| New Entry: JANUARY 10, 2015.
New amounts to targeted savings accounts - New Car Fund, E-Fund and Escrow account - have been automated on a bi-weekly basis to coincide with payroll. Set it and forget it.
Home repairs will remain a primary focus with the intention of off-setting the cost of this major expense through outright rental or taking in roommates. My extra payments on the first and second mortgages have been decelerated as the whole focus is on home improvements and getting the E-Fund to 6 months' worth of expenses, as well as opening up and funding the taxable investment accounts. While I love to see the debt load go down quickly, I need to think long term and focus on asset acquisition and increasing my income/cash flow so as to be able to allow renters to pay down this debt instead of me. I'm currently painting and making other minor repairs, and should be able to advertise for at least 1 roommate in the next month.
Currently my only investments are in the form of the company 401(k) and my Vanugard Roth IRA. That need to change. I have reverted my 401(k) contribution from the maximum allowable (tax deferred), to 6% of my gross with 5% match. This too is for the purposes of focusing on getting the E-Fund to 6 months' worth and fixing the home to be rented out. I figure 11% of my gross is good enough for now, and once the former goals are met, I will go back to maxing out the contribution. For now, I'm putting in enough to get the match.
January extras:
Paid off holiday expenditures on credit card (travel and gifts).
100K maintenance and other repairs on paid-off Honda ($513)
Extra income, extra income, extra income remain the aim for the year.
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Home value is updated monthly from Zillow.com/Zestimate
(Purchase price was $370K in August 2006).
Other Mortgage = HELOC/2nd Mortgage |