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October 5th Net Worth and Goals for this month

October 19th, 2007 at 08:26 pm

Home Equity - $130000 (Based on appraisal done last week)

IRA - $ 54616 (This was a 401k rollover)
401K $ 4789
Roth IRA - Me $ 4673
Roth IRA - Wife $ 587

Savings $ 30000

Liabilities $ 0

Net Worth $ 224665

Goals -

1. Pay myself first.

A. Add $735 to my Roth. $500 depost + $235 regular monthly deposit.
B. Start a regular $100 deposit to my wifes Roth
C. Add $1365 to my 401K. I add $333 regular deposits twice a month, plus in October I will get my quarterly match of $699.

2. Create Multiple streams of income.

Last year out of the blue my good friend from high school told me he has been investing in real estate and having some success. On Oct 12, he and I will be meeting a realtor specializing in forclosed vacation condos in the Gulf Shores Alabama area. If we can find one in our price range, we are going to make an offer. I will not put up over $10,000 since this is my first deal. I have to admit, I am nervous about this, but I was nervous when I started construction on my new home. I am going to have to trust my instincts. If we can get a low enough price, we will try to flip the condo, if not we will rent it as a vacation condo.