Making Progress

Part of the original plan for saving this year was going to be:

1. Focus on 2008 contributions to Roth IRA. After that was completed; then

2. Alternate savings monthly between Unemployment Fund and New Computer for 2009 Fund.

The current economic climate has gotten me to change course, so I'm focusing strictly on fully funding the Unemployment bucket, then the New Computer Fund. I project that I'll reach my $10,000 goal by mid August. To that end, I put half of my economic stimulus check towards the cause.

Ask a stupid question. Get a stupid answer.

Question being asked around the PF blogosphere: "Why is Gen X Broke?"

Velvet: "Because we were raised by broke Baby Boomers, who continue to be broke and expect their broke kids to fund their retirement."

I kid. Kinda. But seriously, I'm more than a little annoyed by all the hand-wringing and blaming going on for the less-than-stellar state of America's personal finances. C'mon people, use your brains and stop trying to find blame with one particular group. But that would be a huge task for the usually self-righteous PF blogosphere to handle, so I won't hold my breath.

In times of crisis, it's easy to romantisize the past. Kinda like how you remember your old boyfriend and how hot he was when you're in a dating rut. You forget all about the shitty, asshole-ish things he did that made you hate him. Some with the current economic atmosphere. Everyone is feeling the pinch, and if we're not looking for someone to blame (immigrants, stoopid homebuyers!, the poor, Wayne Newton) we're busy reminiscing about the good old days. "Back in the day, people used to save more and not abuse credit, unlike now! This generation doesn't know what they're doing!" Which kinda flies in the face of fact, doesn't it? We all know that most boomers are broke, but some still insist that "back then" they were stellar money managers.

Meh, anyway... A part of the reason why everyone appeared to save so much is because many americans didn't have a choice. Discrimination due to gender, race, and income was the norm back then. Once the barriers dropped, people that wanted to borrow but were previously denied were able to do so, and they did it responsibly. It wasn't until very recently, like the last few years, when things went batshit. So while the rest of you are longing for the old days, some of us will stay here since we kinda like equality.

Next question!

April 2008 Net Worth

Overall, my net worth has increased by 4.6% to bump me up the $85k range. If everything goes according to plan, I'll be saving an additional $13,600 this year, which would bring me (provided my investments don't completely tank) to around $98k! I'd need just a bump from my retirement funds to have me breathing the rarefied air of the $100k club. But everything is so unpredictable these days. I'll just keep saving and see what happens. But I'd love to break that $100k seal this year. :)

A closer look at my asset/debt classes
  • Cash: The 1+% boost comes from the regular bit of cash I stash for my charity fund and whatever extra money I have from my paycheck that hadn't been allocated.
  • Bonds/Retirement: No change with bonds. The 4+% boost in retirement comes mainly from my contribution to my Roth IRA ($1,600) and a little bump in earnings it provided. My 401k isn't losing as much money these days. Only a 7% loss instead of 14% last time I blogged about it. I'll take that as a win.
  • Credit Cards: Of the $431, $96 was for groceries and $335 was a plane ticket to visit a significant other (more on that later). These debts will be paid off with the next pay check. No worries there.
Of course, I'd like to be doing a lot better, but for someone on a single income with no house, I think I'm doing ok. :)