#500in5 2016 End-of-Year Update


I just spent an hour adding up every cent of interest accrued to all my accounts in YNAB, and I am happy to report that we are ending the first six months of our #500in5 challenge with a balance of $58,433.28!

About $24k of that amount was saved in our 401(k) plans, as both of us are now over 50, allowing us EACH to save $24k each year. This forced savings gets us nearly halfway to our goal.

This also means that we saved $34k+ out of our general funds over the last six months. Granted, some of this came from the sale of stock, and that gave us a good boost. I know I need to save at least $4k each month to even come close to hitting our goal, so the extra funds from the stock gave us some needed padding in the savings plan.

Also, I am hoping to add about $6k in January, as we budget using one of YNAB’s rules of living on last month’s income. Because our 401(k)s technically max out one paycheck early, there was some extra money in our December paychecks that we can spend (or yes, save!) in January.

So, there we have it. I’m nearly 11.7% of the way to my half million in just 10% of the time. Let’s hope this trend continues!

As for net worth, it increased by just under $75k in the same time frame, up about 4.8% in six months. We now sit at just over $1.62 million. I have been trying to hit $1.6 for a few months, and while, technically I hit it at the end of November, it dipped within hours on December 1st, so it just didn’t seem real.

Since we began tracking net worth in July 2013, it has grown by a little over half a million. I am anxious to see what my net worth will be at the end of 2017, with an incoming new administration that makes everything seem so…tentative. Let’s hope the investments continue to deliver good returns. I would be happy to have it end up at $1.75 or even $1.8 million, but alas, having to dip into the college funds for the first time mid-year will likely put those numbers at risk.

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