January Equity Numbers

Numbers as of 1/1/2012

Total Cash $66,400.00

Total Real Estate $270,000.00 (140k Primary Residence, 60k Rental 1, 70k Rental 2)

Total Retirement $11,200.00 (Vanguard Roth IRA)

Total Mortgages $202,000.00 (Primary Residence, upside down 177k, Rental 1 35k)

Total Other Debt $15,700.00 (Student Loan)

Total Equity $129,900.00

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3 thoughts on “January Equity Numbers

  1. chris says:

    Mom Equity-

    How old were you when you started your goal of getting up to $1M? I am 22 years old and want to know if I am on track.

    • momequity says:

      Let’s see, I guess I had just turned 29? I’m still 29 and my birthday’s in June. I think on track is such a hard thing. We all want to be ahead of the game. At 22 I had the goal that by the time I was 30 I would make 100k, and I would own 1-2 rentals by 35. I have exceeded those goals. Now I have a very aggressive goal of getting 8 properties in the next 2 years. With diligence I can do it. If you set the goal now and concentrate I think you can do it. If you fall short, you’re probably still way ahead of the game. Good luck!

    • smallivy says:

      Chris-

      A good rule-of-thumb from The Millionaire Next Door is that if your net worth (adding up equity in houses, cars, investments, cash, garage sale value fo your stuff, etc…) is greater than your age times your income divided by 10, you are doing better than most other people and on your way to becoming rich. At 22, if you have a $50,000 per year job, if your net worth is at least $110,000, you are on track.

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