Our family's networth is now at approximately $650,000. Most of this is in our 401K and equity in our home. Both of which have taken a huge hit within the last two months. My neighbor is selling his home and there is an open house today. I think I'll walk over and check out the bleak statistics of selling a home at this time. We have no plans on selling our home, but it's nice to know what it is worth. Our 401K shrunk by more than 10% in the last two months. The only way, at this point, to bring up our net worth is to pay off debt and start saving. My husband will be getting his annual bonus on February 15th. Usually we dump a large amount in our 401K (tax free). This year, we will take the tax hit and take the cash to pay off our cc's and hopefully at least one car. I think that will help the bottom line better than putting into our 401K. Also, my husband's firm will be offering a Roth 401K. We would like to start funding that instead of the other. It makes sense as we have no clue what the tax ramifications will be when we retire in 20 years.
Weekending
3 months ago
2 comments:
That's an awesome net worth!!! Do you include your house and other assets?
It must be nice to get such a big bonus! Sounds like you have great plans for it :-)
Well, actually I figure everything into our networth except personal belongings. (I don't include our furniture, or clothes or anything) Our house is worth $650,000, but we only owe $320,000 on it. Our 401K is at $366,000. Our liquid assets are very small...approx. 3,000.00 in cash. We need to build that up to at least $50,000.00 for emergencies...i.e. loss of job etc. That's a bit more than 6 mos. expenses, but it's a figure that we'd feel comfortable with. My husband has gotten very generous bonuses in the past, however, it's always a crap shoot every year. This year may be different, who knows, but I'm hoping for the best!
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