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Net Worth

September 11th, 2013 at 08:38 am

So I have been playing around in my quicken this morning(yes I should be working but I am pretty well caught up!). Anyway...I got it all set up to accurately figure my net worth. It is pretty depressing.

"Checking-8619" is an account I keep open so my sister and I can swap money back and forth. There is no service charge for this account

PNC BANK I just opened it to get the $200 reward after 60 days. I am using that account for my day to day expenses, except gas.

New Suntrust is my main account. It is the one that I pay all of my bills out of and use for my gasoline expenses during the week.

The student loans are the main thing that bothers me. When Ex-DH and I were young and just married we took out student loans for me to go to school. And then we took out supplemental loans to live on. Then we got divorced and I am stuck with all of these loans. They have more than doubled since we took out the loans because I can't afford to pay them. These mistakes(not the divorce) have come back to haunt me. I would be in pretty good shape if not for them. I feel like it is a an insurmountable problem that never seems like it will go away.

When my mom passes, the house I am living in will be deeded over to me. That will help with the net worth, but I will still owe these dang student loans.

16 Responses to “Net Worth”

  1. creditcardfree Says:

    I can see where that is depressing. Okay to feel that way. Are these in repayment now? Are you eligible for deferment or refinance? If there is anyway to stop the interest from accumulating or as fast, that would be helpful. Focus on the smaller debt first, those will give you momentum and motivation to get these loans taken care of at some point.

  2. Wino Says:

    It's pretty obvious you need to quit buying stuff.

    It's also obvious you're just starting out. Don't worry about it. Concentrate and pay down the bills, then let the next 35 years put everything right. If you weren't thinking about making things better, things won't get better. You've already overcome the first - and probably hardest - hurdle: You want to do better.

    Most folks... hey! I'm doing great! Look at my house! Look at my car! Don't look at my balance sheet.

  3. ceejay74 Says:

    Yeah, it's rough. I looked around and it seems like it's impossible to get out of paying federal loans. I think your only option is to call Sallie Mae and see if you can set up an affordable payment plan. At least if you're paying a minimal amount, they hopefully won't keep doubling in size. I'm not sure that ever stops, so you might need to make those a priority.

  4. Petunia 100 Says:

    I don't see the rental house on your balance sheet. Did you sell it?

    We all have to start from where we are. The important thing is to make steady progress. Smile

  5. North Georgia Gal Says:

    Petunia...the house went into foreclosure and was taken back by the bank.

  6. Bob B. Says:

    Sorry to hear about the house going into foreclosure. I'm also sorry that I don't have any sage words of wisdom for you beyond what others have offered.

    All you can do is cut spending and boost income, but you already know that. Anything you can do to lower interest rates helps, but you knew that, too.

    Did you end up taking that 1099 job?

  7. North Georgia Gal Says:

    My company decided not to hire anyone for that 1099 job. Still have lots of applications out there and hopefully someone will call me soon!

  8. Miz Pat Says:

    If the 46K is a mortgage cost, then you should put the market value of the house as an asset - that might help.

  9. Petunia 100 Says:

    NGG, that place certainly gave you a lot of headaches. It must be a relief for that to be over and done.

    Even though your present home is not technically yours yet, a paid for home is a very significant asset. You still have time to reduce debt and build up savings/investments. Just focus on your cash flow, and take it one step at a time. Smile

  10. CB in the City Says:

    Definitely, your current home is an asset, and its market value should be included on the top half of your chart.

  11. rachel021406 Says:

    At least you are looking at your finances. And you are headed in the right direction. What about the clarinet money? That could clear up some of the CC debt. Or be a start to a good Savings?

  12. baselle Says:

    For your student loans, I'd really explore whether you qualify for any forgiveness program or can discharge part of it. At least that project will make you feel more in control. Here's a link.

    FYI - I love downloading the Marketplace Money podcasts and listening to them. Very helpful and the tone is factual and upbeat.

  13. North Georgia Gal Says:

    Baselle...right now I am in a deferement program. And if I qualify for this program for a certain number of years the loan is forgiven. I think I will qualify, at least I hope so.

  14. terri77 Says:

    The 46k is student loans, not mortgage cost, unless I'm reading wrong. And the home is not hers yet, so technically not an asset.

    I understand that the numbers are depressing, but keep pressing on. I'm sorry to read about all your troubles. You just never know the curve balls life will throw your way. Keep searching out ways of earning more money. I think that will be your solution.

  15. imarunner Says:

    i would be depressed too, but hang in there.

  16. TashaC. Says:

    NorthGA, I have heard Obama has a loan forgiveness thing going. If you make a certain amount of payments, they forgive the remaining balance. Check it out and let us know how it works!

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