I honestly don't mind sharing the ins and outs and ups and downs of my personal finance here on this blog. Its part of what keeps me on track with my goals. The people I know IRL that read my blog I don't mind if they know what I am posting. Granted there are a small few people that I have actually given my blog address to.
So, without further adeu - here are the down and dirty numbers of the hubs and I collective net worth. Make sure you sit down - its a bit scarey.
Credit Card Debt - $11,349.49
Consumer Loan Debt - $14,049.69
Car Loan Debt - $5,815.09
Student Loan Debt - $4,484.70
Total Debt - $35,698.97
Hubs Retirement - $14,522.77
My Retirement - $986.63 (epic failure)
BMW - $1935.00
Total Assets - $17,444.40
Net Worth - ($18,254.57)
This is not including our home. If you add that to the equation our net worth is ($161,254.57). Not a good place to be. Can you see how pathetic my retirement portfolio is? I was the one that pushed the hubs to start one and I stopped mine to have extra money every month to pay down our debt. This needs to be rectified soon.
Plans are in place - we are actually getting a personal loan from my parents - low interest. They would have charged no interest but they are paying 5% on what they are loaning us so we are paying that 5%. This is extremely generous of them. We would have made it somehow without this loan but the interest rate is well, way better than our credit cards and the personal loan we have.
A lot of people would not consider borrowing money from parents. I have actually done it twice at a lot smaller sum and paid back every dime with interest on time every month. That is why when I freaked out last month and said the hubs and I didn't want any Christmas or Birthday gifts until further notice they stepped in.
It's a bit humbling taking money from the parents. It makes you feel slightly like you are not managing your life very well. The cool thing about my parents is they didn't do what they normally do - they didn't hassle me about the amount and didn't tell me how to manage my life. They did ask a few questions but they trust us.
We have a five year agreement with them and I plan to pay it back in three.