October Net Worth

Assets

Lil’ Sizzlers Portfolio:
Ford: 69.75 Value +1.88 Div = 71.63 (-1.29)

Cash:
5205 (+647)

Prime MM Account:
4 months = 2.58 (not included – added after post)

401k:
410.00 (+111)

Motorcycle:
3500

Car:
1700

Personal Assets:
4500 (+1000 – I reworked this and added my gym equipment)

Total Assets:
15,386.63 (+1756 – woot!)

Liquid Assets (cash, stock and retirement):
5686 (+756)

Liabilities

Chase Freedom:
768 Payment Bal (ZERO % APR) (+56)

Student Loan:
27,828 (-390)

Total Liablities:
28,596 (-339)

Net Worth:
-13,210 (+2095 – Nice!)

Net Worth w/o Student Loan:
14,618 (+1705)

Sweet!  Pretty good month for me here.  I revamped my personal assets and added about 1000 to my prior estimate.  This is only major stuff that I think could be flipped and resold for a pretty good price in case of an emergency like TV’s, firearms, computers, etc.  I increased my cash supply by a bit which is nice, plus I paid off my smallest student loan and saved myself about $85 or so in interest over a ten year period!  Cha-ching.  CC balance was around 500 but I just did some significant spending this past week and haven’t sent in a payment yet, but not a huge deal.  My 401k is out of the bank and on my way to me – after that it’s off to Vanguard to open a Roth IRA.  Things are looking brighter as I continue to climb out of debt and increase my savings, slowly reversing that negative net worth and striving for positive ground!

Edit: I forgot to add my 4 months of “prime” money savings account… $2.58!  Woot!

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E&I For 10/19-10-25

Expenses:
Total CC: 265.27
Total Debit: 0
Total Cash: 5.00
Total Expenses: 270.27

Income:
Paycheck: 609.04
401k: 25.04
Total Income: 634.08

Difference:
+372.81

Expense Breakdown:
Grocery/Household: 60.17
Gas: 55.79
Medical: 15
Other: 125.31

Expenses: 42%
Savings: 54.1%
Retirement: 3.9%

I had a pretty terrible week this week with a lot of extra spending.  GF and I had our 2-year anniversary which included $55 in flowers and a nice dinner.  Plus I went out on the town and also to dinner then next day with some friends.  I still managed to save over half this week, so not too bad.  I secured a new job with a decent starting pay rate of 15.9 per hour.  If I get hired permanently it would boost up to 16.60-17.60 depending on shift, and cap out after 3 years at approximately 20.60+ cost of living adjustments.

E&I For 10/12-10/18

Expenses:
Total CC: 93.91
Total Debit: 425.24
Total Cash: 10.00
Total Expenses: 529.15

Income:
Paycheck: 674.93
401k: 28.39
Total Income: 704.32

Difference:
+175.17

Expense Breakdown:
Grocery/Household: 30.19
Internet: 10.30
Student Loan: 425.24
Other/Extras: 63.42

Expenses: 75.1%
Savings: 20.9%
Retirement: 4.0%

Not a terrible week this week, considering most of my expenses went to student loans.  I paid off my smallest student loan.  It had 4.5% interest.  Over the ten-year period I saved myself nearly $90 in interest, so not a bad choice.  I would have had another huge week in savings without that payment, but I decided I wanted to blast that small one out while I had a surplus.

The Plan

Well, I am officially involuntarily unemployed (due to layoff) for the first time in my life since I was 12 years old.  It’s kind of a scary feeling, but I know I will get a job soon and get back on track.  My savings over the past five months have skyrocketed.  I was at about $500 cash when I went into my new job, and now I will be at approximately 5,200 after my last paycheck/next weeks expenses.  A nearly 1,000/month savings isn’t too bad.  I was pretty dumb the first month or so of my new job and spent a lot of money going out to eat and out to bars, etc., plus a big month taking a trip to Green Bay for Packers training camp.  With all that in the past, I was able to crack down as soon as I heard news of my layoff and save as much as I could while still having a good time.

While I’m pretty bummed I lost out on a job that had me on track for a nearly 45,000 gross first year, I’ll get over it.  I have an interview tomorrow with a company I’ve worked with before, doing seasonal warehouse work.  I would be at 14.90/hr for the first four months, and then if I were hired on for good it would boost up to 16.60 plus raises up until about 19.50.  The main goal with this company is to get on full-time, and then utilize my 4-year degree to get in with a management position.  All they require are 4-year degrees, and they start at roughly 65,000/year.  This would be fantastic, and allow me to work for about 10 years and make my dreams come true.

After crunching some numbers, I decided that if I were offered the job, I will accept it.  As long as it doesn’t break my back (loading semi trailers with merchandise) I will remain there and hope to get on full-time.  I did this job for them before for over 3 months and I survived, so all should be well.  I would then apply for every management opportunity I can manage, and eventually it should work out.  My plan is to get this job, or an even better paying one, and live comfortably but on an “Extras” budget like I’ve been doing the past 2 months.  I will pour excess money into my student loan debt and get it paid off within four years.

Here’s what I’ve got for some of my numbers and outlooks:

Monthly expenses
Student loan – 60
Food – 160
Gas – 70
Phone – 55
Ins/AAA – 35
Rent – 400
Utilities  – 75
Misc – 100

1 Total Current – 955 MO / 11,460 YR
2 Total Current w/ 350 SL – 1245 / 14,940
3 Total Current w/ 660 SL – 1555 / 18,660
4 Total Current w/ 660 SL, 160 Misc, 200 Roth, 100 Invest – 1915 / 22,980
5 Total Current w/ 860 SL, 160 Misc, 450 Roth, 100 Invest – 2365 / 28,380

New Job Salaries

Seasonal 40 Hr Weeks
14.90 HR / 22.35 OT
600 Gross / 450 Net
2400 Month G / 1800 Month N
31000 YR G / 23400 YR N

1 Available after expense categories: 11940 YR
2: 8460
3: 4740
4: 420

FT 40 Hr Weeks
16.56 / 24.84
662 / 500
2650 / 2000
34400 / 26000

1: Available after expense categories: 14540
2: 11060
3: 7340
4: 3020

FT 40 Hr Weeks w/ Max Pay
19.50 / 29.25
780 / 581
3120 / 2324
40560 / 30212

1 Available after expense categories: 18752
2: 15272
3: 11552
4: 7232
5: 1832

I get pretty obsessive about this stuff just for the intrigue.  I love to visualize my potential financial future and how well or crappy it’s gonna look with a certain job.  In this case, this is most likely the job I’m going to have for the next one or two years unless something else that pays a lot more, or is a lot more enjoyable for the same pay, comes along, which is doubtful.  With expense categories 1-4, it’s just a scale that increases with student loan payments, and then adds in extras, roth, and portfolio investments.  The last category includes the student loan payment that would allow me to payoff in 3 years instead of 4.  I wouldn’t be at that pay level for another two years anyways, but it’s just there for an idea.  So by the looks of these numbers, this job looks pretty damn good!  Even at the lowest grade, I would be able to afford to throw out my 660/month payment, and have over 8,000 left at the end of the year to add to it.  The job isn’t guaranteed yet, but with my past experience and their need for extra people to cover the seasonal demand, I should definitely get an offer.

So for now, that’s my plan.  Get a job that pays similar to this; most likely this job, of course, and blast out my student loan debt.  I have put together a simple payment vs. money saved chart as well that I will post below.  I have already thrown an extra 400 on the other day to pay off my smallest loan with a 4.5% interest rate, and saved $85 over the 10-year period.  Right on!  After my SL is paid off, I will consider purchasing a home, but only after a 20+% down payment is saved to eliminate the Mortgage Insurance cost.  Other than that, I will start maximizing my Roth contributions, match my employers 401k match (which should be 5%) and dump the rest into my own portfolio.  Things are looking up, potentially, if I get this job and am able to continue my savings without a significant stalemate of loss or money due to unemployment!

Here is the student loan table: (note that #’s are a bit off due to my new balance, and will continue to be, but they are close)

Balance – 28,181- 6% Interest
Default 10 Year Base: 312 / Mo (3,744/yr) – 120 Mo Length – 9,362 Interest
9 Yr – 338 (4,056) – 108 Mo (-12) – 8,360 – Save 1,002 (+312/yr pmt/ +1,002 total int saved vs. prev.
8 Yr – 370 (4,440) – 96 Mo (-24) – 7,371 – Save 1,991 (384 / 989)
7 Yr – 411 (4,932) – 84 Mo (-36) – 6,400 – Save 2,962 (492 / 971)
6 Yr – 467 (5,604) – 72 Mo (-48) – 5,445 – Save 3,917 (672 / 955)
5 Yr – 544 (6,528) – 60 Mo (-60) – 4,508 – Save 4,854 (924 / 937)
4 Yr – 661 (7,932) – 48 Mo (-72) – 3,586 – Save 5,776 (1,404 / 922)
3 Yr – 857 (10,284) – 36 Mo (-84) – 2,682 – Save 6,680 (2,352 / 904)
2 Yr – 1,249 (14,988) – 24 Mo (-96) – 1,794 – Save 7,596 (4,704 / 916)
1.5 Yr – 1,641 (19,692) – 18 Mo (-102) – 1,357 – Save 8,005 (4,704 / 409)
1 Yr – 2,425 (29,100) – 12 Mo (-108) – 924 – Save 8,438 (9,408 / 433)

Current Payoffs:
365.54 on Direct Loan Sub @ 4.5% Interest – Total 10 yr savings: 89.02

Cheers everyone, and thanks for viewing.  Feel free to comment if you’ve had any situations like this, or any other relevant helps or info on paying off student loans!

E&I For 10/5-10/11

Expenses:
Total CC: 170.59
Total Debit: 59.70
Total Cash: 10.00
Total Expenses: 240.29

Income:
Paycheck: 570.33
401k: 23.54
Total Income: 593.87

Difference:
+353.58

Expense Breakdown:
Grocery/Household: 11.00
Gas: 44.00
Utilities: 79.00
Student Loan: 59.70
Other/Extras: 55.59

Expenses: 40.4%
Savings: 55.7%
Retirement: 3.9%

I had a pretty decent week this week, considering all but $55 of my expenses were unavoidable.  I am getting a bit of overtime at work, so my final two paychecks should be better than usual,  No more Union Dues shuould be taken out, etiher.  I should be able to save over 75% of my last two paychecks, allowing me a solid 900 or so addition to my bank account before the layoff.

Mr. Money Mustache

I’ve been reading a blog lately called “Mr. Money Mustache”.  I must admit that it’s pretty feckin’ epic.  This premiere “Mustachian” has achieved his dream of early retirement, and is able to live comfortably through frugality and his investments/spending habits.  He’s got a wife and a young kid as well, and they all live a great life together due to their discipline and, one of my favorite words, “perseverance”.  I am reading through all of his posts from start to finish.  It’ll be a long journey but this is where I want to be, so I’m going to soak up everything I can from this amazing fellow and be on my way to “the good life”.

Check out his blog here: http://www.mrmoneymustache.com/

September Net Worth

This was done on Oct 8. so I am not including -$480 of rent and utilities that was paid on the 6th, or +$536.11 paycheck on the 3rd, or $23.52 of 401k on the 3rd.

Assets

Lil’ Sizzlers Portfolio:
Ford: 71.05 Value +1.88 Div = 72.92 (-16.30)

Cash:
4558 (+835)

401k:
299.95 (+80.8)

Motorcycle:
3500

Caddy:
1700

Personal Assets:
3500

Total Assets:
13,630 (+877)

Liquid Assets (cash, stock and retirement):
4,930 (+877)

Liabilities

Chase Freedom:
717 Payment Bal (ZERO % APR) (-233)

Student Loan:
28,218 (+89.08)

Total Liablities:
28,935 (-143.92)

Net Worth:
-15,305 (+1021)

Net Worth w/o Student Loan:
12,913 (+1100)

Pretty good month!  I increased my net worth by 1,021, bringing it to a total of -15,305.  Once I get this layoff situation completed and find another job, I plan to throw a lot of money onto that student loan and get it hammered down.  Some big things are happening this month including loss of job, as well as opening of my Roth IRA thru Vanguard.  That may come early November, but we will see how fast they get stuff done.  I am doing good on E&I and am saving quite a bit outside of this big week of rent, utilities and student loan (which isn’t included since this is Sept Net Worth).