I LOVE having a net worth of Negative $2,000!!!!!!!

March 24, 2009 · 6 comments

No Im not crazy! I’m super excited to have a net worth of -$2,000 because on 01/08 my net worth was -$28,000. Never would I thought owing money would feel so good! Essentially my net worth is pretty easy to calculate because I don’t own very many things. I have a savings/checking account and a couple retirement accounts . I chose not to include things like personal belongings (laptop, camera, etc) or my car (which would add probably $5K to my worth) because I figure those are things I will always need and wouldn’t really want to go with out. My negative net worth comes from my evil Aunt Sallie Mae  and her 25,000 friends (It used to be 28K). I have been making double payments on my student loans every month (minumum payment $178) and trimmed $3k worth of fat off her last year.

So read it and weep fellow bloggers. Below is my net worth graph. The green bar is the cash I have in savings, checking, and my two retirement accounts. The blue bar is the amount of debt I owe (again all school loans). The red dot is the tracking of my overall net worth (you can see on this graph I was worth negative $22K this time last year). The goal is to have that red dot cross the threshold and enter into the green zone in ONE MONTH baby! Can’t wait to actually have a POSITIVE networth!!!!!

It feels good to be broke,

1 skeeter319902

I cannot begin to tell you the relief that is felt when you pay off your student loans. It’s like any other feeling. I only had about $5k in loans for my bachelor’s degree which I paid off in about 2 1/2 years! Your government gig sounds awesome, my major was in business and I wish I could make your salary (I live in San Antonio, TX). I will be heading to Graduate School for my Masters in Public Administration. Can you hook a girl up in about say 2 years? I like the overall personality of your blog; it’s very fresh!

2 Punch Debt In The Face

Heck Yeah Ms. Skeeter. Hit me up in two years and I’ll hit Obama up on his cell and put in a good word for you. Way to kill it and pay off your undergrad student loan (you make me jealous). The gov’t gig is pretty awesome, but I’m wishing the San Diego housing market was affordable like in TX. How bout a trade. I’ll get ya a job, you get me a house? Deal?!

3 skeeter319902

Whats kind of a downer is although I don’t have student loan debt anymore, I have car loan debt (about $9k of it) and so does my hubby (about $10k; he totaled his car in a accident, we carpooled for a long time, it won’t work anymore when I go back to grad school in the evenings) and his student loan debt (about $9k) and college wasn’t his thing but its still there. So we kind of even out at the end give or take a few thousand, just different kinds of debt. I have a spreadsheet of my budget like yours (it gave me goosebumps to see someone else’s). Seems like there’s always a debt to pay off or money to save for something. Sometimes it feels like a hampster wheel, sigh, I need a soda to boost my optimism.
Job/house deal sounds good. Being near a beach will be nice for a few years, then get a transfer back to Texas.
I don’t remember if you talked about grad school in your About Me section but would you go to grad school and if so, in what field?

4 Punch Debt In The Face

Remember this (hopefully words of inspiration)…there will only be debts to pay as long as we keep borrowing money. So we need to be committed to rarely, if ever again, financing the purchase of any material belonging (except a home). We can’t change the poor financial moves we made in the past, but we can do our darndest to make sure we don’t do it again. As far as grad school, I have flirted with the idea of further education, but just can’t find myself to commit to it. If I was to go to grad school I would probably get an MBA or some equally boring business related degree just because it looks good on paper at some places. I know for sure that I WOULD NOT go to grad school unless I was ABSOLUTELY convinced that the masters I was seeking was going to benefit me greatly (remember further education doesn’t always mean higher salary). It is WAAAAAY to expensive for me to consider doing, mainly because I would only be doing it to do it, and not because I genuinely wanted to be there. (Side note, in college I actually studied and took the MCAT, the medical school test, and did okay on it, but when I got the government gig I decided to put med school on the backburner… so glad cause I don’t think med school was the right fit for me).

5 skeeter319902

Great words of inspiration. Thanks!

6 FB @ FabulouslyBroke.com

I think it’ll be a fantastic experience for you. For me, it was anti-climatic to be out of debt and be in a positive net worth.

I thought I’d go out and celebrate.. but in the end, no :) Not so much.

Now the hard part is just hanging on to the money all the while trying to find another contract

Previous post:

Next post: