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.