As Wesley Snipes would say "DEMOLITION, man..."As you can see below, just a few short days ago I was worth north of $250K. Today our net worth is down over $20k (or 8%) mainly due to wild stock market fluctuations...
See the month over month chart below and commentary:
- Checking increased due to my and my wife's paychecks. I've not transferred them to savings because I plan on paying down some of the credit card expenses (even though I have not received my business expense reimbursements).
- Savings decreased, in part, by $4k because I transferred this amount to my business checking account which I may use towards a deposit on another investment property. The other $3k or so was used to pay down credit card debt, pay rent, pay down a family loan (I don't show this on my balance sheet - will explain later) and pay off a speeding ticket ($271!!! Brutal).
- Brokerage, Roth IRA, 401k all went down due to market down turns. The senate and house passed the $700 billion bailout, but the DJIA still tanked and ended the week at 10,325 (the Dow started the year at 13,043!!!). On September 1, the Dow was over 11,500: this translates into 1,175 point (+10%!) decline in just over 30 days. Crazy times...
- Real Estate went up since the $4k deposit money transferred into the real estate investment account.
Credit Card debt went up mainly due to business travel expenses (pumping up my free cash back!), which are shown as a reimbursable. Also I returned $600 suit that my wife bought bought me for our anniversary and exchanged it for some shoes that I paid for primarily with left over gift cards.
Other big credit card expenses:~$300 medical expenses associated with getting medicine for our upcoming overseas trip, ~$170 my wife bought some clothes, ~$240 for my wife's hair.
A tough month for sure, but I'm hoping we're near the bottom. My wife still auto-contributes to her 401k every month (so that she maxes out for the year at $15,500), so we're still buying cheap stocks right now and continuing to invest.
Don't be afraid - stay the course! The ship will right itself (I hope :-P)
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