Aiming for a Zero Net Worth

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pdxrocks
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Re: Aiming for a Zero Net Worth

Postby pdxrocks » Fri May 14, 2010 4:18 pm

Heh, I just read back over this thread, and we still don't have any bedroom furniture beyond the mattress and metal frame. Cardboard boxes, yay! We did splurge on an $800 couch when we moved, though, it's quite the luxury.

pdxrocks
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Re: Aiming for a Zero Net Worth

Postby pdxrocks » Wed Sep 08, 2010 8:14 pm

Well, it's been a year since I started this thread! We're still doing well, maybe a little slower than I'd planned, but it's moving along.

Then: $75K in debt, $4500 in savings (rewards checking really, but it's our only bank account)

Now: $47K in debt (all student loan), $6000 in "savings"

This doesn't count the $375K mortgage we took on. We've been paying double for the last 5 months, and just refi'd to 4.5% so more of our payment will go towards principal. We're hoping we can get it paid off within 10 years.

My car needs replacing, but I just started a 3 month job that should bring in around $20K, so I'm trying to hold off for 3 months so I can buy a nice "nused" car in cash. The last car was new and financed, and I'm not going to make that mistake again.

But yeah, overall, happy with how things are going so far!

sula_nebouxi
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Re: Aiming for a Zero Net Worth

Postby sula_nebouxi » Fri Sep 17, 2010 10:13 am

I still think it's utterly amazing that you've killed off almost $30k of debt in a year. That's just phenomenal. You sound like you've got a great handle on things. And a great spouse willing to live off of boxes to make it in life. Maybe in a year or so, all that debt will be gone and then you can help me with mine ;). Haha...anyways, great job! Love to see what you plan to do with all that "extra" money you've finished paying those loans.

pdxrocks
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Re: Aiming for a Zero Net Worth

Postby pdxrocks » Mon Nov 01, 2010 11:49 am

Debt: $45K Savings: $14K

I went ahead and bought a $12K "nused" car last month (2003 Nissan Murano, very nice). I like it a lot, but I'm starting to realize I don't "need" it like I thought I did. We really should be able to get by with just the first car. I'm going to give it another week or so, but I'm thinking I might try to sell it on Craigslist and use the $11K or so to kickstart a Vanguard fund. There'd be times I'd miss having my own (beefy!) car, I'm sure, but it sure would be nice to have some real savings under our belts.

I'm a little nervous about selling such a big-ticket item on Craigslist... I use it all the time for smaller stuff, but the thought of letting strangers test-drive it... eek. I'm wondering if it'd be worth the hit to sell it back to a dealer or something. How much would they take off the top, anyhow?
Last edited by pdxrocks on Fri Feb 25, 2011 12:31 pm, edited 1 time in total.

pdxrocks
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Re: Aiming for a Zero Net Worth

Postby pdxrocks » Fri Feb 25, 2011 12:26 pm

Debt: -$43K Savings: $13K Retirement: $28K

Appx. House Value: $400K
Mortgage Remaining: -$360K (doubling 30yr payment)

If you take into account the value of our two cars and our house, we're above zero... but I don't think I'm going to count that. We should be above zero for real within the year if we keep chipping away at the student loans, amassing savings, and beefing up the retirement fund.

Still don't have any bedroom furniture beyond a mattress and box spring. ;)

peachy
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Re: Aiming for a Zero Net Worth

Postby peachy » Fri Feb 25, 2011 1:46 pm

Did you sell the Murano?

Well, this spam thing is not letting me post less than 25 characters, so I'll just type a few more things. heh.

pdxrocks
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Re: Aiming for a Zero Net Worth

Postby pdxrocks » Fri Feb 25, 2011 3:44 pm

Nope, tried selling it on Craigslist, did a few test drives with people, but no one went through with the sale. By that point I realized I was using it enough to justify keeping it, so I did. Definitely not a "need", but it's nice to have as a backup.


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