FatStacks' Net Worth for December 2022


Assets Value Change ($) Change (%)
Cash $4,248 ($2,382) (35.93%)
Stocks $132 ($65) (32.99%)
Company equity $26,081 $4,292 19.70%
HSA $14,429 ($312) (2.12%)
Cars $50,438 ($11,159) (18.12%)
Home $210,000 - -
Cryptocurrency $12,764 ($1,785) (12.27%)
Roth IRA $0 - -
401k - Traditional $16,390 $1,906 13.16%
401k - Roth $0 - -
401k (old employer) $124,250 ($2,900) (2.28%)
401k (older employer) $163,603 ($2,549) (1.53%)
401k - Trad. (spouse) $10,950 $1,521 16.13%
Profit Sharing (spouse) $51,177 ($823) (1.58%)
Boat $45,000 - -
$729,462 ($14,256) (1.92%)
 
Debts Value Change ($) Change (%)
Home Mortgage (15yr 3%) $112,889 ($630) (0.55%)
Student Loans (2.8%) $4,961 ($131) (2.57%)
CC (0% pay off evry mnth) $1,895 ($140) (6.88%)
Car Loan (72mo 3.82%) $53,050 ($819) (1.52%)
Furniture (0%) $3,397 ($118) (3.36%)
HELOC (8.25%) $29,258 $258 0.89%
Total Debts $205,450 ($1,580) (0.76%)
Net Worth $524,012 ($12,676) (2.36%)
*All values shown in USD ($)
Notes:
December-specific notes:
529 Plan: $53,857
FICO: 842
Company Equity bumped up a bit!

=====Annual End-of-year stuff=====
2022 Personal Savings Rate: 19.75%
(This percentage now includes my spouse's income/saving.)

End-of-year Net Worth target was $455,955 (according to my December 2009 master Excel retirement plan thingy) and we came in at $524,012. For next year (2023) I'm going to revise our retirement plan goals since I'm likely underestimating how much we'll need (especially accounting for inflation).

2023 Goal: Find a solid side-gig that can bring in extra income. Pay down the HELOC since the rate skyrocketed. Would love to contribute to a Roth IRA this year, but that depends on if I can get regular side income.

Other notes: I depreciated our cars' values using KBB Trade-in values.

Comments

12/22/2022 8:09:08 AM FatStacks
Wow, my 2022 goal really sh*t the bed. "Stay the course. Debt interest rates are low. Dump extra cash into crypto instead of paying off debt."
12/28/2022 4:36:36 PM JD2005
Why don't you roll over your old 401ks to IRAs?
12/30/2022 1:13:29 PM FatStacks
Hm, I really hadn't considered that. I was thinking about consolidating them all into my current employer's (401k) plan, but maybe I'll look at the IRA route instead. More investment flexibility with IRA, and probably an easier path towards a RothIRA conversion down the line as well.
12/30/2022 1:14:18 PM FatStacks
Thanks for the idea! Looks like I have some more research to do :)
12/30/2022 2:24:31 PM JD2005
Agree that IRAs give you the most flexibility over old 401ks, or even your current 401k. Enjoy the research!
12/31/2022 12:07:04 AM azphx1972
FYI, you do not want to roll pre-tax 401k money to IRAs if there's any chance you might need or want to do backdoor Roth IRA contributions in the future. Look up the pro-rata rule. I'm only able to make backdoor Roth IRA contributions because I have no balances sitting in traditional IRAs.
1/6/2023 3:15:27 PM girlnextdoor
Agree with azphix. I have an IRA because I didn't want to leave money in the 401(k) account at my last job when I left, and it was too large an amount to want to roll it all into a Roth that year (from a tax perspective). It's possible I'll never be at a financial point to need/want to do a backdoor Roth anyway, but it still kind of annoys me to know that I won't have that option now.
1/6/2023 4:26:52 PM FatStacks
Great warning tip azphx1972, and thanks girlnextdoor for sharing your experience as well!