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October net worth update

October 22nd, 2008 at 03:15 pm

Assets:
NT's pensions: 7,250 pounds ($14,500)
10,725 pounds ($21,450)
NT's 401(k): $2,215
AS's 403(b): $2,649
CJ's 401(k): $20,813
NT's flat: 130,000 pounds ($260,000)
CJ & AS's condo: $170,000
---
Total Assets: $491,627

Total Debt: $415,683

Current Estimated Net Worth: $75,944

September 2008 estimate: $88,353

Change in net worth: -$12,409

Summary: We paid off more than $3,000 in debt, but my 401(k) tanked more than that. And I finally decided to bite the bullet and list the U.S. condo at its probable market value, so we lost another $12K there. NT lost about $50 in his U.S. 401(k), but AS's retirement fund miraculously gained a tiny bit in value. It's a well-managed fund--the only thing we'll miss about her job! Smile

Anyway, it's our first loss in net worth since I started tracking, and it looks bad. But I have faith in our condo and my 401(k) to eventually rebound.

Note on the numbers above: House value estimates are conservative, and retirement totals don't include amounts currently unvested. I don't have a way to check NT's UK pensions, so their values stay static for the purpose of this update.

Posted in Tracking Net Worth | 4 Comments »

4 Responses to “October net worth update”

  1. merch Says:
    October 22nd, 2008 at 04:41 pm 1224693678
    1224693678

    Yep, it does sting. My net worth is also down for the year, but I am taking a long term look at things.

    Financial speaking, I am better off today then last year even though I have less wealth.

  2. ceejay74 Says:
    October 22nd, 2008 at 04:50 pm 1224694257
    1224694257

    Yeah, I'm OK with it. I looked back at previous months, and we're better off than we were in April. And nothing's going to tumble as much as my home value did; I basically recorded six months' of lost value in one month. So I think we'll be able to pay off enough debt to compensate for market losses from now on and maybe even see a gradual regaining of net worth fairly soon.

  3. Caoineag Says:
    October 22nd, 2008 at 08:19 pm 1224706743
    1224706743

    Whoops, totally missed the fact that we have the same titles, lol. Sorry about that. Guess great minds think alike. Smile

  4. baselle Says:
    October 23rd, 2008 at 02:54 am 1224730485
    1224730485

    It does sting, but basically you are converting a real debt into a paper loss, which is an improvement.

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