June 2009 Net Worth – $92,184.94
June 2009 Net Worth
No big changes during the month of June, and while it wasn’t quite the pace that I would hope for, we did manage to have a positive month, and I’m always happy about that.
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- alan: the main reason is you do not need to pay money if you do not have. just file bankruptcy.
How do you only have 10k in home equity with no liabilities? It would seem you own a home worth only 10k??Do you have fractional ownership?
barrellryder,
It’s basically just the way I have decided to report my home equity. Rather than putting something like a $200,000 asset and a $190,000 liability I just show the difference in the asset section. It gives the same result, but avoids the big numbers.
Also, to be extra conservative, I am not guessing at the value of my home. I am actually just claiming the amount of the loan that I have payed off. So, if I took out a $200,000 mortgage and I now owe $190,000, then I claim a $10,000 asset. Any increase in the value of the home (it has increased in value) or down payment (I did make a down payment) is just icing on the asset cake.
It’s not the perfect way to track net worth, but it’s easy and conservative, so it’s the way I prefer to do it. It can be a little confusing, but I have not been shy about explaining how I track it.