For our first financial update, here’s a summary of where we currently stand. This is the one we’re going to base things on from this point forward. We’ll plan on monthly updates. To see all our financial updates, please go here.
June 2017 Financial Update Summary
|Total Net Worth||$136,000||-|
|Home (based on Zillow)||$284,000||-|
|Vehicle #1 (based on KBB)||$9,800||-|
|Vehicle #2 (based on KBB)||$28,600||-|
|Home Equity Line of Credit||$0||-|
|Vehicle #1 Loan||$10,600||-|
|Vehicle #2 Loan||$34,600||-|
All amounts have been rounded to $100 increments for readability.
During June, we were able to pay down about $1,600 on our credit cards. This is what we’ve been concentrating on for awhile, since credit cards are what we’ve used in the past to pay for our home remodeling projects.
One thing to note is that the HELOC we have is a $40k line of credit, but it is currently sitting at $0. We’re looking at possibly using it to finish off some of the major home repairs that are needed. Up until now we’ve been using “special check” offers from credit cards to get around a 5% interest rate, but that isn’t tax deductible. Worst case after maxing out that line of credit, we would still be left with a relatively modest payment and with some equity in our home, so it’s good to have that option.
We recently started investing in Lending Club (peer-to-peer lending) and Fundrise (real estate). I will write some specific articles on them in the future, but I wanted to clarify what those line items were.
As for goals, we want to be financially independent, but we also want to moderate how quickly we get there with the goal of wanting to travel throughout our lifetimes. We hate the thought of getting too old and then finding out that we’re too sick to do any of the things we’d planned on doing.
Obviously, there’s some give and take with this, and if we spend all our time traveling, we never will be able to retire.
We also have a mid-term goal of getting the major projects all completed for the home remodel (cement patio, siding for the house, finish the bathrooms and some new carpet). Choosing how much to do and how quickly to do it will be key for future goal planning.
Other than that, our main goal for July is pay down more credit card debt (aka: our current home remodel fund).
Life Goals: Financial independence, opportunity to travel throughout our lives
Goals for July: Pay down $2,500 more credit card debt.