The Financial Oracle

Young and inspired striving for financial freedom and all the perks that come with it, all while still having fun before I die and leave all of my hard earned money to my unborn children.

Tuesday, January 02, 2007

Getting Real With Myself

First off, Happy New Year to everyone. 2006 was a good year and I'm hoping to make 2007 even better!

I haven't been 100% accurate since starting to track my net worth in October, most notably my credit card debt. This isn't because I wanted to skew my net worth to make myself think I am worth more than I really am, nor to ignore my actual credit card debt in the hopes of making myself feel better about it. It was simply because I didn't know what it exactly was, until last night.

If you've been reading this PF blog, you'll probably know that my wife and I bought a house in October. Things were hectic and unorganized. Our home "office" is still a pile of chaos, mainly because we have not bought a desk and everything is spread across the floor. As I was watching Michigan getting routed by USC in the Rose Bowl, I thought I'd finally check it out and see what our overall credit card debt really is.

Drum roll please...

$12,605 and some change.

That's not all that far off from my $10,000 estimate. We put $1,500 on one card to buy our living room furniture, and we're still waiting for a refund check from my wife's parents because that was our "house warming" gift from them. So when (if, hoping...) we get that and put it toward our debt, I was a mere $1,105 off my guestimate.

As noted in a previous post, one of my goals for 2007 is to decrease my credit card debt by 50%. Let's put a number on that:

If we do not get our $1,500 "refund," the number we're shooting for is $6302.50 (half of $12,605). If we DO get the money for our furniture, the goal is to eliminate an additional $5,552.50 (half of $11,105).

More to follow soon on this topic soon...

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