Hey Katie If I’m not mistaken your total year to date change is 126207 If your current networth is 559757 and your start is 433550 then 559757-433550=126,207
I still remember (back in 2018) the shock of adding up the balances on two car loans, a truck loan and an RV loan and realizing that total wiped out over $150K of net worth, not counting a stack of non-collateralized consumer debt. It was a huge wake up call and the start of my journey toward financial responsibility and accountability. We still make mistakes, we still over spend and under save on occasion, but that one exercise in black and white gave me the clarity and motivation I needed to turn that ship around when I felt hopeless. What a pleasant reminder to see you on the same journey this morning; you’ll hit that $1M before you know it! Thanks for the uplifting post this morning, I’m still slogging through post vacation mail (ugh) as well as covid (double ugh), and really needed the smile 😊 .
Thank you so much, Laura! I am glad I could bring some joy to your day. I hope you recovery quickly ❤️ It’s wild how seeing everything on paper can really light a fire under you. It’s not about perfection but taking steps in the right direction toward improving your situation, and I think we both have done a wonderful job with that! One day at a time 😄
@@KatieoftheHouse I was an expert at head in the sand thinking, and our finances showed how much damage you can do with an “I’ll worry about it tomorrow” (what I call the Scarlet O’Hara approach) attitude. We went from debt free in 2014 to over $200K in debt in 2018 and I didn’t even bat an eyelash. I know it’s possible to right the ship because we’re living proof of it, but it took many, many years to sober up. So glad you’re already there at such a young age, you’ll be set for an early retirement without financial anxiety, and that’s just HUGE. You’re doing such a great job, and bringing hope to so many. It’s a joy to see. Keep up the amazing work, it’s a pleasure to follow you 😀.
When you start out a debt journey, the Net Worth Statement can bring a dose of reality into the picture. In the middle and towards the end of a long debt journey, the Net Worth Statement becomes a self affirmation that you ARE doing the right financial thing(s).
Net Worth is one of the things I track monthly and record quarterly. Definitely helps with goal setting for the next few years. Great job!!! You guys are knocking it out of the park on debt repayment and you'll be paying down that mortgage sooner than you think! - Amanda
Thank you, Amanda! 😄 I cannot wait til the mortgage is the only thing we have left and then we can hopefully tackle that quickly while investing a ton, too 🎉
Love net work updates :) It's always exciting to see that your debt went down by $20k in one quarter. I also like to track our net worth each month, and seeing changes per quarter just shows how each incremental change makes a huge difference in the long run.
Hey Katie! Awesome progress but overall 2024 has been good to you and family. Way to go! Net worth is something I look at too and it was shocking to see how far in the negative I am One things for sure it gives me the push I need to make a change. Silently celebrating $1M net worth?! No ma’am..not with us cheering for you! Keep up the good work.
The vast majority of my net worth is in investable and liquid assets so I watch my net worth daily (unless the markets are tanking). Houses haven’t been selling recently so I just use the purchase price of my 3 year old house. I graduated with an advanced degree in a major recession and had lots of student loans. Jobs were scarce. That debt made me mad and it propelled me on a journey to never be in that position again. I’ve been tracking my net worth 20 (2004) years now. It has been very effective and is much better than just using a budget. If the markets are going down, I’m very reluctant to spend any extra money. If you just budget, it is easy to justify overspending because you have the money “in your budget”.
I love what you said about the debt making you angry. That’s exactly how I felt, too. I was mad at the debt and mad at myself, so I just wanted so badly to turn that around! That’s so interesting that you base what you spend on how your investments are doing. I’ve never heard of that before, but I think it’s amazing if that’s what motivates you. Thank you so much for watching!
Assuming you drop the speach therapy in 6 months, consider a follow up visit/ assessment/ brush up appointment a year after that unless you're hearing something earlier.
I am confused, or something is wrong with Marc's retirement account. In prior videos you mentioned you invested in VOO. Also you documented his regular investments too. So why only 7% change if the value of the retirement. (back of the napkin calculation is (271-253)=18 18/253 os about 7%. The S&P has gained much more than that this year. Are you not counting this? Is his 403b not showing this? I have not spent time reviewing the monthly contributions, but I suspect that is less than 18. So as I said I am conufused. (also jetlagged, as I flew in this morning from going to see the Eagles at the Sphere.)
@@KatieoftheHouse I just wrote this for another channel. (Older single woman who just retired, and whose video was on asset allocation. As IMO I predict you will be in a group that needs less than 3% to live off, I think it is relevant to you to. "Hi, back from my weekend adventure. Anyways. I have relatively strong opinions on this topic, and I think many things you would read or watch are being simplistic in asset allocation. To me the most important factor in determining how much in each asset category you should have is to understand both your "burn rate" as well as your "'risk tolerance". Once you determine your burn rate, you can then determine how much of your portfolio you will need to withdrawal, after determining all you other income sources, such as social security, pensions, and part time jobs. If you determine you need 4% or maybe even just 3% of your portfolio, that I do recommend bonds and fixed income as a reasonable part of your portfolio. Although, as you have previously mentioned in other videos, you should consider using a ladder, and it is VERY important to factor probabilities of interest rates rising or falling in the near term. BUT if you only need 2% or less, I believe you can be mostly still in stocks, (equities), for the simple fact, that while they are more volatile than stocks, they do grow at a much faster rate in the long term. . Regardless of the burn rate, you should in retirement have enough in cash, that you wont have to sell the other assets to cover your burn rate, for IMO at least a year. A good money market is my recommendation. But perhaps you ladder that too, in an interest dropping market, as you may want to lock up interest rates for a portion of the cash that you certain you wont need for 6 months, with a 6 month CD. (or short term bond) Risk tolerance in a way is also a factor. But in my opinion only a minor one. Sure, you need to sleep at night. But if your are both financially educated, and know the burn rate, you can make smart decisions. Remember the market does not care about how risky adverse you are. It will do its thing no matter hos risky, or scared you are. You just need to plan for as many outcomes as possible." So if you read this, you pobably can guess what I think about target date funds. in general. They are wrong for many and expensive!! Jon
Hey Katie
If I’m not mistaken your total year to date change is 126207
If your current networth is 559757 and your start is 433550 then
559757-433550=126,207
Oh thank you! You are totally right! I still had it calculating from last quarter! Wow, it’s even better than I thought 😱
Happy to help 😃
I was just about to come say this!! Congrats!
I still remember (back in 2018) the shock of adding up the balances on two car loans, a truck loan and an RV loan and realizing that total wiped out over $150K of net worth, not counting a stack of non-collateralized consumer debt. It was a huge wake up call and the start of my journey toward financial responsibility and accountability. We still make mistakes, we still over spend and under save on occasion, but that one exercise in black and white gave me the clarity and motivation I needed to turn that ship around when I felt hopeless. What a pleasant reminder to see you on the same journey this morning; you’ll hit that $1M before you know it! Thanks for the uplifting post this morning, I’m still slogging through post vacation mail (ugh) as well as covid (double ugh), and really needed the smile 😊 .
Thank you so much, Laura! I am glad I could bring some joy to your day. I hope you recovery quickly ❤️
It’s wild how seeing everything on paper can really light a fire under you. It’s not about perfection but taking steps in the right direction toward improving your situation, and I think we both have done a wonderful job with that! One day at a time 😄
@@KatieoftheHouse I was an expert at head in the sand thinking, and our finances showed how much damage you can do with an “I’ll worry about it tomorrow” (what I call the Scarlet O’Hara approach) attitude. We went from debt free in 2014 to over $200K in debt in 2018 and I didn’t even bat an eyelash. I know it’s possible to right the ship because we’re living proof of it, but it took many, many years to sober up. So glad you’re already there at such a young age, you’ll be set for an early retirement without financial anxiety, and that’s just HUGE. You’re doing such a great job, and bringing hope to so many. It’s a joy to see. Keep up the amazing work, it’s a pleasure to follow you 😀.
You have such a good attitude about your net worth. Net worth can change quickly with good money habits.
Thank you, Debra! I have definitely learned that small to medium improvements to our habits yield bigger payoffs! It’s so fun to see ☺️
Great fun to see the improvement in this last quarter!
Yes! I always love to see improve my, and it’s more exciting when it’s over a whole quarter 😄
Thanks, Sara!
When you start out a debt journey, the Net Worth Statement can bring a dose of reality into the picture. In the middle and towards the end of a long debt journey, the Net Worth Statement becomes a self affirmation that you ARE doing the right financial thing(s).
Yes, exactly! I’m so glad I tracked it that first time. It was a huge wake up call!
You’re doing awesome❤ thank you for breaking this down and showing how to calculate net worth. I appreciate you so much. Have a great day
Thank you, Eva! 🥰
Great update, Katie! 🙂 Hope you and the family are enjoying fall!
Thank you, Liz! We’ve been sick on and off so much here, and it’s frustrating because we all want to go out and do festive fall things 😫
Net Worth is one of the things I track monthly and record quarterly. Definitely helps with goal setting for the next few years. Great job!!! You guys are knocking it out of the park on debt repayment and you'll be paying down that mortgage sooner than you think! - Amanda
Thank you, Amanda! 😄
I cannot wait til the mortgage is the only thing we have left and then we can hopefully tackle that quickly while investing a ton, too 🎉
Love net work updates :) It's always exciting to see that your debt went down by $20k in one quarter. I also like to track our net worth each month, and seeing changes per quarter just shows how each incremental change makes a huge difference in the long run.
Hey Katie!
Ma'am best believe we will be LOUDLY celebrating a $1M net worth when it gets here!!!
🎉🎉🎉🎉
Awesome progress in only a quarter! 😮
Thank you, Hailey!! I appreciate that more than you know 😄🎉💕
I’m surprised the vehicle is so underwater. So fun to see the net worth grow!
Thank you! Hopefully that car situation will look much better soon😃
Great update! You guys are doing great!
Thank you, Cat!
I've sat down to try and figure out our networks. Sounds like you ND your husband are making great progress
Hey Katie! Awesome progress but overall 2024 has been good to you and family. Way to go! Net worth is something I look at too and it was shocking to see how far in the negative I am One things for sure it gives me the push I need to make a change.
Silently celebrating $1M net worth?! No ma’am..not with us cheering for you!
Keep up the good work.
Great progress Katie! I love that you are pushing forward and securing your families future!🌺🌸💖
Thank you, Paula! The security of my family means everything to me ☺️
The vast majority of my net worth is in investable and liquid assets so I watch my net worth daily (unless the markets are tanking). Houses haven’t been selling recently so I just use the purchase price of my 3 year old house. I graduated with an advanced degree in a major recession and had lots of student loans. Jobs were scarce. That debt made me mad and it propelled me on a journey to never be in that position again. I’ve been tracking my net worth 20 (2004) years now. It has been very effective and is much better than just using a budget. If the markets are going down, I’m very reluctant to spend any extra money. If you just budget, it is easy to justify overspending because you have the money “in your budget”.
I love what you said about the debt making you angry. That’s exactly how I felt, too. I was mad at the debt and mad at myself, so I just wanted so badly to turn that around!
That’s so interesting that you base what you spend on how your investments are doing. I’ve never heard of that before, but I think it’s amazing if that’s what motivates you.
Thank you so much for watching!
That last shaded line graph does paint a pretty picture without even looking at the scale, or the numbers in the axis'.
I agree! Thanks, Terry ☺️
Assuming you drop the speach therapy in 6 months, consider a follow up visit/ assessment/ brush up appointment a year after that unless you're hearing something earlier.
For sure! We’ll definitely follow up as needed. We’re already seeing big improvements from it ☺️
With the Net Worth items you are counting, recording, and tracking should you need a more exhaustive it will be much easier to include. 😊
👍🏻👍🏻👍🏻
Thanks for watching!
We are not that detailed to track our net worth. I have an app that tracks our credit rating, and that’s good enough for us.
Nothing wrong with that ☺️
I am confused, or something is wrong with Marc's retirement account. In prior videos you mentioned you invested in VOO. Also you documented his regular investments too. So why only 7% change if the value of the retirement. (back of the napkin calculation is (271-253)=18 18/253 os about 7%. The S&P has gained much more than that this year. Are you not counting this? Is his 403b not showing this? I have not spent time reviewing the monthly contributions, but I suspect that is less than 18. So as I said I am conufused. (also jetlagged, as I flew in this morning from going to see the Eagles at the Sphere.)
Oh sorry, SOME of my retirement is invested in VOO, not his. He had a target date fund for his current 403b.
@@KatieoftheHouse I just wrote this for another channel. (Older single woman who just retired, and whose video was on asset allocation. As IMO I predict you will be in a group that needs less than 3% to live off, I think it is relevant to you to.
"Hi, back from my weekend adventure. Anyways. I have relatively strong opinions on this topic, and I think many things you would read or watch are being simplistic in asset allocation. To me the most important factor in determining how much in each asset category you should have is to understand both your "burn rate" as well as your "'risk tolerance".
Once you determine your burn rate, you can then determine how much of your portfolio you will need to withdrawal, after determining all you other income sources, such as social security, pensions, and part time jobs. If you determine you need 4% or maybe even just 3% of your portfolio, that I do recommend bonds and fixed income as a reasonable part of your portfolio. Although, as you have previously mentioned in other videos, you should consider using a ladder, and it is VERY important to factor probabilities of interest rates rising or falling in the near term.
BUT if you only need 2% or less, I believe you can be mostly still in stocks, (equities), for the simple fact, that while they are more volatile than stocks, they do grow at a much faster rate in the long term. .
Regardless of the burn rate, you should in retirement have enough in cash, that you wont have to sell the other assets to cover your burn rate, for IMO at least a year. A good money market is my recommendation. But perhaps you ladder that too, in an interest dropping market, as you may want to lock up interest rates for a portion of the cash that you certain you wont need for 6 months, with a 6 month CD. (or short term bond)
Risk tolerance in a way is also a factor. But in my opinion only a minor one. Sure, you need to sleep at night. But if your are both financially educated, and know the burn rate, you can make smart decisions. Remember the market does not care about how risky adverse you are. It will do its thing no matter hos risky, or scared you are. You just need to plan for as many outcomes as possible."
So if you read this, you pobably can guess what I think about target date funds. in general. They are wrong for many and expensive!!
Jon