I've dedicated myself to paying down debt, contributing 10% to my 401k and small amounts to a Roth IRA. I am impressed with how quickly I've been able to accumulate not only cash reserves, but also retirement. I've only been saving towards retirement since April of 2008 and have close to $9,000. Using one of my favorite personal finance tools, NetworthIQ, lets take a look at my balance sheet over the last 6 months:
As you can see, in total I've managed to put away $6,816 and reduced my debt by $774. At the moment, my debt only includes three credit cards with balances and two personal loans.
Now that I've secured a more stable position at a higher salary I no longer feel the need to focus on my cash reserves. My plan is to increase my debt-snowball to eliminate all of my 'unnecessary' debt. Many of my credit cards have very high interest rates, which have often detered me from using them at all. By paying off all of my debts I am hoping that I can return to building my cash reserves so that I can one day purchase a home.
How do your assets, liabilities and networth look? Do you know?
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