up $254.32(monthly interest)
* US Savings Bonds  Went up $22.06(interest)
* Cash on Hand  Went up $38.21(some refunds/post coupons)
* 401K Account  Went down $3925.88(monthly interest earned offset a $6K withdrawal)
* HSA Account  Went down $115.94(We've been using the account in Jan. to pay some deductibles.)
* RMSA Account  Went down $1519.66  (The interest earned on this account offset the healthcare premium reimbursement amount by $293.82 so it didn't go down by the full withdrawal amount of $1813.48.)

Overall we are $2147.78 down from January's Net Worth.  Between the interest on all accounts and income received, weighed against our spending last month,  our holdings sank very little.  It was a good month overall. 8-)

I calculated the eBay sales I had in November and December where I can add that profit to our Net Worth but I forgot to do this(it's still sitting in the Paypal account)so I'll add it into the March Net Worth Update as I'll transfer the $ this month.

I am by no means a financial expert but I'll readily share what worked for us on our financial journey if you have questions.

Did you increase your net worth last month?
Or are you in asset spend down mode(retirement)?
Do you have a retirement plan in place?

Sluggy

5 comments:

  1. If you consider what the formula is for determining net worth, then my net worth went up. It would be interesting to see what my net worth actually is. I do have a retirement account, however, I have stopped contributing to it while I am getting out of debt. Hence, why I am working so hard to get out of debt.

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  2. Hi, I have been a lurker here and enjoy your blog. We are retired been thinking about removing money from 401k and have 10% held back for taxes.We are 68yr. old 32000 income a year. Is ther e anything else I should be of aware of when we do taxes next year. Thank you Joyce

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    1. Hi Joyce,
      First off, thanks for reading the blog! 8-)
      I'm not a tax accountant so not qualified to give investment or tax advise. With the new tax brackets kicking in for 2018 tax season who knows what any of us will be liable for come that tax season. 10% sounds like a good place to start given your income level. If your state taxes retirement accounts make sure you are having enough withheld to cover that too. Once you hit 70.5 years you will be required to withdraw monies if you want to or not(unless your money is in a Roth IRA). How much depends on how much $ is in that account.
      If any one reading has info for Joyce, feel free to jump in here.

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  3. Hubs and I both have retirement accounts. Hubs currently contributes 7% and has a 3% match. I contribute 6% plus an additional $50/each check and also have a 6% match. Even though we are in debt, we couldn't pull the trigger and stop our contributions. Plan on increasing them once our debt (minus our house) is paid off.

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    1. I am glad to see you didn't stop your retirement contributions. This is where I part ways with Dave Ramsey(who advises you to stop retirement when getting out of debt). If you have a LARGE debt load and you aren't "gazelle intense"(thus will be slogging out of debt for a long time)by stopped retirement contributions you are loosing out on a fair amount of compounding interest).

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