The State of Our Finances (Part 3 of 4)

We have talked about income and debt, now we move to the fun stuff–what we actually own outright.  It’s not much.  This post will be short. :-/

The Assets

We own Henry’s 2008 Ford F-150 outright.  If all goes according to plan, we will own my 2008 Honda Accord  by next February.  In addition to those vehicles, we also own (outright) two other motorized “things.”  Henry owns a 1999 Harley motorcycle and a 2000-something 4-wheeler.  Not sure of the make/model but I’d say it’s worth between $700 – $1,000.   Other than the vehicles/ATV, our only other assets are our savings and retirement accounts. 

Currently our savings sit at:

Emergency Fund (EF):                   $7,300

Vacation Fund:                                  $1,350

New Roof Fund:                                    $1,250

Henry’s “man trip” fund:                    $650

Our emergency fund was at almost $10,000 when Baby Girl was born, but thanks to maternity and paternity leave (all unpaid), we went through several thousand dollars in those weeks (8 for me, 4 for Henry).  I have no regrets on spending that money or taking that time.  That was our plan all along–to save so we could both take time off without worrying how the bills would get paid.  We want to build that back up to $8,000, then start throwing all of the money we save per month ($890) at our debt.

Henry has around $40,000 in his retirement account.  I have approximately $16,000 in mine.  That’s it.  That’s our assets.  $10,550 cash, about $56,000 in retirement, $16,000 in motorized objects (truck, motorcycle, ATV).

We would love to own property some day, but we don’t feel financially secure enough yet and want to be done with all of our “Life Happens Debt” before we tackle any other investments.  We also need to start a 529 for Baby Girl.  It’s on my to-do-list, but we most likely won’t do that either until we are out of debt (Dave Ramsey would be so proud 🙂 )

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