(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!
Saturday, October 31, 2009
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.
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
$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.
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.
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).
(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).
Tuesday, September 22, 2009
Back Again
In May of 2008, our net worth totaled $987,376, then the stock market fell apart in the summer and early fall of 2008 and our net worth dropped to $897,080 in October of 2008.
Now in September of 2009, our net worth is back to $987,749. The celebration will be short lived, come November of 2009 I will plug in our Florida real estate values (once we receive final values from the County property appraiser) and I expect our net worth to drop by $200,000-$300,000.
It is easy to get caught up in our NetworthIQ numbers each month, and while I recommend paying attention to the numbers, it is important to remember that the rise and fall of the 401K and the IRA and real estate values are some what illusory. The fact is that there is no profit or loss on the stocks, funds or real estate until we sell same.
Now in September of 2009, our net worth is back to $987,749. The celebration will be short lived, come November of 2009 I will plug in our Florida real estate values (once we receive final values from the County property appraiser) and I expect our net worth to drop by $200,000-$300,000.
It is easy to get caught up in our NetworthIQ numbers each month, and while I recommend paying attention to the numbers, it is important to remember that the rise and fall of the 401K and the IRA and real estate values are some what illusory. The fact is that there is no profit or loss on the stocks, funds or real estate until we sell same.
Sunday, September 13, 2009
Wishful Thinking
One of my spending weaknesses is real Art. I love Art and I don't mind spending money on real Art (no prints for me).
One of my favorite artists is deceased and his work goes up for auction now and again. I keep track of the auction schedule and I was determined to bid on one of his pieces this weekend. I registered for the on-line auction and I set a budget for myself ($5,000.00) the item was listed as worth $3,000.00 - $6,000.00. But this morning I was at work and I realized that I could not download the on-line auction software on my work computer. Cue disappointment. But I told myself, Sam if you cannot bid then take it as Fate or the Gods telling you that this item is out of your price range or that this item is not meant for you, etc.
Well, I went back to my work and checked the auction outcome just recently, the item that I had planned to bid on, went for $18,000.00+. Yikes, who says we are in a recession!
One of my favorite artists is deceased and his work goes up for auction now and again. I keep track of the auction schedule and I was determined to bid on one of his pieces this weekend. I registered for the on-line auction and I set a budget for myself ($5,000.00) the item was listed as worth $3,000.00 - $6,000.00. But this morning I was at work and I realized that I could not download the on-line auction software on my work computer. Cue disappointment. But I told myself, Sam if you cannot bid then take it as Fate or the Gods telling you that this item is out of your price range or that this item is not meant for you, etc.
Well, I went back to my work and checked the auction outcome just recently, the item that I had planned to bid on, went for $18,000.00+. Yikes, who says we are in a recession!
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