The Baseline & Starting Point for My 5 Year Plan
The other day I wrote about my My Five Year Plan to meet my three long term goals of having Randa leave her job, spending more time at the beach during summer vacations and having me ultimately start working from home.
The ultimate goal is to reach these targets within five years but I'm hoping I can achieve them sooner. I'll do my best.
Before I start this journey I thought it would be important to establish a baseline and starting point for My Five Year Plan so yesterday I signed up with Mint to get an overview of where we're at with our finances.
It wasn't pretty.
Mint allows you to add all your bank accounts, investments, loans, credit cards and any property to get an estimate of what your actual net worth is.
I wrote down our net worth and emailed it to myself so I can revisit that number in 5 years.
Our net worth sounds pretty good for a married couple with two kids under 5 but the huge majority of it is from our house because the tax value is way above the amount of the 30 year loan we took out six years ago and ultimately refinanced a couple years ago when interest rates were low.
A few of the numbers I was really proud of were the college savings accounts we've set up for our kids. We started contributing to them right away when they were born and we've never missed a payment.
We've got 401K's, mutual fund investments and other bank accounts I won't talk too much about today because the important number I want to establish is the starting point for our net worth.
I hope to see a significant increase in that number over the next five years.
You'll be on your way up!
You'll be seeing great sights!
You'll join the high fliers
who soar to high heights.