Our household net worth is slipping, of course, but not plunging.
As of Dec 1, we were at about $223,000. Retirement accounts and college accounts are in the toilet. Cash is holding steady but will go down when I pay taxes in a couple months. I save 35% of my freelance income in a special account set aside for taxes, and that will be depleted if not wiped out when I pay my 2008 taxes. I recently paid all the back taxes I owed the City of Philadelphia because I didn't know I was supposed to be paying the Business Privilege Tax and the Net Profit Tax on my self-employed income. I learned about it a few months ago and just submitted tax returns to the city for 2004, 2005, 2006 and 2007. Maybe they should publicize those taxes better....
I'm rambling a bit. Must be bedtime. Long, long day.
Complete net worth report is here:
https://www.networthiq.com/people/TBH
04 December 2008
Giving thanks
Around thanksgiving I always get a sappy phone call from my mother saying she's thankful to have me. Shucks, mom. And this year on Facebook I got a few nice "I'm thankful for you" messages and wall posts. I'm thankful for my family and friends too, believe me, but you know what I have been feeling really thankful about?
I'M EMPLOYED.
These are scary times. I am so, so glad that I have a steady job. My freelance gig is not set in stone, but my part-time job is very secure because a.) it's a union gig and I have a decent amount of seniority and b.) it's in higher education and people tend to flock to college during tough economic times to improve their job prospects.
I'm not so thankful about the state of my retirement accounts, but at least I have them. I was at a conference a few weeks ago and someone said he was glad he hadn't contributed much to his retirement account because he didn't have a lot to lose in that case. I know many people who have locked in their losses by "going to cash", that is, selling securities and keeping the money in savings or money market accounts. I have one colleague who told me she and her husband are planning to liquidate his 401k after January first and use the money to pay down their HELOC. I tried, gently, to talk her out of it, but I didn't want to be too bossy.
Me? I'm steadily putting money in, trying to ignore the wild gyrations of the market, and trying to rebuild my emergency fund now that I've paid for my new roof and decided not to replace my car.
Oh, and thanking my lucky stars every single day for my good job.
I'M EMPLOYED.
These are scary times. I am so, so glad that I have a steady job. My freelance gig is not set in stone, but my part-time job is very secure because a.) it's a union gig and I have a decent amount of seniority and b.) it's in higher education and people tend to flock to college during tough economic times to improve their job prospects.
I'm not so thankful about the state of my retirement accounts, but at least I have them. I was at a conference a few weeks ago and someone said he was glad he hadn't contributed much to his retirement account because he didn't have a lot to lose in that case. I know many people who have locked in their losses by "going to cash", that is, selling securities and keeping the money in savings or money market accounts. I have one colleague who told me she and her husband are planning to liquidate his 401k after January first and use the money to pay down their HELOC. I tried, gently, to talk her out of it, but I didn't want to be too bossy.
Me? I'm steadily putting money in, trying to ignore the wild gyrations of the market, and trying to rebuild my emergency fund now that I've paid for my new roof and decided not to replace my car.
Oh, and thanking my lucky stars every single day for my good job.
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