midjd
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Post by midjd on Jul 7, 2011 14:00:44 GMT -5
A happy combination of factors (found out yesterday that I did in fact instantly vest in my employer's 3% match, which gives me an extra $2K or so in my retirement accounts; other investments went way up this week; and DH sold his Jeep) have resulted in us finally crossing the threshold from negative NW to positive! In fact, we are now worth about +$400 ;D I had us on track to hit this goal in December, so needless to say I'm ecstatic!
Still have a crapload of debt, but most of it is "good" debt, and at least now we're technically solvent. New goal is to be +$5K by the first of next year, and I'm hopeful that things will start snowballing, and our NW will continue to grow.
But I can't really share this with anyone else IRL... I just had to say it to someone!
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Pants
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Post by Pants on Jul 7, 2011 14:02:04 GMT -5
Hooray! I am super-jealous!
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cael
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Post by cael on Jul 7, 2011 14:05:52 GMT -5
Nice, congrats! Sorry for asking the dumbest question ever - but you can have debt and have a positive net worth? Is it student loans or something?
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midjd
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Post by midjd on Jul 7, 2011 14:12:38 GMT -5
Thanks! Cael, the debt is about half SLs and half mortgage. Assets are home equity (about 25%), retirement, investments, cash, and personal property. So we have $290K or so in debt and $290,500 in assets
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Taxman10
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Post by Taxman10 on Jul 7, 2011 14:15:26 GMT -5
Nice, congrats! Sorry for asking the dumbest question ever - but you can have debt and have a positive net worth? Is it student loans or something? sure -- if you have a $5,000 HELOC on your $500,000 house, you'd have debt, and positive net worth Congrats btw!!
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cael
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Post by cael on Jul 7, 2011 14:15:27 GMT -5
Oh. DER. Having more in cash/retirement etc. than in debt obviously equals positive numbers! That is awesome! (can you tell I have basically never considered our NW... lol)
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resolution
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Post by resolution on Jul 7, 2011 14:16:11 GMT -5
Congrats!
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cael
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Post by cael on Jul 7, 2011 14:16:27 GMT -5
Having a kind of day
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midjd
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Post by midjd on Jul 7, 2011 14:18:23 GMT -5
LOL Cael, don't worry about it - I got myself all confused trying to explain it and had a sudden pang of fear that I was still $140K in debt! It's a need-coffee kind of day for me
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swamp
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Post by swamp on Jul 7, 2011 14:31:53 GMT -5
Yay!!!
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muttleynfelix
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Post by muttleynfelix on Jul 7, 2011 14:32:24 GMT -5
Congrats!!
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Wisconsin Beth
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Post by Wisconsin Beth on Jul 7, 2011 14:35:00 GMT -5
Yay for mid!
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Tiny
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Post by Tiny on Jul 7, 2011 14:36:45 GMT -5
congrats!!
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msgumby
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Post by msgumby on Jul 7, 2011 14:49:24 GMT -5
congrats - what you should do is mark of the next few milestones when your net worth will double (should only be a few days/weeks at the beginning). I remember when we crossed over the border my husband got tired of the frequent updates when our net worth doubled
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Deleted
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Post by Deleted on Jul 7, 2011 14:50:19 GMT -5
Woohoo! Congratulations on making it into the black! If the market cooperates, I'm sure you'll hit the +$5k mark well before the first of the year.
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Wisconsin Beth
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Post by Wisconsin Beth on Jul 7, 2011 15:01:19 GMT -5
congrats - what you should do is mark of the next few milestones when your net worth will double (should only be a few days/weeks at the beginning). I remember when we crossed over the border my husband got tired of the frequent updates when our net worth doubled I was thinking the next "big" one is having positive networth without counting retirement funds. But I admit, when I started playing around on NetworthIQ, I realized we were already at that thanks to the house value.
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Deleted
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Post by Deleted on Jul 7, 2011 15:22:56 GMT -5
Congrats!! Feels good, doesn't it?
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Jul 7, 2011 15:27:11 GMT -5
C O N G R A T U L A T I O N S !!!
• •°*”˜˜”*°•.¸☆ ★ ☆¸.•°*”˜˜”*°•.¸☆ ╔╗╔╦══╦═╦═╦╗╔╗ ★ ★ ★ ❤ ❤ ❤ ║╚╝║══║═║═║╚╝║ ☆¸.•°*”˜˜”*°•.¸☆ ║╔╗║╔╗║╔╣╔╩╗╔╝ ★ NET WORTH!! ☆ ╚╝╚╩╝╚╩╝╚╝═╚╝ ♥¥☆★☆★☆¥♥ ★☆
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jd2005
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Post by jd2005 on Jul 7, 2011 15:38:12 GMT -5
Congrats! Hope to be there sometime before I hit 40!
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midjd
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Post by midjd on Jul 7, 2011 15:39:47 GMT -5
Thanks, everyone! Molly, that is an impressive display And thanks for the karma, JD! I do need to think about what the next big milestone is... hmm...
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busymom
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Post by busymom on Jul 7, 2011 18:32:42 GMT -5
Nice work midwest!! ;D
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midjd
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Post by midjd on Jul 7, 2011 18:48:27 GMT -5
I really want to thank you guys. Without YM, I probably wouldn't be putting more than the minimum match in retirement, and wouldn't be investing - so I would definitely still be in debt. I've learned so much here and everyone's advice and support has been invaluable. You couldn't pay for this kind of education! ;D
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Post by BeenThere...DoneThat... on Jul 7, 2011 19:00:38 GMT -5
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lazysundays
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Post by lazysundays on Jul 7, 2011 19:28:50 GMT -5
Congrats!!! 3 years later, and I'm not even halfway there. Excellent Job!!!
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Waffle
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Post by Waffle on Jul 7, 2011 20:36:41 GMT -5
Congratulations!
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ameiko
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Post by ameiko on Jul 7, 2011 20:50:42 GMT -5
Excellent progress! Keep it up! You are doing GREAAAAAT!!!!!!!!!!!!!!
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SVT
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Post by SVT on Jul 7, 2011 20:57:35 GMT -5
Hmmm...what do you update yours each time after I update mine? Congrats. I'll be positive come next paycheck. Question. Aren't you spending more than you're earning each month? I understand that if stocks go up more than the deficit it would increase. Or maybe I just don't remember your budget thread correctly.
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midjd
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Post by midjd on Jul 7, 2011 21:29:57 GMT -5
Yes, we usually go over budget every month... it was a combination of a few things that took us over the NW threshold. 1) I found out I'm already invested in my employer match, which is $2K I didn't know about; 2) Investments and retirement have gone up about $1K since the end of June; and 4) Last month I checked my SL payoff amount and found out I owe about $4K less than previously thought (woohoo! A drop in the bucket but still). So that's $7K or so in "found"money to offset our previous $5K deficit and the little overages along the way. DH just sold his Jeep so our insurance should go down... and between his woodworking and contracting gig, he's been pulling in a hundred or so a week. Our budget may actually be in the black from now on And yes, you prompted me to sign up for NW IQ which is what started all this!
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rovo
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Post by rovo on Jul 8, 2011 19:33:33 GMT -5
midwesternjd, Congratulations on getting to a positive net worth. It really does feel good to cross the threshold.
DW and I would go out for a nice dinner every time the NW ticked up by 100K. Then I switched it to 250K because once you reach a certain point the NW via investing really ticks upward rapidly.
Set a threshold for a little celebration and you will both be able to appreciate the gains.
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zuzu
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Post by zuzu on Jul 9, 2011 10:14:57 GMT -5
Congratulations!! ;D
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