This is my version of my November round up.
No budget numbers, no budget amounts spent. That’ll resume for December 2008.
Here’s a quick recap of my assets and liabilities (a.k.a. my balance sheet)
MAY 2006 (when I graduated)
ASSETS: $500
$500 – Bank Account
$500 in Assets
LIABILITIES: – $59,000
- $9500 – Small University Bank Loan (TD)
- $15,000 – Larger Business School Loan (Scotia)
-$5500 – Personal Loan (Other)
- $29,000 – Government Student Loan
- $59,000 in Liabilities
MAY 2006 TOTAL NET WORTH: -$58,500
NOVEMBER 2006 – TODAY – 2.5 years later: $83,480.07
ASSETS
$2000 – Car of what I could sell it right now and just be done with it
$2990 – Cash in Chequing/Savings (Personal)
$26,733 – Company Earnings not taken out in Dividends (No taxes paid yet)
$32,136.78 – Accounts Receivable
$3869.31 – Expenses Receivable
$7,369.89 TD Retirement (Market Value) ($10,850.79 is my Book Value)
$8,381.09 Sunlife Retirement (Market Value) ($12,559.74 is my Book Value)
$83,480.07 (Market Value but before taxes)
LIABILITIES – $0
No credit card debt.
No other lines of credit debt.
No student debt.
No mortgage.
No loans.
$0 in Liabilities
NOVEMBER 2008 TOTAL NET WORTH: $83,480.07
FB NOTES
Not a small amount by any means, but I cleared everything except $15,000 in loans before I started making $110 – $130 an hour. I never used to make this kind of cash.
But I managed to clear the bulk of my loans ($44,000 worth) with a wage of $65,000 a year.
I scrimped, I saved, I budgeted, tracked expenses and I was very lucky in terms of my career, job’s benefits and flexibility especially in the market that we’re experiencing right now.
One day, I will write the whole story out in detail…. I have a post coming up on this, when I get around to writing it.
And I’ll even have pretty graphs!!
- How to read a Balance Sheet
- The Year 2006 in Review
- Financial Snapshot: Two Young Lawyers
- Financial Snapshot: Psych Undergrad works towards a Master’s
- Reader Question: My student loans went into collections! How do I get it off my credit score?
High-heel gal
on Nov 30th, 2008
@ 11:54 AM:
Amazing…congrats! I only wish I made at least $65,000
Sharon Rose
on Nov 30th, 2008
@ 12:53 PM:
Hi there-many, many congratulations my dear-an excellent result much deserved through hard work and determination!! Now, every penny you make is YOURS-Yaay!!!
Dolly Iris
on Nov 30th, 2008
@ 2:06 PM:
Looks like we’ll both be starting the new year of fresh. This is so absolutely amazing. I’m sure you’re relieved to get it off your back before the big move!
Amazing progress over the last 2.5 years! Congratulations FB!!!!!
Anonymous
on Nov 30th, 2008
@ 2:12 PM:
You are such an inspiration, FB!
My husband and I are digging ourselves out of an even larger hole. We started with $88k in consumer/medical/school debt (some in a second mortgage) and nearly $99k for our first mortgage.
A lot of people would give up and declare bankruptcy, but we embraced frugality and started tracking our progress last January. Since then, we’ve cleared about $10k in debt while also contributing some to retirement and creating an emergency fund that can sustain us for at least 3 months.
We know it’s going to take a while to dig ourselves out of this hole, but the exciting part is that it’s picking up speed — even though we’re living off of one, 5-figure income and whatever little money I can bring in online since I have disabilities that make it hard to work outside of the home.
Keep up the good work! You give me hope that we can do this, too.
Meg
on Nov 30th, 2008
@ 3:31 PM:
Way to go!
frugal zeitgeist
on Nov 30th, 2008
@ 4:38 PM:
Congratulations – what a wonderful feeling. You must be so proud. I’m proud for you!
Frugal Dreamer
on Nov 30th, 2008
@ 7:08 PM:
Congratulations!!! How awesome and liberating that must feel
Secretista
on Nov 30th, 2008
@ 8:05 PM:
Yes!!
Alex
on Nov 30th, 2008
@ 9:35 PM:
Holy cow! Congratulations!
rhonalala
on Nov 30th, 2008
@ 10:57 PM:
Thank you for adding me on your blogroll. I have just done the same.
Congrats on your accomplishment! Taking a little over 2 years to clear all that debt is inspirational. Please post the whole story, as you put it, so I can get some ideas on how to clean up my debts. Congratulations again.
Sales Rack Raider
on Nov 30th, 2008
@ 11:17 PM:
Congratulations! A job well done.
I’m still a long ways from completely paying off my student loans…it takes most people in my profession about 10 years to pay it all off. It’s like paying off a mortgage. But it’s nice to see that eventually those loans will get paid off.
Joanna
on Dec 1st, 2008
@ 12:15 AM:
That’s incredible FB! Congratulations on such an accomplishment! It’s been amazing watching your progress over the past year and a half it’s really inspiring!
Anonymous
on Dec 1st, 2008
@ 2:06 AM:
May I ask what on earth you do to make $130 an hour???? Good grief. With a doctorate in my field, I’ll be luky to clear $105k a year. And to the poster above with $99k mortgage (which is a very small mortgage) and $99k in combined student loans and consumer debt, I really don’t think that is such a huge amount that one would consider bankruptcy. My hubby and I make about $95k a year and have a $175k mortgage and about $75k in other debt such as a car note, combined student loans, and about $10k in cc debt included in that number, and we are not stressed about it. We have a plan, and are making payments and saving each month. We really don’t think that it is that bad, unless we’re just disillusioned…..
Living Almost Large
on Dec 1st, 2008
@ 2:34 PM:
Congratulations!
Birdie!
on Dec 2nd, 2008
@ 2:50 PM:
Nice work. I really like how you put your finances into assets/liabilities terms. *high five*