Before this journey begins,a starting point needs to be established so we can measure progress,or the lack thereof.My first thought on this was to use net worth as the benchmark.I'll be discussing my net worth,but net worth isn't a specific correlation to my goal.So,what is my goal?
My goal is to generate $4000 a month of extra money from sources other than my hourly wage.There it is,my goal,the reason behind this blog.
Assets:
$150,000(aprox.) home value
$15,000 brokerage account
$13,000 wife's 401k ( she puts the minimum in to receive company match )
$11,500 total value of all 4 of our vehicles
$250 value on aprox. 25 white homing pigeons ( ???-I know.This will be explained later)
Liabilities:
$107,000 remaining on mortgage
$10,000 on credit card at 3.99% fixed
$11,500 remaining on auto loan
Intangibles:
fairly good health
wife's college degree in medical field
my life insurance license
Net Worth:
$61,250
Increasing my net worth isn't the goal,but it is fair to reason that if my goal is ever reached then my net worth will have increased as well.
