Net Worth for October 2008

Assets: $80,112

Liabilities: $48,900

Net Worth: $31,212

Before I started reading other blogs and seeing others Net Worth I didn't have a clue where I belonged as far as Net Worth was concerned. Now I have a relatively good idea where I fall in the Net Worth category.

Here are some of the details of my Net Worth.

I don't own a home. Yes I am a renter. While the housing bubble was being filled with easy credit and insane mortgage structuring I was using the traditional mortgage model and saw that I could not afford to purchase a house, so I didn't.

A major chunk of my assets are held in my 401'k balance. I have recently redirected some of my retirement savings to more current holdings such as high interest yielding savings accounts and CD's.

About 65% of my liability balance is from student loans which I will start paying in March of next year. The rest is all credit card debt that is currently being snowballed. The estimated date of payoff is January 2010. If I should happen to get a large windfall, 33% of it will go to the snowball.

I will post an update for November at the end of this month.

~MafiaDon