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Financial Update for January
By Jay | February 4, 2008
My net worth broke $40,000 this month! What a great feeling. I managed to pay down about $1500 in debt, and my retirement accounts were up by $3000 since my last entry. I’m thinking about moving some money out of stocks and into cash. I’m not doing it today, but maybe in the next week or so.
I had planned to pay off debt with my savings, but in the end decided to leave $3000 in my savings account for emergencies. Sure, I’d love to bring my credit card debt down below $30,000, but my debt is at 2.9% interest, so I feel that it’s better to leave my cash in savings. This is emergency money that will last me for a month if need be. I work in the Financial industry, and a lot of people are getting laid off so, as I a wrote a few posts back, it’s more important build up my emergency cash now than to pay off debt. I hope to add another nice chunk to savings in April when I get my tax refund.
I did pay about $1500 off of my credit cards.
During February I think I will tread water. I don’t anticipate paying more than the minimum on my cards. Paying the minimum will bring my debt down by $700 for the month.
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