July 9, 2019July 9, 2019 FOGA

Net Worth Update #5: June 2019

Net Worth

Hello FOGA Readers! Welcome to Net Worth Update #5: June 2019. June was a great month financially!

For anyone who is not aware, your net worth is your total assets minus your total liabilities. Also known as everything you own of value minus everything you owe.

I don’t put our specific income into this, but I am sure you will be able to tell the good months from the bad ones. I get paid twice a month if I have closings. If I don’t, I do not get paid. It tends to make things interesting around here.

Mr. FOGA has regular bi-weekly paychecks, so that keeps us afloat on my bad months.

Of course, there is not always going to be a lot of change with some of the sections here (like our house), but it will be helpful to see the fluctuations overall.

So without further ado, let’s get into Net Worth Update #5!

Assets

Home- $254,000

The usual stuff: I don’t consider our home to be an investment. We live here, and that’s all. However, it does it have a value, so I’ve added that as part of our net worth. Not to mention, since we have to include the mortgage, we might as well note the value of the home. Otherwise, our net worth is incredibly negative, and that’s no fun.

Realtor.com & Zillow put the value of our home at $279,000 and $276,600 respectively. I feel that is high, but two houses of similar size (one is my same layout) just went up for sale in the past 30 days. One is priced at $290,000 and the other at $275,000. I am watching those very closely. If they manage to sell in the high $260s, that will definitely change some things in this category.

Investments- $89,427.01

We had a goal for June to put $3500 in each of our IRAs. Spoiler alert: We did it!!! Only $500 to go in each IRA and these are maxed out for the year. 😀

Both of our 401Ks did well. I am close to the halfway point of maxing out my 401K for 2019. Mr. FOGA is contributing 8% for the time being. Going to figure out his job stuff before we mess around with things on his side.

The IULs always supposed to go up since they are designed that way. I say “supposed” because Mr. FOGA’s went down this past month. I have never seen that before, so I am waiting to hear back from them on that. It’s not much, but still. Mine went up like normal.

Emergency Fund- $23,292.40

Ally has been doing well; I am pleased with this savings account. We have earned nearly $190 so far this year in interest in this account. If you don’t have a high-interest savings account, you should definitely get one.

The new goal is to get this account to $30,000 by the end of the year. It’s definitely achievable and hoping to hit that number by the end of October.

We added $903.56 to our emergency fund ($500 was a transfer from savings), and we earned $42.40 in interest.

Savings- $2505.02

Here is where we keep the rest of our savings. This savings account is essentially an immediate emergency fund. If something comes up, we have easy access to some money, but not ALL the money. This account is also the funds we use for projects around the house and vacations. I guess it’s partially regular savings and a sinking fund.

We moved $500 from here to the Ally. Even when everything hit the fan in March, we didn’t need to have $3000+ on hand. Credit cards would be able to cover for the three days it would take to get a more substantial amount of money out of Ally.

Total Assets- $369,224.43

Liabilities

Mortgage- $227,561.53

It’s going down slowly. We started paying $200 more a month towards the principal. If we keep that up, we will pay it off in 2038 (vs. 2044).

We are also planning on making a $3000 principal payment at some point this year. This will be after we max out the emergency fund.

The goal is to pay this off. Freeing up over $15,000 a year is highly appealing, and would go a long way towards making us financially secure.

Total Liabilities- $ $227,561.53

Net Worth

Total Net Worth- $141,662.90

I had goals on what we needed to do this month, but I never put it together what that would look like from a net worth perspective. I also wasn’t expecting the market to do as well as it did either. Last month I thought $150,000 was a potential stretch goal and now it looks like I need to up my stretch goal to $175,000. That blows my mind.

Hopefully I get similar two month paychecks more often. 😀

In Summation

So that was Net Worth Update #5. Next one will be at the end of July/beginning of August if all goes well. 

Do you have a net worth update? If so, I would love to read it. Please put a link in the comments below. If you like reading Net Worth Updates, check out Our Table 4 Two. The just hit Positive Net Worth, and it was awesome!

Otherwise, what did you think? Good? Bad? Any thoughts? Please share below.

Until Next Time!

-Ms. FOGA