Net Worth Update For February
As a means of tracking my progress towards my 2007 goals, I am going to be running this as an on-going series of posts. As a bit of background, here are the opening posts in the series:
There has not been much of an update in my non-mortgage debt. As February comes to a close, my only non-mortgage debt continues to be my 0% balance transfer from American Express.
In an effort to keep as much as possible in my HSBCdirect account, I am only paying a few dollars over the minimum each month. While I could squeeze it a little further and pay the exact minimum, I have opted to pay a nice round number to keep the overall balance decreasing in consistent chunks. As such, my non-mortgage debt has decreased by an additional 1.32% for the month of February and has been reduced by 41.42% since the beginning of the year.
I’m still planning to let the balance transfer sit in my savings account and will transfer that money out to pay the remaining balance before the promotional rate expires.
Increase Net Worth.
After having a nice increase in the month of January, I have to say that my February numbers are rather disappointing. Things were not quite so bad until the sharp decrease in the market yesterday, as that certainly erased a portion of the gains that I had on my investments.
From January to February, I’ve only added an additional 0.33% to my net worth for an annual increase of 6.76% since the beginning of 2007. With an annual goal of increasing my net worth by 35%, I feel that I am still on track to reach my goal but it will be much more difficult if I have a repeat performance in future months.
If I were to wait until tomorrow to complete my update, I might have squeezed a little bit more gain out of February as some of my accounts do not update online until after midnight. However, I was anxious to see the numbers and felt that I would share them with everyone now rather than wait until tomorrow.
Plans for March.
The month of March should see a nice little boost since I will be receiving a portion of my company bonus, which will be directed right into savings. In addition, March is the month that I will receive my merit increase at work so there will be a little bit more money coming in each month.
The market was rough, I hope you earned some back today.
Yeah I did earn back some of that today, which is why my February numbers would have been slightly better if I had accounted for the increases today.
Hey by the way your Top Commentator doesn’t seem to be working.
I’m looking at this now. It is set to roll over each month so it might be dependent on the time zone. Right now it appears as if it has been reset for March but there haven’t been any new comments yet for March.
Wow 35% is ambitious… nice to see the progress!
Thanks. The goal of 35% is an ambitious one but given that I was able to surpass my goal from 2006, I felt that I had to challenge myself to do even better.
Without challenging myself, I would run the risk of becoming complacent. As the year progresses, I will continue to update everyone on the status of these goals so be sure to check back.
Hey, I actually got your blog url from your comment on our good ol’ buddy Johnny Chow’s website.
I really like your blog! I was reading some of your posts, and they are well written, and some articles really grabbed my attention (I am a stock market investor, myself)
I’ll bookmark ya, but keep up the good work.
Kunal, the guy behind The Super Hot Stock Market-Bull-ying the markets one day at a time [stockshaker.com]
Thanks for the flattering comments and the bookmark! It is always nice to hear that people are enjoying the content that I am putting out there.
I’ll be checking out your site as well as stock trading is something I spend quite a bit of time on (too much if you ask my wife). I’m more of a technical trader (other than my core foundation for retirement that is mostly in index funds) and have been experimenting with some seasonality investing.
Thanks for stopping by!
February was rough for everyone I guess, hopefully March will do better for you and all of us..
For the most part, the decline doesn’t bother me because my core retirement funds still have quite a few years to grow. The drop in price just means my dollars will buy more shares.
For my short-term accounts, I’ll be keeping a close eye on things to make sure I get out and preserve trading capital if the decline continues. Live to trade another day.