Welcome to our January 2013 Balance Sheet!
We use the structure of a monthly income statement and balance sheet in tandem to make sure we are keeping our expenses low and planting our pennies wisely. If you’re not already tracking your finances using these two methods, go to mint.com and get started today! If you have any questions about how we do this just post a comment and we’ll be sure to help!
A strong month income-wise gave us some good debt-paydown numbers, and then when you combine that with market growth and deposits into retirement accounts and cash savings, we managed to have a pretty good picture on the balance sheet at the end of January.
- Our total assets went up ~$21.3K, much of which was in our retirement accounts, though there was a good chunk added to short and medium term savings as you saw on our January Income Statement as well.
- Our total liabilities dropped by ~$6.6K, and we killed off one of our loans completely. Bye bye HELOC!
- Net worth rose by about $27.9K this month.
- Total net worth as of the end of January is $445.2K, which represents a 6.7% increase this month.
And for the details…
Why do we look at our assets and liabilities split up this way? For us, it’s an easy way to look across all the different categories of assets and see which ones we have equity in, and how much equity. If the Assets bar is taller than the Liabilities bar, that’s equity in that asset class.
- 401K accounts: $100.7
- Roth IRA accounts: $96.9
- Non-Retirement Stock Accounts: $0.6
- Total Stock Accounts: $198.2
Real Estate (based on current market comparable sales)
- Primary Residence $170
- Investment Duplex: $97
- Investment Residential Land: $80
- Total Real Estate: $347.0
Cars (values from Kelly Blue Book)
- Car 1: $8.7
- Car 2: $11.6
- Total Cars: $20.3
- Checking Accounts: $10.5
- Savings/Money Market Accounts: $31.7
- Total Cash Holdings: $42.2
Total Assets: $607.7
Real Estate Loans
- Primary Mortgage: $104.5
- HELOC on Investment Duplex: $0.0 It’s dead. D-E-A-D. This is an ex-HELOC*
- Personal Loan – Used to Purchase $50K Duplex: $50.0
- Total Real Estate Related Loans: $154.5
- Car 1: $0.0
- Car 2: $6.7
- Total Car Loans: $6.7
- Credit Card Balance: $1.3
- Total Revolving Credit: $1.3
Total Liabilities: $162.5
Net Worth = Assets – Liabilities
Net Worth = $445.2
* On the off chance you missed the Monty Python reference, here you go.