Saturday, October 31, 2009

Pumpkin Day

(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $26,226 (79%)
(2) $10,000 (100%)
(3) $1,218 (20%)
(4) $1,095 (22%) ($6,095 in our ING baby account)
(5) $1,962 (20%) ($23,843 in our ING e/r account)
Total - $40,501 (63%)

We have hit the $40,500 mark!! Whoo-hoo!

Thursday, October 22, 2009

IRS Audit, Now What?

We received notification that we are being audited by the IRS. Yikes!

Details regarding the audit: (1) we are required to appear for a face to face interview; (2) the issues to be reviewed are (a) interest income and (b) investment interest; (3) time period 2006-2008.

I will be calling my accountant this morning to discuss response plan and I am trying not to freak out too much.

Tuesday, October 20, 2009

Credit Card Debt

Home Depot: $921 (37% paid off).

$1 Million

Well, as you can see from our Net Worth IQ chart, we have hit the $1,000,000 mark. Whoo-hoo!!!!

As I mentioned earlier this week, this will be our first time hitting the $1 Million net worth level and it will be short lived. Come November, when we receive our final Florida property values, we expect our net worth to drop by about $200,000.

So, we will enjoy calling ourselves Millionaires for the next few weeks.

Monday, October 19, 2009

Getting Close

There is a good chance, unless we have an October surprise in the stock market, that our net worth will hit (for the first time) $1,000,000 some time in the next couple of weeks. Right now, we are about $6,200 away from the $1 Million mark.

But, when we get our final property values for our Florida real estate (we will receive same in November) I expect our net worth to promptly drop at least $200,000 so the fun of saying we are millionaires will be short lived.

Sunday, October 18, 2009

Turtle Pace

(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $25,249 (77%)
(2) $10,000 (100%)
(3) $1,168 (19%)
(4) $995 (20%) ($5,995 in our ING baby account)
(5) $1,246 (12%) ($23,127 in our ING e/r account)
Total - $38,658 (60%)

Our savings pace continues along, that's the good news, at the pace of a turtle, that's the bad news. We have increased Mr. Sam's 401k withholding in an effort to close out the year strong. I am on pace to max out my 401k in the next couple of pay checks (before the end of the year).