Assets: $642,642.08 - Liabilities: $89,897.21 = Net worth: $552,744.87
So October starts off with a drop as the markets in September took a bit of a tumble. However we are still continuing to put money into our accounts (buying stocks at a discount!!!). So our total net worth only dropped $391.34. Not too bad. We continue to pay down our debt and rebuild our assets, which took a hit when we pulled money out of our cash accounts to pay off our Chapter 13.
Our credit is slowly starting to build back up. I was shocked when I was declined for a credit card, I guess I thought that with such little debt and a large income we would be accepted, but it will take longer than I thought to dig us out. So we got a secured card with a $200 limit through Capital One. This will allow us to have an active credit card that is reporting to the credit agencies and shows responsible payments and debt management. We also called our primary mortgage and asked them to start reporting our mortgage payments to the credit agencies again. This is a key reason why we do not plan to pay off our mortgage in the next year or two, we want to show responsible payments on our credit reports.
We recently went through a number of losses in our families. We are still grieving, but now have a new financial situation to deal with. We will be inheriting a fairly large amount, and now we have to decide how to invest this money. It is going to help push up our date with early retirement, and now we are looking at how to ensure we reach this goal and that we don't fall victims that so many people do when they receive large sums of money. In fact, I read in multiple articles that stated most windfalls are gone within 5-7 years after they are received.
By having our goals already determined, and knowing we want to retire early, this will allow us to put that money to go use to reach the goals we had already determined. So we will continue to miss our family and friends, but we are grateful for the ability to reach our dreams even earlier because of them, and their ability to live below their means.
