Another month where the market recovered, for the most part, in the last couple days…Without the pseudo-recovery on the last day of the month, my bottom line would have decreased significantly. Even still, November of 2007 would still have gone down as another month headed in the right direction thanks to some large credit card payments.
For those of us with a high percentage of our wealth in the markets, I’m not sure any of us could have come up positive on the Assets side this month.
And on that side, besides the sizable drop in the 401k balance, things were pretty steady.
I temporarily moved some money from my savings over to checking in order to keep my daily balance above Bank of America’s minimum in order to avoid a service fee.
If the $3,000+ payment I’m waiting for on one of my side income projects comes in soon (God willing) — that savings withdrawal will be re-deposited first thing. But, I’m also considering pulling even more out of savings next month to pay for Christmas and knock down debt more rapidly. I’m still weighing the pros and cons but right now I may even withdraw all of it due to the looming interest rate drop scheduled for December 11th.
The Liabilities portion of my net worth is where most of the action took place.
I didn’t make a mortgage payment this month because I’m far enough ahead to be able to let it slide, so I applied what would have been my mortgage payment to the credit cards instead — and did it ever help!
My Bank of America Business Mastercard should be paid off in full by the end of the year as I’d planned back in October before I’d even given a second thought about this snowball business. That’s going to feel really nice as it’s my highest rate debt (a tolerable 9.9%) right now.
At this pace of nearly $3000 falling off of the total credit card balance per month, I could wipe out all of them (and in doing so, fully pay for the siding project that ran them up so high in the first place) in the next four months.
Unfortunately, I don’t think this pace is sustainable.
You never know though, ’tis the season for bonuses and tax refund time is just around the corner as well. I’m not counting on anything, but we’ll see!