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No net worth

October 8th, 2008 at 02:56 pm

For the first time in years, I am NOT going to tally up my net worth for the month. It is just too depressing. All of my mutual funds and individual stocks have gone down. I have been keeping track of them monthly for almost 20 years and this month, I just don't want to know. Also, for the first time in a year and 9 months, I have had to withdraw money from my savings for some unexpected expenses. Now, I need to work on building the savings back up.
Dh did a small plumbing job for one of the neighbors on sunday, so I do have a $60 check to add to my challenge money.
Prev. total $21,800.00
today 60.00
new total $21,860.00

Posted in $20 Challenge | 9 Comments »

9 Responses to “No net worth”

  1. Broken Arrow Says:
    October 8th, 2008 at 03:06 pm 1223478396
    1223478396

    Awww, sorry to hear that. But yeah, maybe it's best not to look at it.

  2. nance Says:
    October 8th, 2008 at 03:15 pm 1223478911
    1223478911

    I stopped looking earlier this week, when my IRA was down over $100,000.00. It is getting very scary.

  3. scfr Says:
    October 8th, 2008 at 03:51 pm 1223481116
    1223481116

    A bit off topic, but we are seeing lots of houses for sale that were foreclosed on mid-renovation. Also many houses that are in less than perfect shape and in need of updating. We're also seeing houses go from "Active" to "Pending" and then to "Sold" (tho' quite a few do end up back on the market). In my very unprofessional opinion, just as an active house buyer, it seems that the market is turning and not too far down the road there is going to be a fair amount of demand for someone who will help the buyers finish up the work on those foreclosed homes. I know your husband likes to build brand new homes, and he does necessarily like to "clean up other people's messes" but as cash buyers jump off the fence, helping them fix up those ugly houses might be a way for someone with his talent to make some extra money.

  4. Maismom Says:
    October 8th, 2008 at 04:07 pm 1223482035
    1223482035

    Wow... I didn't expect to hear this from you. So sorry, and I'm with you. I don't want to look at my 401K balance, either.

    Hopefully, we can ride this out. It may take a while, though.

  5. my english castle Says:
    October 8th, 2008 at 10:15 pm 1223504104
    1223504104

    Our university had their benefits fair today, and everybody was mobbing the pension plan guys looking for some ray of hope. We're down over 10%, I know that much.

  6. SicilyYoder Says:
    October 9th, 2008 at 01:05 am 1223514343
    1223514343

    I know- its getting bad.

  7. Wonderlake653 Says:
    October 9th, 2008 at 04:02 am 1223524939
    1223524939

    These losses can be devasting. You should probably confront it head on and ask, is it likely the market will rebound immediately and I can regain my losses within a year? I would think not; it took years for Wall Street to recover from the dot.com bust. We are facing massive economic recovery. At 60+ y/o I would salvage what I had remaining in the market and put it into US Treasury bills/notes and live off the interest. Once you sense the market recovery you can channel your $20 savings back into your mutual funds. With world banks beginning to seek bailouts, this is just the tip of the iceberg. You cannot afford to loose anymore. I am just coming off of 2.5 years unemployment/under-employment. I am starting from scratch at age 45. I needed to live off my 401K two years ago. Ima, you have been a inspiration to me. I will never waste my money again nor would I, at age 45 on the stock Market to fund my retirement. I am a firm believer in Joel Dominguez philosophy in "Your Money or Your Life". I wish you the best in this insane time. I agree with "above" that your husband can probably earn a very lucrative income with so many construction projects in limbo ... the banks that reposses them will want them finished/completed so that they can be auctioned off. Best Wishes 2 U!

  8. Analise Says:
    October 9th, 2008 at 04:55 am 1223528155
    1223528155

    I know how you feel, Julie. It is very depressing and like you, I am not looking at the bottom line right now. This may be the wrong approach but I prefer to focus on more positive things.

    My first husband was a contractor, and I sure remember the lean times in the 70s when we were in a recession. Unlike other professions, there is not such thing as a guaranteed paycheck when you are in construction. This is why it is such a good thing you have ensured your well-being by savings prodigiously.

  9. HELPmeFind Says:
    October 15th, 2008 at 08:43 pm 1224103397
    1224103397

    I have a slightly personal question to ask you, if I may.
    Do you have $21,800 dollars in a savings account from your challenge money? I have had to spend some of mine, and I don't even have $500.
    I was just wondering.

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