July 2017 Financial Update Summary
|Total Net Worth||$182,100||+$46,100|
|Home (based on Zillow)||$323,500||+$39,500|
|Vehicle #1 (based on KBB)||$8,800||-$1,000|
|Vehicle #2 (based on KBB)||$28,000||-$600|
|Home Equity Line of Credit||$0||-$0|
|Vehicle #1 Loan||$10,400||-$200|
|Vehicle #2 Loan||$34,300||-$300|
All amounts have been rounded to $100 increments for readability.
I didn’t mention this last month, but the vehicle values are based on what we could likely get as a trade-in from a dealer…essentially the worst case possible. We’re using Kelly Blue Book for all the information.
One of the first things you’ll notice is that our net worth increased by a whopping $46k! Practically speaking though, it’s all theoretical paper gains. Zillow‘s home values have a tendency to bounce all over the place in our state. For comparison, the state taxed us last year on the value of our home being $251k. This year, they upped it to $284k.
We think the Zillow number increased so much due to a lot of homes selling in the area. We’re going to stick with Zillow, but only because it gives updates weekly as opposed to yearly.
We had a great month with our stock investments (+$4,000). Most of the positive results were from symbols FB and NRZ. Not a lot was added this month besides to our 401k, as we are still working on lowering debt. I expect this section’s returns to fluctuate a lot, as it is the most volatile of our investments.
Our Lending Club investment just had its first full month of returns after getting most of the funds invested, and so far, so good. We’re seeing about a 15% return, and we’re invested in approximately 360 notes. Of those, two are currently in a grace period (late 0-15 days), and all others are current. We had a few others through the month fall into the grace period as well, but they all ended up paying. It will be interesting to see the results after a year and whether the numbers hold up.
Fundrise is unchanged, as the fund we invested in is still new, so they haven’t put the money to work yet. I expect to see some results by the end of this quarter.
There is nothing too major to report here. We did want to point out that our vehicle loans are being paid down slower than the vehicles are losing value.
Most people realize that cars are a bad investment (value always drops), but it’s motivating to see how bad when you look at the actual numbers.
During July, we were able to pay down about $2,600 on our credit cards. This met our goal of $2,500. We’re happy about this and see the light at the end of the tunnel. $3,500 to go!
In addition to that, we were able to finish off our first bathroom remodel, remove everything out of our second bathroom, and move into our master bedroom (we were sleeping in the basement) as all we have left is some painting there. We were able to accomplish all of this without tapping into the HELOC (home equity line of credit). It is there as an option when/if it seems prudent.
One setback for this month is that our family room TV stopped working. We’re not in a “must replace now” mode, but we’re on the lookout for deals, and when one comes along, we’ll be purchasing that. We’re hoping to save up some money before that point, and that will probably be the gating factor. If we can make it until Black Friday, that would probably be ideal.
Other than that, our main goal for August is to pay down more credit card debt (aka: our current home remodel fund).
Life Goals: Financial independence, opportunity to travel throughout our lives
Goals for August: Pay down $2,500 more credit card debt. Save $200 for TV Fund.