This year will be quite interesting in terms of our financial situation. Since September 2009, I work 4 days a week at my day job in order to devote more time to my online business. While my wife quit her job in 2009 to stay home with our children, I have managed to reach the milestone of a 6 digit income. In 2010, we are looking to accumulate $31,000 to pay back the loan to my parents. Since having taken the decision to look at my net worth on a monthly basis, I tend to be more careful with my spending and I always have my parents’ loan in mind.
So here’s where I stand after the first month:
|WORTH ($)||CHANGE (%)|
|EMPLOYER STOCK ACCOUNT||$4,910||$5,328||+8.5%|
|WORTH ($)||CHANGE (%)|
|LINE OF CREDIT||$19,335||$18,308||-5.3%|
I don’t think it will be like this every month, but we had a few major money movements.
I managed to get an extra $3,000 from my year end bonus (I didn’t get a bigger bonus, I just decided to use this amount of money differently) and give it back to my parents right away. Since I have to finish this debt in November of this year, I do not want to wait to give them money back when I have an opportunity. Since I know that I may spend the money if it stays in my bank account, I would rather start making payments 😉
I am best man for 2 weddings this year (my best friend and my sister-in-law). Therefore, we’ve already started to spend money towards their wedding gifts. Since they are very important people to us, we will definitely not be cheap ;-). This is what explains my small net worth increase even if I was concentrated in paying back my debts.
I am almost sure that I will be able to make another payment to my parents! The online company has shown a great start to 2010 so we will probably be able to withdraw money from it. My partner has to buy a computer so I will withdraw the same amount to pay back my parents. The only problem is that I started to have pixel bars showing on my laptop screens… I am in the process of requesting an extended warranty payment from my credit card… I don’t know if it will work (gotta find my bill first!).
Follow other PF Bloggers net worth update at The Suburban Dollar.
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