Hello All,
I just wanted to report briefly on the progress we made building wealth in August. To make a long story short, last month our wealth was $363,000. This is a bit of decline from July’s total of 367 thousand.
Why did we loose money? The primary reason we are down by 4 grand is the stock market. As you probably know, the subprime meltdown is having a wider impact. Both the Dow Jones Industrial Average and S&P 500 are off their 6 month highs. Because of this, our holdings in Exxon Mobil, Southern Copper and The Advantage Energy Fund, are worth less than last month.
On the other hand, we saw improvement in the values of our retirement accounts due to the DINKs better half – Miel’s strong salary growth. We also continued to pay down the mortgage on our apartment. Finally, last month we received some of my deceased grandmother’s jewelry. While I’m not planning on selling these items, they do count towards our total wealth.
Our stretch goal for this year is to reach a net worth of $400,000 by the end of 2007. Given our loss last month, the chances that we’ll meet this goal are looking more doubtful. We anticipate that we’ll be able to pay off a chunk of our second mortgage to contribute to this goal, but meeting the $400,000 will depend a lot on what the stock market does.
The details of our wealth are below:
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