Tuesday, October 18, 2011

The numbers

We're currently doing fairly well with our retirement savings. Both my husband and I have been fortunate to have high paying jobs, and started funding our retirement early. As a result, we have a nice nest egg saved.

(I'm going to create progress bars to track all of this stuff!)

  • Between the two of us, we have around $420K saved in our 401K accounts.
  • We have no consumer debt, but we do have one 401K loan for around $35K. Our goal is to have this loan paid off by mid-2012.
  • We also have various investment accounts to serve as an emergency savings, and to save for a new vehicle in the next year or so. Those investment accounts total around $30K.
  • We own two homes, and our primary residence is in a very expensive neighborhood. We've made fairly substantial improvements to our primary residence, but the current downturn in the real estate market means we are about even with our equity in this property. A bit of research shows that it's worth $860K, and we owe $738K.
  • I've been aggressively paying down our vacation home (I use the term "I", because we pool finances, but each pay different bills. The vacation home is one I pay, and I want it paid off as soon as possible so we can focus on other goals!). The house is worth $330K, and we owe $308K.
  • Noted earlier, we are also saving for college for our children. We have 40% (tuition only - need to fund room & board separately) and 37%, respectively saved. The GET tuition fees went up dramatically after we had our first child, which is why we have slightly less saved for our second child. My goal is to have both accounts at 40% funded by the end of 2011.
  • My husband and I also both receive stock options through our employer. I do not count this in our monthly budgeting, as they are subject to our continued employment per a vesting schedule. However, I do count them in our net worth calculation. Should either of find new jobs, I will adjust our net worth accordingly. Between the two of us, we have about $160K in stock options that will vest over the next five years.

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