April numbers:
- Personal:
- Gross monthly W2 pay: $5,375
- Net monthly W2 pay: $3,616
- Total credit card debt: $22,612 (-3,260)
- Total other non-mortgage debt: $11,420 (+1,384)
- Total mortgage debt: $154,353 (-$835)
- Cash/cash equivalents: $5,564 (+837)
- Total retirement savings: $128,401 (+$10,010)
- Non-Equity Net worth: $-54,420 (+$13,558)
- Total Net Worth: $217,322
This is going to be a short update, because it’s such a late update. The transition to working from home comprehensively sapped me of the will to write/update here. That being said, I do have a few ideas in the chute, so I will hopefully get back on a weekly update schedule (time and willpower willing).
So after a big down March, April isn’t hugely better. Continued swallowing the snake of repair expenses and transitioned some of those debts to my HELOC (non-mortgage debt) category. With the collapse in rates, that is down to 5.25% so about as low as it’s possible for it to go. The inability to leave the house has led to less spending, which couldn’t have come at a better time. I luckily still have a job, so expect to see my debt paydown continue in coming months (certainly as long as the crisis lasts).
Retirement funds haven’t come roaring back because a lot of them were concentrated in NLY (for reasons explained here, here, and here). I’m of mixed minds about that investment at this point – either that will go to zero if the mortgage/lending market collapses or it will survive. If it survives it will be very successful for me in 5-20 years. If not, I’m screwed. In either case I’m in it for the long haul and betting that the morgage market will be propped up enough that NLY will remain a viable business (and reinvesting dividends through the trough.
Goal for the future is to build/rebuild a healthy cash cushion while paying off debts as needed. I have one more block of older debt that I’ll roll into a 0% offer prior to May 15, then it will just be a matter of getting everything paid down and perhaps buying another property (either in July 2020 or later in 2021). Stay tuned!
