Sunday, July 1, 2007

Networth IQ

Today I joined Networth IQ. It is a great site where you can enter all your financial information and track your net worth as it changes from month to month.

I entered our information since we started our financial journey in February and was pleased to see our net worth growing. The increase has been mostly from paying down our debts with gazelle intensity.

I will include the updated graph of our net worth in the left side bar so we will have another measure of our financial progress.

Despite our heavy debt load our net worth isn't looking so bad at over $380,000. This is primarily because we are lucky enough to have substantial savings in our 401K as well as quite a bit of equity in our home.

It is slightly inflated as it includes a large end of the year commission that my husband received this month, but $8,500 of that has been set aside to cover future monthly expenses when the commissions could be low. It also includes $4,500 of savings for a Disney World vacation we are planning for the end of this year. (I know that money could go towards debt and I would like it to but we had planned this trip with the kids before we found Dave Ramsey and started our financial journey. So now our goal now is to pay cash for that whole trip.)

So, we will see some fluctuations in our net worth chart as we spend the Disney money and dip into the $8,500 but we'll be expecting that.

I can't wait to see what it will look like when we are completely debt free, including the home mortgage!!