Comments on: May ‘08 Net Worth Monthly Review

By: fred@opc

fred@opc — Wed, 04 Jun 2008 22:31:36 +0000

That dishwasher was a great find. (He was also selling a 9 mo. old refrigerator for 45% off retail that we bought, an $1100 audio system that was 1.5 years old for 65% off, and a plasma tv stand that was 1 year old, mint condition, for 87.5% off).

By: Bad_Brad

Bad_Brad — Wed, 04 Jun 2008 21:10:42 +0000

I agree with the practice of tracking your net worth in some fashion, but I think doing it on a monthly basis is too frequent. I have a monthly budget spreadsheet that I use, tracking every receipt to the last penny. I use that to manage my cash flow, i.e. can I afford to make an extra principal payment on the mortgage this month, how much can I move into my high-interest savings account, etc. I update my net worth spreadsheet once per quarter. This gives me a good high-level picture at my long-term outlook, i.e. are my retirement investments (401k, Roth IRA) balanced properly? Is my money working for me the way it should? For me, it’s the budget that really forces me to think through expenses before I incur them. I also map out a plan of the next six months of spending. That forces me to think about any major expenses I have coming.

By: CK

CK — Wed, 04 Jun 2008 20:32:14 +0000

I understand completely.

By: DJ

DJ — Wed, 04 Jun 2008 20:12:45 +0000

Auto insurance needs to be in the state where you house the car (your home). Likewise, the registration and driver’s license too. The insurer would be able to refuse any claims.

By: jim

jim — Wed, 04 Jun 2008 20:09:35 +0000

CK: Correct, but I’m not wearing the ring.

By: CK

CK — Wed, 04 Jun 2008 19:38:55 +0000

Jimbo-

So you don’t have vehicle collision insurance but you’re buying jewelry insurance?

By: Catherine

Catherine — Wed, 04 Jun 2008 18:01:15 +0000

Just a heads up on the Jewelry policy: we went with Jeweler’s Mutual because they give you cash. Our homeowner’s policy would have replaced my ring with a diamond that they determine is comparable. I didn’t want that hassle.