September 2007: Quest for $1,000,000.00 Dollars
September 4th, 2007 | 8:33 am | Posted in Finance, Net Worth Updates |
After a few months headed in the wrong direction, finally I’ve managed to right the ship despite the stock market woes.
Speaking of the stock market, a late month rally put me ahead for the month on my 401k balance. Taking that out of the equation, the assets side of things pretty much went no where.
That’s okay though — the plan is to wipe out the liabilities side first and foremost and everything there is dropping. Not much of a dent in the auto loan, but I don’t actually have a payment due until 2008, so I’m focusing more on the credit card balances.
I’m happy with the $1753 drop there, but it should have been better. I still managed to charge around $425 dollars. That’s still $600 less than last month, but I can cut it even more I’m sure. That will be the goal this month.
In the end, a 6% gain is something to be content with…especially after two consecutive months of double digit drops.
(Still can’t explain the wonky rising car values… Another few months of this, and I may drop them from the calculations.)
September 4th, 2007 at 11:32 am
Keep up the great work. And I think your strategy is spot on.
Attack the credit cards as hard as possible, although like you said you need to stop putting new debt on there. You would have killed over 2,000 in credit card debt without the new charges. What were you charging that you couldn’t pay on a debit card or with cash? Also, maybe stop carrying the card with you, even cutting it up might be an option.
September 4th, 2007 at 1:14 pm
The charges stem from business expenses. I own my own company and to make the task of keeping track of my business-only expenses, I have everything autobilled to the company credit card.
The problem there is that that card currently carries around a $5k balance on it’s own. $400 is still too high — my monthly expenses charged to the card should ideally top out at just under $200… and that’s the target.