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July 2014 net worth update

July 17th, 2014 at 05:01 am

Assets:
NT's UK pensions:
#1: 17,105 pounds ($27,368)
#2: 19,653 pounds ($31,445)
#3: 4,452 pounds ($7,123)
NT's 401(k): $31,196
NT's Roth IRA: $7,373
AS's 401(k): $13,484
AS's trad. IRA: $1,682
AS's Roth IRA: $19,796
CJ's 401(k): $73,696
CJ's Roth IRA: $7,373
NT's flat: 140,000 pounds ($224,000)
CJ & AS's condo: $145,000
House down payment fund (shared): $27,836
---
Total Assets: $617,372

Total Debt: $237,527

Current Estimated Net Worth: $379,845

June 2014 estimate: $375,997

Change in net worth: +$3,848

Summary: An OK growth month. We would have gone up about $450 more had we made our Roth IRA contributions, but those are on hold until December (we'll do make-up contributions for all the months we miss between now and then).

Next month, expect way bigger debt but also way bigger home value!

I included U.S. savings for a home in our assets, since the money will go toward our down payment on the new home, which will become an asset. I did not include our UK savings, because the UK flat's value listed above is contingent upon the renovations that will wipe out our UK savings.

I'll update the Individual Net Worth page shortly, breaking it out by person.

Notes on the numbers above: House value estimates are approximate. I don't have a way to check NT's UK pensions or flat value, so their values stay static for the purpose of this update (unless I happen to get some info by chance). UK asset values and debt amounts are calculated figuring $1.60 for every British pound.

2 Responses to “July 2014 net worth update”

  1. snafu Says:
    1405609896

    but,but,but...there is an anticipated WV windfall that drove this specific quickie Duplex decision. Can it be listed in Net Worth in color as 'anticipated'? It has the power to change the figures PDQ.

    Does buying a duplex as opposed to SFH skew requirement and drive costs.? How will WV windfall affect oh so expensive mortgage insurance? Is it pre-paid for a discount or paid monthly as part of Payment/Tax/Interest{PMI] Insurance?

  2. ceejay74 Says:
    1405610883

    While I would love to count on the windfall, I won't be sure unless the check actually comes. They could let the option expire, or just renew it indefinitely for a couple hundred bucks every three months. Although its promise spurred us to accelerate our home-buying and -selling plans, we wouldn't have made this move unless we were pretty sure we could manage even without the windfall coming through.

    I haven't spoken with my broker about this because I want to keep him focused on getting this mortgage approved, but I'm wondering if we can refinance the mortgage as soon as we close and get rid of $450 per month in PMI right away. That would loosen our budget considerably. Nothing we can do about having to pay 1.75% of the mortgage in upfront PMI (to the tune of $7K+ added to mortgage), but hopefully we can avoid continuing to pay PMI after that.

    If the windfall comes, my current thoughts are: Pay off the secondary loan from the seller ($26,500), pay off our loan from our friends ($5,000) which will leave about $18K. If we have to take out an unsecured personal loan to ditch our current mortgage (as it looks like we'll have to do since we can't list our condo for a price that would let us break even due to realtor commission), I would then pay off the unsecured loan. If I had any money left over, probably I'd either put it toward improvements on the new home or to start rebuilding our EF.

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