Primary Mortgage Update - April '10

Still catching up on progress posts....

$349.97 paid down on principal. Balance = $252,221.46




This little house is hardly budging. It's finally crossed the 1% paid since the start of the blog. Only 29 years and 1 month remaining.....

Capital One Update - April '10

Slow as molasses progress, but every little bit helps.

$11.59 paid. New Balance = $1,037.15

Mid-Year Resolution

Okay...it's not technically mid-year yet. But it's getting close. Funny how goals are fluid...but epiphanies and insights don't always magically occur at the end of December right before New Year Goals are established.

I'm not sure exactly when, but somewhere in the midst of working on all the 1040's... thinking about Roth conversions and contributions and IRA catch-up provisions...it hit me like a lightning bolt! I'll be 48 by the end of this year! That means I'll be eligible for IRA catch-up provisions in just TWO MORE YEARS!!! Oh my, that means I'm getting old. And that means, debt or no debt, I really need to be socking away a maximum Roth contribution EVERY SINGLE YEAR!



I hope to work until I'm at least 65. If I can maximize the IRA every year until retirement, the most I could add to my Roth IRAs is $106,000 (2 yrs @ $5,000, 16 yrs. @ $6,000). That sure doesn't sound like very much to me right now, but every year I don't maximize means that total will be even less.

So I'm adding a goal, even if it slows down the debt payoff. I want to have $5,000 to contribute to my Roth before April 15, 2011 (the due date for 2010 contributions). I may end up having to transfer existing assets - either stocks or emergency fund - to reach the full $5,000. But since my Roth has been around for more than 5 years, I can treat it as a backup emergency fund anyway. So there it is...the realization that time has slipped by quickly and that it's time to do something about it!

Survey: Half of Americans didn't save any income in past year

Disposable Income a Thing of Past

Click on the link above to watch Jordan Amin of the AICPA's National CPA Financial Literacy Commission discuss efforts to increase financial literacy in an interview with Fox Business. Concern is mounting, as evidenced by a new Harris Interactive survey for the AICPA that showed that half of all Americans did not save any of their income in the past year. "The good news is almost half the people were able to save despite the economic news," he said. The survey found that just 6% who were not saving would like to save. Visit the AICPA's 360 Degrees of Financial Literacy website.

content from CPA Letter Daily

Chase Card #2 Update - April '10

Even though this balance is no longer owed to Chase since I transferred the balance to the equity line, I'm keeping up with it separately in my mind and on the blog.

paid off $57.00 - new balance $2,613.14.


And reaching for milestones to celebrate...this balance is down over $1,000 from where it started. YIPPEE!!!!

HELOC Update - April '10

Even though I raised my interest rate with the refinance of this balance, I am so happy that I was able to do this. I love that fear of rising interest rates isn't consuming my every thought anymore. I love that the property is cash flowing --- even adding a little extra to my bottom line every month. I'm not paying any extra towards this balance right now, but that's okay. In due time, I will.

$275.52 paid down. New balance = $72,209.29

I survived!

Whew! So glad the craziness is behind me, at least until all the extensions are due. We took a quick trip out of town over the weekend for my daughter's dance team competition. I've had a wonderful few days off reconnecting with my family. Now if only I could get this house reclaimed from the neglect it suffered the last few weeks.

I'll be catching up on the blog over the next few days!